London’s AI infrastructure hyperscaler titan Nscale has announced an additional €670 million ($790 million) in financing to reinforce the continued development of the AI data centre in Narvik, Norway; reportedly the largest AI infrastructure project in the country.
The financing was committed by ABN AMRO, DNB, Eksfin, Nordea and SEB. The committed financing includes an additional €670 million ($790 million) uncommitted accordion feature to fund a further 115MW expansion at the Narvik AI data centre.
Josh Payne, Founder and CEO of Nscale says, “Together, these developments position Nscale at the forefront of global AI infrastructure, delivering scalable, high-performance capacity to meet rapidly growing demand for our services.”
Nscale’s additional financing sits within a sizeable 2026 European funding flow into AI infrastructure and adjacent enabling layers.
Sector analysis shows a broad funding flow into AI infrastructure and adjacent enabling technologies.
- France: Mistral AI secured €722 million in debt financing to support its first large-scale data centre near Paris and expand AI cloud capacity. OpsMill raised €11.9 million to help enterprises prepare infrastructure data for AI and automation.
- Italy: CamGraPhIC received €211 million in state-backed funding approval to develop optical interconnect technology for advanced computing, AI data centres and HPC.
- Spain: Xoople raised a €112.6 million Series B to build AI-ready Earth data infrastructure.
- Finland: Verda raised €100 million to develop AI cloud infrastructure and support international expansion.
- United Kingdom: In Nscale’s home market, London-based Encord raised a €50 million Series C to scale its AI-native data infrastructure platform, SurrealDB raised an additional €19 million to scale its multi-model database for AI applications, and Cocoon Carbon secured €13 million to scale cement substitutes linked to rising data-centre construction demand.
- Norway: In the country where Nscale’s Narvik project is located, Lace Lithography raised €34.5 million to develop atom-beam lithography for next-generation chip production.
- Estonia: Skeleton Technologies announced a €33 million first close to support power systems for AI infrastructure and grid stability.
- Germany: Interloom raised €14.2 million for AI agent knowledge infrastructure, while Cognee raised €7.5 million for enterprise-grade AI memory technology.
- Switzerland: Rapidata raised €7.2 million to scale its human feedback network for AI model training and validation.
- Netherlands: Lucend raised €2.7 million to expand its data-centre optimisation software.
Together, these comparable 2026 announcements amount to approximately €1.34 billion.
Nscale’s new financing therefore sits within a wider European pattern of capital moving into AI compute capacity and the infrastructure layers that support it. EU-Startups has also previously covered Nscale, including its €1.1 billion debt facility in February 2026, alongside references to earlier large-scale financing rounds.
Founded in 2024, Nscale is a global hyperscaler engineered for AI infrastructure. Through vertically integrated AI solutions and modular, first-principles data centre design across Europe, North America, and beyond, Nscale delivers the compute foundation for enterprise AI training, fine-tuning, and inference at scale.
Today’s financing follows Nscale’s recently signed agreement with Microsoft in April 2026, reinforcing the scale and strategic importance of the Narvik campus for the company.
The agreement adds more than 30,000 NVIDIA Rubin GPUs to Narvik campus, delivering high-performance AI compute capacity to Norway by 2027. This builds on Nscale’s previously announced NVIDIA Vera Rubin rollout in support of Microsoft.
