Nscale Debt, Lenders and Contracts
The public financings and compute contracts naming Nscale, with lenders, pricing and sources.
Nscale has raised $11.5B in 12 public debt and structured financings since 2023, from 26 named lenders. Leads include Goldman Sachs, JPMorgan, Macquarie and 6 more.
It is the seller in 5 contracts in the Offtake Tracker, with Anthropic, Microsoft, NVIDIA and 1 more; GPU capacity contracts total $89.6B.
It is the named buyer in 1 public compute contract: $865M in data center leases.
Profile
| Type | Neocloud |
| Headquarters | London, United Kingdom |
| Website | nscale.com |
Financings (12)
| Date | Amount | Type | Lenders | Pricing | Source |
|---|---|---|---|---|---|
| Sep 15, 2026 | $2.1B | Convertible notes | Goldman Sachs | - | SEC / Nscale |
| Aug 31, 2026 | $1.9B | DDTL | JPMorgan, Goldman Sachs +6 | Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375% | Runtime Wire |
| Aug 31, 2026 | $1.2B | DDTL | Goldman Sachs, JPMorgan | Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375% | Runtime Wire |
| Jul 29, 2026 | $332M | DDTL | Macquarie | Term SOFR + 5.50% plus MOIC-based additional payments | SEC / Nscale |
| Jul 7, 2026 | $900M | Revolver | JPMorgan, Goldman Sachs +1 | Term SOFR + 1.75% | Let's Data Science |
| Jul 7, 2026 | $790M | Project finance | ABN AMRO, DNB, SEB +2 | Term loan: Term SOFR + 3.00-3.75%; VAT facility: Term SOFR + 2.00% | SEC / Nscale |
| May 8, 2026 | $770M | Revolver | JPMorgan, Goldman Sachs +10 | Term SOFR + 1.75% | SEC / Nscale |
| Apr 17, 2026 | $2.5B | Vendor financing | Dell Financial Services | combined financing charges ~$34.8M | SEC / Nscale |
| Feb 12, 2026 | $1.4B | DDTL | Goldman Sachs, Blue Owl +5 | Term SOFR + 5.00% (possible 0.25% step-up) | Bloomberg |
| Jun 2025 | $105M | GPU-backed facility | Macquarie | - | SEC / Nscale |
| Nov 18, 2024 | $160M | Convertible notes | Not named | 12.0% PIK for 2 years; then 13.0% cash or 15.0% PIK | SEC / Nscale |
| Jun 2023 | $77M | Term loan | Sandton Capital | 13.0% to 15.0%, initially PIK | SEC / Nscale |
Compute contracts (6)
| Date | Buyer | Seller | Type | Value | Term | Source |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Anthropic | Nscale | GPU capacity | $44.6B | 6 yrs | TechCrunch |
| Aug 24, 2026 | Figure AI | Nscale | GPU capacity | n/d | - | SEC |
| Apr 24, 2026 | Microsoft | Nscale | GPU capacity | $37.6B | - | Nscale |
| Dec 2025 | Nscale | WhiteFiber | Data center lease | $865M | 10 yrs | SEC |
| Sep 17, 2025 | Microsoft | Nscale / Aker JV | GPU capacityJoint venture | $6.2B | 5 yrs | DCD |
| Jul 2025 | NVIDIA | Nscale | GPU capacity | $1.2B | - | SEC |
Sites
Discuss a transaction
Looking to lend into GPU deals like these? Tell us what you finance and we will come back with the deals that fit.
Prefer email? hello@amcompute.com