Nscale raises $3bn in debt to finance American artificial intelligence data centres

Nscale has secured a $3bn debt package split across two facilities to fund the development of GPU data centres in Texas and North Carolina. The transaction includes $1.9bn for a campus in Ward County and $1.2bn for a site in Madison County, with J.P. Morgan and Goldman Sachs acting as joint lead arrangers. The capital will support heavy hardware deployments including Nvidia systems and liquid cooling infrastructure as the firm scales its capacity.

The financing forms part of an aggressive capital raising run that has seen the company pull in more than $9bn since 2024 through a mix of equity and debt. The business is currently scaling its infrastructure ahead of a potential public listing, backed by multi-year enterprise contracts.