Nscale raised a $1.1 billion Series B on September 25, 2025, led by Aker ASA with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital. Its expanded Microsoft agreement covers approximately 200,000 Nvidia GB300 GPUs, including about 104,000 at a roughly 240MW Texas campus starting Q3 2026, with Microsoft holding an option on a second 700MW Texas phase from late 2027 against a 1.2GW site target; the deal has been reported at approximately $14 billion.
Named sites
2
Site commitments on record for Nscale
Disclosed site capital
n.a.
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
700 MW
Named sites with a stated megawatt figure
Financing transactions
10
Transactions naming Nscale or one of its sites
Prices tracked
20
20 confirmed on the provider's feed or page at the last check
Sources
40
Every cited page, listed below
Market
Nscale is privately held, so there is no public market data to show.
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| reported 26 August 2026 | backlog | ~$45.0B | reported six-year Anthropic compute agreement for roughly 460 MW at the West Virginia campus; revenue backlog, not capex, and press-reported rather than company-disclosed |
Named sites
Where Nscale builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Monarch Compute Campus (Nscale West Virginia campus) with Anthropic, NVIDIA |
West Virginia | Mason County | n.a. | 460 | approved | |
Nscale Texas campus (Microsoft) with Microsoft |
Texas | Ward County | n.a. | 240 | announced |
Financing
Financing transactions
Transactions that name Nscale as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
Anthropic + Nscale + NVIDIA Nscale's Form S-1 states that on 25 August 2026 it entered into a series of GPU Services Agreements with Anthropic PBC to provide dedicated GPU infrastructure services at its Monarch Compute Campus in Mason County, West Virginia, supporting NVIDIA Vera Rubin NVL72 GPUs, with aggregate payments of up to approximately $44.6 billion. Press reports in August 2026 described the deal as about $45 billion over six years for roughly 460 MW, with systems expected to begin coming online in late 2027 |
lease | ~$44.6B | Agreements entered 25 August 2026; disclosed in Nscale Form S-1 filed 18 September 2026 |
Monarch Compute Campus (Nscale West Virginia campus) (WV) |
|
Nscale + Microsoft Expanded Microsoft agreement covering approximately 200,000 Nvidia GB300 GPUs, including ~104,000 at a ~240MW Texas campus, with an option on a second 700MW Texas phase from late 2027. Nscale's Form S-1 filed 18 September 2026 states that statements of work entered with Microsoft between September 2025 and April 2026 provide for payments of up to approximately $43.8 billion through December 2033, not including optional extensions and subject to delivery and availability requirements; the figure spans all Microsoft work, including the Sines, Portugal campus, rather than the Texas campus alone. |
other | ~$14.0B | deployment starting Q3 2026 |
Nscale Texas campus (Microsoft) (TX) |
|
Nscale + Figure + Nvidia Nscale and Figure announced a strategic partnership to deploy the Nvidia Vera Rubin platform across up to 100,000 GPUs, with an initial commitment of $3.5 billion of compute and a stated intent to scale to over $6 billion. Initial GPU deployment is targeted for the second half of 2027 in Barstow, Texas. Figure will use the capacity to train its Helix model, Nscale becomes Figure's preferred compute provider, and Nscale is making a strategic investment in Figure that will make it a Figure shareholder. The size of that equity investment was not disclosed. |
other | ≥$3.5B | Announced 3 September 2026 |
n.a. |
|
Nscale + Nvidia + Third Point + Goldman Sachs Nscale's Form S-1 states that on 15 September 2026 it entered into a Subscription Agreement for a minimum of $3.1 billion of pre-IPO capital: $2.1 billion of unsecured Convertible Loan Notes and a further $1.0 billion of unsecured convertible loan notes or Non-Voting Shares to be issued to NVIDIA. The notes convert automatically into ordinary shares (non-voting shares for NVIDIA) on completion of the IPO. The NVIDIA sale is to close on or around 16 November 2026. Reuters had reported on 4 September 2026 that Nscale was in talks to raise about $3.5 billion, with Third Point leading the convertible notes and Goldman Sachs working on the fundraising. On 25 September 2026 Nscale announced completion of the round at $3.36 billion, led by Third Point with investors including NVIDIA, Apollo, Citadel, Hudson Bay Capital, Abu Dhabi Investment Council and 8090 Industries; Goldman Sachs acted as placement agent. The notes convert into ordinary shares (non-voting shares for NVIDIA) on completion of the IPO. |
proposed convertible notes and strategic equity | $3.4B | Subscription Agreement entered 15 September 2026 (Form S-1 filed 18 September 2026); completion announced 25 September 2026; NVIDIA portion to close on or around 16 November 2026 |
n.a. |
|
Nscale + Goldman Sachs Nscale Ltd filed a registration statement on Form S-1 with the SEC on 18 September 2026 for an initial public offering of ordinary shares, to be listed on the New York Stock Exchange under the symbol NSCL, with Goldman Sachs, J.P. Morgan and Morgan Stanley reported as lead bookrunners. The filing describes the Monarch Compute Campus in Mason County, West Virginia (acquired with American Intelligence & Power Corporation in March 2026) as an approximately 2,250-acre site able to deliver up to 8 GW of gross behind-the-meter power, with up to 2 GW of gross generation expected by the first half of 2028. Earlier, Bloomberg reported on 21 August 2026 that Nscale was preparing a US IPO of as much as $3 billion. The Form S-1 cover names Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley as lead bookrunners; the filing fee exhibit uses a $100 million maximum aggregate offering price solely to calculate the registration fee, so the $3 billion size remains a press report. |
proposed initial public offering | ~$3.0B | Form S-1 filed publicly 18 September 2026; offering size and price range blank in the filing |
Monarch Compute Campus (Nscale West Virginia campus) (WV) |
|
Nscale + J.P. Morgan + Goldman Sachs Nscale closed a delayed draw term loan supporting approximately 200 MW of IT load at its Ward County, Texas deployment of NVIDIA GB300 and VR200 systems. J.P. Morgan was lead left arranger. The release did not name the offtaker |
debt facility | $1.9B | Closed 31 August 2026 |
Nscale Texas campus (Microsoft) (TX) |
|
Nscale + Goldman Sachs + J.P. Morgan Nscale closed a delayed draw term loan for its deployment at a 96-acre colocation site in Madison, North Carolina with up to 40 MW of IT load. Goldman Sachs was lead left arranger |
debt facility | $1.2B | Closed 31 August 2026 |
NC-1 campus, Madison (NC) |
|
Nscale + Aker ASA + Nvidia + Dell + Nokia + Blue Owl Managed Funds + Fidelity + G Squared + Point72 + T.Capital + Sandton Capital Series B with Nvidia, Dell, Nokia, Blue Owl Managed Funds, Fidelity, G Squared, Point72, T.Capital and Sandton Capital participating. |
equity raise | $1.1B | September 25, 2025 |
n.a. |
|
WhiteFiber + Enovum Data Centers + Nscale Global Holdings WhiteFiber, through Enovum Data Centers Corp., signed a 10-year agreement with Nscale Global Holdings for 40 MW of critical IT load at the NC-1 campus in Madison, North Carolina, deployed in two 20 MW phases, with 3 percent annual rate escalators on recurring service fees. |
lease | ≥$865M | Announced 18 December 2025 |
NC-1 campus, Madison (NC) |
|
Nvidia + CoreWeave + Nebius + Nscale + Lambda + Crusoe Nvidia backstops $860M of partner data center lease obligations, with $470M escrowed, across CoreWeave, Nebius, Nscale, Lambda and Crusoe. |
guarantee | $860M | Date n.a. in this part |
n.a. |
The record
Sourced facts on Nscale
- The Microsoft agreement covers approximately 200,000 Nvidia GB300 GPUs, with ~104,000 at the ~240MW Texas campus and an option on a second 700MW Texas phase from late 2027.
- Nscale Limited filed a Form S-1 on 18 September 2026 for an initial public offering of ordinary shares on the New York Stock Exchange under the proposed symbol NSCL, led by Goldman Sachs, J.P. Morgan and Morgan Stanley, with the price range and share count left blank. The filing reports $103.4 billion of active and contracted total contract value under take-or-pay contracts as of 31 August 2026, up from $38.0 billion at 31 December 2025, and $56.4 billion of remaining performance obligations at 30 June 2026. Microsoft statements of work signed between September 2025 and April 2026 provide for payments of up to approximately $43.8 billion through December 2033, and the Anthropic Services Agreements signed 25 August 2026 provide for up to approximately $44.6 billion. Nscale reports about 1.37 GW of active and contracted capacity across five active and twelve contracted sites and a net loss of $1,020.1 million for the six months ended 30 June 2026.
Tracked prices
Nscale prices
Every price the Index tracks for Nscale, in the provider's own words beside a normalized figure, with the date it was last checked. What AI Costs compares them across the market.
| Seller | Model | Input | Cached input | Output | Revenue per GPU-hour at list | Other published prices | Change | Checked |
|---|---|---|---|---|---|---|---|---|
| Nscale | GLM-5.3Model by zai-org | $1.40 | n.a. | $4.40 | n.a. | None published | New · Oct 26 | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3.8-27BModel by Qwen | $0.20 | n.a. | $2.50 | n.a. | None published | New · Oct 26 | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-235B-A22BModel by Qwen | $0.20 | n.a. | $0.60 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-235B-A22B-Instruct-2507Model by Qwen | $0.20 | n.a. | $0.60 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3.8-Flash-Next-FP8Model by Qwen | $0.15 | n.a. | $0.47 | n.a. | None published | New · Oct 26 | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | gpt-oss-120bModel by openai | $0.10 | n.a. | $0.40 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Llama-4-Scout-17B-16E-InstructModel by meta-llama | $0.09 | n.a. | $0.29 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-32BModel by Qwen | $0.08 | n.a. | $0.25 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | DeepSeek-R1-Distill-Qwen-14BModel by deepseek-ai | $0.20 | n.a. | $0.20 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | gpt-oss-20bModel by openai | $0.05 | n.a. | $0.20 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen2.5-Coder-32B-InstructModel by Qwen | $0.06 | n.a. | $0.20 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-14BModel by Qwen | $0.07 | n.a. | $0.20 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-8BModel by Qwen | $0.07 | n.a. | $0.18 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | DeepSeek-R1-Distill-Qwen-7BModel by deepseek-ai | $0.15 | n.a. | $0.15 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Llama-3.1-8B-InstructModel by meta-llama | $0.06 | n.a. | $0.06 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | DeepSeek-R1-Distill-Llama-8BModel by deepseek-ai | $0.05 | n.a. | $0.05 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen2.5-Coder-3B-InstructModel by Qwen | $0.01 | n.a. | $0.03 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen2.5-Coder-7B-InstructModel by Qwen | $0.01 | n.a. | $0.03 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-4B-Instruct-2507Model by Qwen | $0.01 | n.a. | $0.03 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
| Nscale | Qwen3-4B-Thinking-2507Model by Qwen | $0.01 | n.a. | $0.03 | n.a. | None published | No change | FeedOct 27, 2026huggingface.co ↗ |
Revenue per GPU-hour is SAVRN's calculation, not a price any seller charges: the 6.83 million input and 0.85 million output tokens one Vera Rubin GPU handles in an hour in CoreWeave's measured test, billed at this model's list prices. It puts a token price beside a GPU rental price; it says nothing about how fast this model actually runs.
Sources
Sources for Nscale
Every source cited on this page, once each.
- governor.wv.govWV Governor
- bloomberg.comBloomberg
- techcrunch.comTechCrunch
- governor.wv.govWest Virginia Office of the Governor
- sec.govNscale Ltd Form S-1 (SEC)
- nscale.comNscale
- nscale.comNscale press release
- datacenterdynamics.comDCD
- bloomberg.comBloomberg
- ksl.comReuters via KSL.com
- finance.yahoo.comBloomberg via Yahoo Finance
- finance.yahoo.comBloomberg via Yahoo Finance, 25 September 2026
- siliconangle.comSiliconANGLE, 25 September 2026
- finance.yahoo.comBloomberg via Yahoo Finance
- siliconangle.comSiliconANGLE
- sec.govNscale S-1 filing fee exhibit (SEC)
- nscale.comNscale
- nscale.comNscale
- sec.govSEC Form 8-K exhibit 99.1
- datacenterdynamics.comDCD
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
- huggingface.cohuggingface.co
NeoCloud
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Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
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