Two US data center projects for London-based Nscale now have their funding in place. Roughly $3B in delayed draw term loans is split across the campuses.
One facility provides up to $1.85B for the company’s Ward County, Texas campus, which will run NVIDIA GB300 and VR200 systems across roughly 275 MW of IT load with closed-loop liquid cooling. The second provides up to $1.2B to retrofit a 96-acre colocation site in Madison, North Carolina, adding up to 40 MW of capacity.
Both facilities carry investment-grade ratings with stable outlooks. Wall Street is bankrolling the buildout, with J.P. Morgan and Goldman Sachs acting as joint lead arrangers. J.P. Morgan leads the Texas deal, Goldman Sachs the North Carolina one.
The delayed draw structure lets Nscale tap capital as deployment milestones are reached rather than taking the full amount upfront. The closings extend a heavy 2026 financing run for the London-based AI cloud operator, which previously signed a $900M revolving credit facility, a $1.4B GPU-backed loan, and completed a $1.1B Series B.
Nscale’s US buildout joins a wave of debt-fueled data center expansion, following similar moves by Lambda, IREN, and Bullish in recent weeks.
