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SAVRN Research · Capital Atlas · NeoCloud and GPU cloud

Nscale Data Center Capex and Sites

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.

Updated October 8, 2026 2 named sites 10 financing transactions 2 sourced facts 20 sources
Nscale
NeoCloud and GPU cloud
Financing regimeventure equity led by industrial strategics (Aker ASA) with Nvidia and Dell participation
Named sites
2
Site-level commitments the atlas ties to Nscale
Disclosed site capital
n.a.
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
700 MW
Sum of named sites with a stated megawatt figure
Financing transactions
10
Transactions naming Nscale or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
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

Texas
1 site
Open the Texas investment tracker →
West Virginia
1 site
Open the West Virginia investment tracker →
SiteStatePlaceCapitalMWStatusSources
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; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
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.
Sources

Sources for Nscale

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

NeoCloud and GPU cloud: one page each

Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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