Funding round
Nscale Growth
Reported as "Growth Equity"
Nscale, which works in AI infrastructure solutions development in Norway, raised $433M in a Growth round announced on 1 Dec 2024, led by Blue Owl Capital. 4 firms took part. It is Nscale's second venture round on record; the one before was a Seed in Dec 2023.
$433M
Amount raised
Not disclosed
Post-money valuation
4
Investors
1 lead
Valuation
What this round says about the price
Nscale did not disclose a valuation in this round. It came 12 months after Nscale's Seed. It is 12% of the $3.72B Nscale has raised in the venture rounds on record. Nscale raised again: a Series A round of $155M in Dec 2024. Its next priced round, a Series C in Mar 2026, valued it at $14.60B.
Nscale's funding rounds
Nscale has 5 venture rounds on record and 5 other deals. This one is highlighted.
- Seed 1 Dec 2023 $30M
- Growth this round 1 Dec 2024, led by Blue Owl Capital $433M
- Series A 9 Dec 2024, led by Sandton Capital Partners $155M
- Series B 25 Sep 2025, led by Aker ASA $1.10B
- Debt not a venture round 12 Feb 2026, led by PIMCO, Blue Owl Capital and LuminArx Capital Management $1.40B
- Series C 9 Mar 2026, led by Aker ASA and 8090 Industries $2.00B$14.60B post-money
- Debt not a venture round 11 May 2026 $790M
- Debt not a venture round 7 Jul 2026 $900M
- Debt not a venture round 31 Aug 2026 $3.00B
- Debt not a venture round 28 Sep 2026, led by Third Point $3.36B
Investors
Who put money in
Blue Owl Capital led the round with 3 other firms.
Lead investor
- Blue Owl Capital backs 36 venture-backed companies new investor
Also in the round
- NVIDIA new investor
- backs 79 venture-backed companies new investor
- Nokia new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
18 Growth rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $203M, and this round was 2.1 times the median. The closest in time, other companies' Growth rounds in Hosting & Cloud Infrastructure Providers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hosting & Cloud Infrastructure Providers | 19 Dec 2024 | $333M | $3.50B | LuminArx Capital Management and AMD Ventures |
| Giant Panda Hosting & Cloud Infrastructure Providers | 16 Jan 2025 | $975M | not disclosed | MUFG Bank, Ltd. and Sumitomo Mitsui Banking Corporation |
| Khazna Data Centers Hosting & Cloud Infrastructure Providers | 1 Feb 2025 | $2.20B | $5.50B | not named |
| Hosting & Cloud Infrastructure Providers | 1 Feb 2025 | $231M | not disclosed | not named |
| Hosting & Cloud Infrastructure Providers | 1 Feb 2025 | $175M | not disclosed | not named |
| TensorWave Hosting & Cloud Infrastructure Providers | 8 Oct 2024 | $43M | not disclosed | not named |
| Hosting & Cloud Infrastructure Providers | 30 Apr 2025 | $250M | not disclosed | NOVA Infrastructure |
| Hosting & Cloud Infrastructure Providers | 23 Aug 2024 | $39M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Nscale raise in its Growth round?
Nscale raised $433M in its Growth round, announced in Dec 2024.
Who led Nscale's Growth round?
Blue Owl Capital led it, with NVIDIA, Dell Technologies Capital and Nokia.
What was Nscale's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Hosting & Cloud Infrastructure Providers?
18 Growth rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $203M, and this round was 2.1 times the median.
Did Nscale raise again after this round?
Yes: a Series A round in Dec 2024 of $155M.