Nscale has closed approximately $3 billion of financing commitments across two senior secured delayed draw term loan facilities supporting large-scale artificial intelligence infrastructure deployments in Texas and North Carolina.
The financing includes up to $1.85 billion for Nscale’s Ward County, Texas campus and up to $1.2 billion for its Madison County, North Carolina site.
Both facilities have received investment-grade ratings with stable outlooks, giving Nscale substantial committed capital to fund GPU systems and the networking, storage and liquid-cooling infrastructure required to operate them at scale.
The larger facility will support Nscale’s purpose-built Ward County AI campus.
That project is designed to support approximately 275 MW of IT load and will use NVIDIA GB300 Blackwell Ultra and VR200 Vera Rubin systems.
The campus will combine closed-loop direct liquid cooling with rear-door heat exchangers, an architecture intended to accommodate increasingly dense AI compute systems while maintaining operational efficiency.
The Ward County loan is being issued through Nscale Ward County Borrower SPV and will finance deployment of GPU infrastructure and associated equipment.
Nscale’s Madison County project is a 96-acre colocation campus in North Carolina with capacity of up to 40 MW.
The $1.2 billion financing for that location will support site retrofit expenditures, GPU infrastructure and networking necessary for high-performance AI workloads.
Combined, the two projects represent up to approximately 315 MW of AI infrastructure capacity.
The financing reflects the growing amount of capital required to build AI data centers as model developers and enterprises seek access to increasingly powerful GPU clusters.
Nscale operates as a vertically integrated AI cloud platform combining software, computing infrastructure, data centers and access to power.
The company’s model is designed to support both AI training and inference through infrastructure that it can deploy and operate directly.
The transaction gives Nscale significant committed financing for a U.S. expansion strategy centered on next-generation NVIDIA systems, high-density compute and purpose-built infrastructure capable of supporting increasingly demanding AI workloads.
Support: J.P. Morgan and Goldman Sachs served as joint lead arrangers, joint bookrunners and co-structuring agents for both financings. And J.P. Morgan was lead left arranger for the Ward County facility, while Goldman Sachs served as lead left arranger for the North Carolina financing.
