Nscale Signs $1.4 Billion GPU-Backed Delayed Draw Term Loan
By Amit Chowdhry ● Feb 16, 2026
Nscale, the AI-native hyperscaler, announced it has signed a USD $1.4 billion Delayed Draw Term Loan (GPU DDTL) backed by GPUs. The oversubscribed loan, led by funds managed by PIMCO, Blue Owl, and LuminArx Capital Management with support from additional asset managers and banks, will finance multiple GPU cluster deployments across Norway, Portugal, Iceland, and the UK. This follows Nscale’s recent $1.1 billion Series B equity raise—the largest Series B in European history—and its $433 million Pre-Series C SAFE.