Nscale has closed approximately $3 billion in aggregate commitments across two senior secured delayed draw term loan facilities (DDTLs) to fund its artificial intelligence infrastructure expansions in the United States.

The financing supports the company's Ward County, Texas campus and its Madison County, North Carolina site. Both facilities have received investment-grade ratings with stable outlooks, providing up to $1.85 billion for the Texas location and up to $1.2 billion for the North Carolina site.

Facility Details

The funds will primarily finance the deployment of GPU infrastructure, networking, storage, and liquid-cooling equipment. J.P. Morgan and Goldman Sachs served as joint lead arrangers, joint bookrunners, and co-structuring agents for both transactions.

J.P. Morgan acted as lead left arranger for the Ward County facility, while Goldman Sachs held that role for the North Carolina facility.

Ward County, Texas

The Texas campus is a purpose-built AI infrastructure site designed for high-density, next-generation compute deployments. It utilizes closed-loop direct liquid cooling and rear-door heat exchangers to support advanced AI systems efficiently at scale.

The loan facility, issued through Nscale Ward County Borrower SPV, LLC, will fund NVIDIA GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems capable of supporting approximately 275 MW of IT load.

Madison County, North Carolina

The North Carolina site is a 96-acre colocation facility with up to 40 MW of capacity. The associated loan facility will fund site retrofit capital expenditures, GPU infrastructure, and networking required for high-performance AI compute deployments.

What the Numbers Show

The split in financing reflects the differing scale and stage of the two projects. The larger $1.85 billion commitment for Ward County aligns with its significantly higher power capacity (~275 MW vs 40 MW), indicating a focus on greenfield, high-density compute builds. The smaller $1.2 billion allocation for Madison County supports retrofitting an existing colocation site, suggesting a lower capital intensity per megawatt compared to the new build in Texas.

Artificial intelligence cloud firm Nscale is reportedly seeking to raise up to $3 billion in an initial public offering on US stock exchanges. The move signals the company's intent to access deep capital markets as it scales its infrastructure.

The report, sourced from Bloomberg, highlights the significant scale of the proposed listing. An IPO of this magnitude would place Nscale among the larger technology debuts in recent years, reflecting strong investor interest in AI-focused cloud infrastructure providers.

No further details regarding the timeline, underwriters, or valuation multiples were disclosed in the source material. The company has not yet filed a registration statement with the Securities and Exchange Commission, meaning the process remains in early stages.