Source: Sharecast
The funding round was led by Norwegian industrial group Aker ASA and New York venture firm 8090 Industries, with additional backing from investors including Nvidia, Dell Technologies, Lenovo, Citadel, Jane Street, Nokia and Point72, according to the Financial Times.
The transaction ranked among the largest funding rounds ever completed by a European technology start-up.
Nscale said the capital would be used to expand its AI infrastructure platform across Europe, North America and Asia.
The company develops vertically integrated systems spanning GPU compute, networking, storage, data services and orchestration software, delivered through its own and co-located data centres.
It is currently developing projects in multiple countries including the UK, Portugal, Iceland, Norway and the United States, according to Sifted.
Nscale has rapidly expanded since being spun out of Australian bitcoin mining infrastructure provider Arkon Energy in 2024.
The company previously secured a $1.1bn Series B funding round last year and a $1.4bn debt facility earlier this year to purchase graphics processing units for its data centres, Sifted reported.
It had also struck agreements with technology groups including Microsoft and OpenAI to provide AI compute capacity.
Alongside the fundraising, Nscale announced several high-profile board appointments, including former Meta chief operating officer Sheryl Sandberg, former UK deputy prime minister and former Meta global affairs president Nick Clegg, and former Yahoo president Susan Decker.
Chief executive and founder Josh Payne said the investment reflected the scale of infrastructure required to support the growth of artificial intelligence.
“This is the fourth industrial revolution; the world is changing at a rapid pace,” Payne said.
“Over the next five years artificial intelligence will be integrated into every industry, every product and every job.
“This is leading to the largest infrastructure buildout in human history.”
Reporting by Josh White for Sharecast.com.