Nscale closes $3B debt package to power AI infrastructure buildout across the US
Tech Funding News Abhinaya Prabhu
Nscale just locked in about $3B in debt for two US GPU campuses. It’s betting lenders will trust signed AI contracts more than current revenue.
Based on reporting by Tech Funding News, Abhinaya Prabhu — read the original for the full story.
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Nscale has closed roughly $3 billion in investment-grade debt to help fund two GPU campuses in the US, one in Texas and one in North Carolina. It’s the latest stop in a funding sprint that has pushed the company past $9 billion in equity and debt raised since 2024, with most of that coming in the last six months.
The new package is split across two senior secured delayed-draw term loan facilities. Up to $1.85 billion goes to a campus in Ward County, Texas, and up to $1.2 billion goes to a site in Madison County, North Carolina. Both facilities have investment-grade ratings and stable outlooks. J.P. Morgan and Goldman Sachs were joint lead arrangers, bookrunners, and co-structuring agents on both deals.
The Texas facility, issued through Nscale Ward County Borrower SPV, is meant to support Nvidia GB300 Blackwell Ultra and VR200 Vera Rubin systems. The buildout is sized for roughly 275MW of IT load, plus networking, storage, and liquid-cooling infrastructure. The North Carolina deal is aimed at retrofitting a 96-acre colocation site for up to 40MW.
This is Nscale’s sixth financing event in under a year. The list is a blur even by neocloud standards: a $1.1 billion Series B in September 2025, a $433 million SAFE, a $1.4 billion GPU-backed loan in February 2026, a $2 billion Series C in March at a $14.6 billion valuation, $790 million in Norway debt in May, and a $900 million revolving credit facility in July.
What makes the company stand out is not just how fast it is raising money, but what it is raising against. Founder Josh Payne is steering it toward a possible US IPO on the back of a $51 billion contracted-revenue backlog, but that figure is company-supplied and counts multi-year contracts as revenue the day they’re signed. Nscale’s trailing revenue was around $33 million for all of 2025 and about $100 million in the second quarter of 2026. The ratings agencies are underwriting the gap between those numbers, not just the concrete and steel.
My take — AI-written commentary, not fact-checked reporting
This is what the AI boom looks like when the bankers move in: not venture bets, but debt structures dressed up like infrastructure. The industry keeps talking about innovation, while the real product is apparently a very expensive promise on future power bills. There’s a reason everyone suddenly sounds like a toll-road investor.
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