Sandberg and Clegg become members of Nscale's board as this 'Stargate Norway' startup reaches a $14.6 billion valuation

Nscale Achieves $14.6 Billion Valuation Amid Surging AI Data Center Demand

CANADA - 2025/09/20: The Nscale Global logo appears on a smartphone in this illustrative photo. (Image by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

With the need for large-scale AI computing infrastructure on the rise, British company Nscale, which counts Nvidia among its backers, has reached a valuation of $14.6 billion. This milestone places Nscale among Europe’s most valuable tech startups, joining the ranks of Helsing and Mistral AI as the latest European decacorns.

Nscale’s approach involves controlling the entire stack, from energy sourcing and data center operations to computing hardware and orchestration software. Its latest valuation follows the close of $2 billion in Series C funding, which the company describes as the largest ever in Europe. This figure includes a $433 million pre-Series C SAFE investment secured in October from Blue Owl, Dell, Nvidia, and Nokia.

Goldman Sachs and JPMorgan also participated in the round, a move widely seen as a signal that Nscale is preparing for an IPO. CEO Josh Payne shared with The New York Times that the company could pursue a public listing as soon as this year to raise additional capital.

As part of its latest developments, Nscale announced the addition of high-profile board members: former Meta COO Sheryl Sandberg, ex-Yahoo president Susan Decker, and former UK deputy prime minister Nick Clegg.

Major Funding Rounds and Strategic Partnerships

Nscale has a history of securing substantial investments. In September, the company revealed it had raised $1.1 billion in Series B funding led by Aker, a Norwegian conglomerate with significant energy interests. Aker is also co-leading the Series C round with New York-based 8090 Industries.

In a new agreement, Nscale will take full operational control of its joint venture with Aker, known as “Stargate Norway.” This ambitious AI infrastructure project in Norway aims to deploy 100,000 Nvidia GPUs by the end of 2026, with OpenAI as its first customer.

“This move consolidates delivery and oversight under one organization, ensuring continuity for ongoing teams and projects,” said Øyvind Eriksen, president and CEO of Aker and a member of Nscale’s board.

Expanding Global Partnerships and Infrastructure

In October, Nscale expanded its collaboration with Microsoft, signing a deal to bring around 200,000 Nvidia GPUs to three European data centers and one in the United States, with Dell as a partner.

The Series C round also saw participation from Dell, Nvidia, Astra Capital, Citadel, Jane Street, Lenovo, Linden Advisors, Nokia, and Point72. Nscale plans to use the fresh capital to accelerate the rollout of its AI infrastructure across Europe, North America, and Asia, expand its engineering and operations teams, and enhance its platform capabilities.

Additional Financing and Sustainability Initiatives

Beyond equity funding, Nscale recently secured $1.4 billion in debt financing through a delayed draw term loan backed by GPUs, supporting the development of its European clusters. The company is focused on meeting growing enterprise demand, leveraging affordable renewable energy, and reaffirming its commitment to sustainability by reusing waste heat, fostering local talent, and investing in regional infrastructure as part of the Stargate Norway project.