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London-based AI cloud provider Nscale has closed a $900 million revolving credit facility syndicated across twelve global banks, giving the two-year-old startup flexible liquidity to accelerate GPU data-center construction across the United States, Europe and Asia-Pacific.
A Fourth Mega-Financing In A Single Year
The facility, announced on July 7, was arranged with J.P. Morgan, Goldman Sachs, Morgan Stanley, MUFG, RBC Capital Markets, Bank of America, Crédit Agricole CIB, Deutsche Bank, Mizuho, SMBC, TD Securities and KeyBank N.A. It is the fourth major financing event of 2026 for Nscale, following a $1.4 billion delayed-draw term loan in February, a $2 billion Series C at a $14.6 billion valuation in March and $790 million in project financing for the company's Norway campus in May.
Why A Revolver, Not Another Round
A revolving credit facility gives Nscale flexible access to liquidity as build-out costs land, rather than a single lump-sum disbursement. That structure suits an infrastructure business where capex hits in bursts as data centers, transformers and GPU shipments schedule against each other. "This facility increases our flexibility to build at speed and at scale," CEO and founder Josh Payne said in a statement.
Selling GPUs To OpenAI And Microsoft
Nscale is a full-stack AI cloud platform bundling compute, software and power in a vertically integrated stack. The company operates data centers in Norway, the United Kingdom, Texas and West Virginia, with additional partner-run sites across Iceland, Portugal and North Carolina. Its GPU capacity is already contracted to model builders including Microsoft and OpenAI. The facility strengthens Nscale's hand as it competes with hyperscaler-scale rivals in the ongoing Nvidia-backed AI cloud arms race.
Reporting based on coverage from Nscale, PR Newswire and PYMNTS.