Nscale has signed a $1.4bn delayed draw term loan backed by GPUs.

The loan was led by funds managed by Pimco, Blue Owl, and LuminArx Capital Management, with support from additional asset managers and banks, and will be used to fund GPU deployments across Europe.

The loan will provide the necessary capital for already executed contracts with customers which require the deployment of multiple GPU clusters across the continent. It will also be used to provide liquidity for future investments.

Josh Payne, founder and CEO of Nscale, said: “We’re seeing massive demand for AI infrastructure to support the needs of businesses and consumers. This GPU debt financing is a key step in meeting that demand – backing infrastructure that can be delivered faster and more cost-effectively than industry norms, whether that’s large-scale hubs in Norway to smaller metro clusters built for low-latency workloads.”

Across Europe, Nscale is planning to invest £2.5bn ($3.4bn) in the UK, with the first facility in Loughton, Essex, set to be home to a Microsoft supercomputer, working on a $10bn Portugal data center project, and is developing Stargate Norway, with OpenAI renting space.

Goldman Sachs acted as sole structuring agent and sole placement agent.

The loan comes after reports that Nscale was working with Goldman Sachs and JPMorgan to raise $2bn, prior to a planned initial public offering in the latter half of 2026.

Previously, the company raised $155 million in December 2024, and another $1.1bn from backers including Aker, Nvidia, and Nokia in September 2025. That was quickly followed by a $433m raise.