Nscale, a UK-based AI infrastructure company founded in 2024, raised $2 billion in a Series C funding round at a $14.6 billion valuation, the company announced March 9, marking the largest Series C round in European history as investors continue pouring capital into the physical infrastructure powering artificial intelligence.
The round was led by Norway's Aker ASA and 8090 Industries, with participation from Nvidia, Citadel, Dell, Jane Street, Lenovo, Linden Advisors, Nokia, Astra Capital Management, and Point72. The financing follows Nscale's $1.1 billion Series B in September 2025 and a $1.4 billion delayed-draw term loan secured in February 2026 to fund GPU purchases, bringing the startup's total capital raised to over $4.5 billion in less than 18 months.
Former Meta Executives Sandberg and Clegg Join Board
Alongside the funding announcement, Nscale revealed the appointment of three high-profile directors: former Meta COO Sheryl Sandberg, former Meta global affairs president and UK deputy prime minister Nick Clegg, and former Yahoo president Susan Decker. The board additions signal Nscale's preparation for public market scrutiny as the company has hired Goldman Sachs and JPMorgan as lead underwriters for an anticipated initial public offering, though the timeline for the listing has not been finalized.
Sandberg, currently co-founder of Sandberg Bernthal Venture Partners, brings experience scaling global technology companies from her tenures at Meta and Google. Clegg adds expertise in regulatory navigation and government relations critical for a company operating AI infrastructure across multiple jurisdictions. Decker, currently CEO of community platform Raftr and a board member at Costco, Berkshire Hathaway, Vail Resorts, and other major corporations, contributes financial acumen and governance experience.
"This is the fourth industrial revolution; the world is changing at a rapid pace," said Josh Payne, CEO and founder of Nscale. "Over the next 5 years, artificial intelligence will be integrated into every industry, every product, and every job. This is leading to the largest infrastructure buildout in human history. Nscale is leading this buildout."
Vertically Integrated AI Infrastructure from Data Centers to Software
Nscale positions itself as a "hyperscaler engineered for AI," developing vertically integrated infrastructure spanning GPU compute systems, networking, data services, and orchestration software. The company owns and operates proprietary data centers, GPU infrastructure, and complete software platforms designed to deliver enterprise-scale AI computational resources to clients training and running large models.
The startup's client list includes Microsoft and OpenAI, with Nscale providing AI infrastructure for OpenAI's Stargate-branded data center projects in both Norway (Stargate Norway) and the UK (Stargate UK). In October 2025, Nscale announced an expanded partnership with Microsoft valued at $14 billion according to Financial Times and CNBC reporting, positioning the UK startup as a key local infrastructure partner for major U.S. AI companies investing in European compute capacity.
The fresh $2 billion will accelerate Nscale's global expansion of AI infrastructure across Europe, North America, and Asia. The company emphasized its commitment to waste heat reuse, local skills development, and investment in regional infrastructure as it scales data center operations to meet surging demand for high-performance computing capacity.
Consolidating Aker Joint Venture Under Single Entity
As part of the Series C announcement, Nscale revealed an agreement with lead investor Aker to roll the Aker Nscale joint venture—announced in July 2025—fully into Nscale. Aker will remain a leading shareholder with CEO Øyvind Eriksen continuing to serve on Nscale's board.
"This step strengthens execution by putting delivery and governance under one roof, while keeping continuity for the people and projects," said Eriksen. The consolidation decision follows a pattern among rapidly scaling AI infrastructure companies seeking to simplify corporate structures before public market debuts.
AI Infrastructure Investment Shows No Signs of Slowing
The $2 billion Series C represents continued investor enthusiasm for companies building the physical backbone of AI despite questions about whether current AI adoption justifies the scale of infrastructure buildout. From Nvidia-backed cloud providers to hyperscale data center developers, capital continues flooding into GPU supply chains, power infrastructure, cooling systems, and networking equipment required to train and run frontier AI models.
Nscale's trajectory from stealth emergence in 2024 to $14.6 billion valuation in under two years illustrates how quickly capital markets are rewarding companies that control scarce GPU resources and efficient data center capacity. The company has not disclosed revenue figures, but its valuation at this stage indicates strong investor confidence that AI infrastructure demand will sustain premium pricing for compute capacity as model training and inference workloads continue expanding.
The combination of a massive Series C, strategic backers including Nvidia, marquee clients including Microsoft and OpenAI, and preparation for a potential IPO positions Nscale as a significant new player shaping the next phase of global AI infrastructure development—assuming execution matches the capital raised and the AI infrastructure market sustains growth rates justifying current valuations.
