Nscale said on August 31, 2026 that it has closed about $3 billion in senior secured delayed-draw term loans to pay for GPU halls in Ward County, Texas, and Madison County, North Carolina. The London company framed the facilities as rated project finance, not a new equity round. Each loan received an investment-grade rating with a stable outlook.

The Texas facility can draw up to $1.85 billion through Nscale Ward County Borrower SPV, LLC. Nscale said that money will buy NVIDIA GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems, plus the networking, storage, and liquid cooling those racks need. The campus is designed for high-density compute and is meant to support about 275 megawatts of IT load. Cooling is a mix of closed-loop direct liquid cooling and rear-door heat exchangers.

A second site in North Carolina

The North Carolina loan can draw up to $1.2 billion. Nscale described Madison County as a 96-acre colocation site with up to 40 megawatts of capacity. The company said that facility will fund a retrofit, GPU infrastructure, and the networking required to run high-performance AI jobs, a smaller and more conventional hall than the Texas campus.

J.P. Morgan and Goldman Sachs were joint lead arrangers, joint bookrunners, and co-structuring agents on both loans. J.P. Morgan was lead left arranger on Ward County. Goldman Sachs held that role on the North Carolina facility.

Nscale presents itself as a full-stack AI cloud, pairing software with the data centers and power behind it. The new loans are meant to turn that pitch into installed megawatts in two U.S. counties rather than another valuation headline.

Decoded Take

The interesting number is not the $3 billion headline. It is that a 2024-vintage European builder got investment-grade paper to buy NVIDIA racks in Texas. That is the AI infrastructure story moving from venture slides into the credit market, where delayed-draw means the money only shows up as equipment is actually installed. Watch whether Ward County’s 275 megawatts of IT load appears as energized capacity, and whether the North Carolina retrofit is a real second node or a smaller colo that exists to make the financing look national. If the draws stall, this is a rated commitment that never became a campus.