London-based AI infrastructure company Nscale has announced €670 million in additional financing for its data centre in Narvik, northern Norway. The funding was committed by ABN AMRO, DNB, Eksfin, Nordea, and SEB, with a further €670 million accordion feature available for a 115MW expansion. It is reportedly the largest AI infrastructure project in the country.
The financing follows a deal signed with Microsoft in April 2026 to deploy more than 30,000 Nvidia Rubin GPUs at the Narvik campus, delivering high-performance AI compute capacity by 2027. The project runs on Norwegian hydropower, which gives it a significant advantage in an industry where energy cost and carbon footprint are becoming competitive differentiators. Nscale’s total valuation reached $14.6 billion earlier this year after a $5 billion raise backed by Aker and Nvidia, with OpenAI as its initial client.
Norway’s role in the AI infrastructure race is growing fast. The country joined the US-led Pax Silica initiative last week, securing its place in the global supply chain for AI, semiconductors, and critical minerals. Narvik is now emerging as one of Europe’s key AI compute hubs, powered by cheap, clean energy and backed by institutional capital. For a town of 18,000 people in the Arctic, that is a remarkable shift.
SOURCE: EU-Startups, David Sacks, 11 May 2026. https://www.eu-startups.com/2026/05/nscale-extends-funding-momentum-with-e670-million-for-norway-ai-infrastructure-project/
