Nscale, the London-based AI cloud company, has closed a $900m revolving credit facility syndicated across 12 major banks including J.P. Morgan, Goldman Sachs, and Morgan Stanley. The flexible credit line — which can be drawn, repaid, and redrawn as needed — gives Nscale liquidity to accelerate its data-centre build-out across the US, Europe, and Asia-Pacific without further diluting shareholders. The move adds to an already dense fundraising run that includes a $2bn Series C at a $14.6bn valuation and a $1.4bn GPU-backed term loan. Nscale has major commitments in place, including a 1.35GW letter of intent with Microsoft for a West Virginia campus and a €695m Portugal site. Founded in 2024 after pivoting from crypto mining, the company is now one of the most heavily capitalised private firms of the current AI cycle.
