🏆 Deal of the Week · CW 39/2025
Nscale raised USD 1.1 billion in a Series B round in September 2025, at a post-money valuation of USD 3.1 billion. The round was led by Norway's Aker. Additional strategic backing came from Nvidia, Nokia, and Dell.
Nscale — key deal facts
| Company | Nscale |
| Founded | 2024 |
| Headquarters | London, United Kingdom |
| Amount raised | USD 1.1b |
| Valuation | USD 3.1b |
| Round | Series B |
| Investors | Led by Norway’s Aker, with additional backing from Nvidia, Nokia and Dell |
| Sectors | Artificial Intelligence |
Who invested in Nscale?
The round was led by Aker, the Norwegian industrial conglomerate, with participation from Nvidia, Nokia, and Dell. The investor mix is strategically notable: Nvidia's involvement signals hardware-level alignment, while Nokia and Dell bring network infrastructure and enterprise compute expertise to Nscale's vertically integrated model. The combination of a Nordic industrial anchor and three global technology players reflects the cross-sector demand for sovereign and scalable AI infrastructure.
What does Nscale do?
Nscale is an AI infrastructure company that designs and operates vertically integrated data centers offering GPU cloud computing. Its core products include a bare-metal GPU cloud platform supporting NVIDIA A100, H100, and GB200 nodes, an integrated AI development IDE, and a Serverless Inference platform for scalable model deployment. Founded in 2024 by CEO Josh Payne, the company is headquartered in London, United Kingdom, with infrastructure spanning Europe, North America, and Asia. Nscale emphasises sustainability, operating facilities powered by renewable energy, including a data center in Glomfjord, Norway using adiabatic cooling.
Nscale valuation & multiples
No existing multiples analysis was provided for this deal. For context on how AI infrastructure and GPU cloud businesses are valued, sector-level EV/Sales and EV/EBITDA benchmarks are available on the relevant sector multiples pages on DealMatrix.
Explore the benchmarks: Series B.
Frequently asked questions
How much did Nscale raise in its Series B?
Nscale raised USD 1.1 billion in its Series B round in September 2025.
What is Nscale's valuation?
Nscale's post-money valuation following its Series B is USD 3.1 billion.
Who invested in Nscale?
The Series B was led by Norway's Aker, with additional investment from Nvidia, Nokia, and Dell.
When was Nscale founded and where is it based?
Nscale was founded in 2024 and is headquartered in London, United Kingdom.
Source: original announcement — read the full report.