Funding round
Nscale Series A
Nscale, which works in AI infrastructure solutions development in Norway, raised $155M in a Series A round announced on 9 Dec 2024, led by Sandton Capital Partners. 4 firms took part. It is Nscale's third venture round on record; the one before was a Growth in Dec 2024.
$155M
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 is 4.2% of the $3.72B Nscale has raised in the venture rounds on record. Nscale raised again 9 months later: a Series B round of $1.10B in Sep 2025. 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 1 Dec 2024, led by Blue Owl Capital $433M
- Series A this round 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
Sandton Capital Partners led the round with 3 other firms.
Lead investor
- Sandton Capital Partners new investor
Also in the round
- backs 4 venture-backed companies new investor
- Blue Sky Capital Managers Ltd new investor
- Florence Capital new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series A rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $20M, and this round was 7.8 times the median. The closest in time, other companies' Series A rounds in Hosting & Cloud Infrastructure Providers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hosting & Cloud Infrastructure Providers | 31 Dec 2024 | $52M | not disclosed | Blisce |
| Hosting & Cloud Infrastructure Providers | 10 Dec 2024 | $12M | not disclosed | Variant and Polychain |
| Hosting & Cloud Infrastructure Providers | 29 Oct 2024 | $82M | not disclosed | Headline |
| Hosting & Cloud Infrastructure Providers | 21 Oct 2024 | $30M | not disclosed | Nexus Venture Partners and NTT Venture Capital |
| Hosting & Cloud Infrastructure Providers | 12 Feb 2025 | $15M | not disclosed | Threshold |
| Hosting & Cloud Infrastructure Providers | 8 Oct 2024 | $12M | not disclosed | A Ventures |
| Hosting & Cloud Infrastructure Providers | 8 Apr 2025 | $45M | $354M | Moore & Moore Investment Group |
| TensorWave Hosting & Cloud Infrastructure Providers | 14 May 2025 | $100M | not disclosed | Magnetar Capital and AMD Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Nscale raise in its Series A round?
Nscale raised $155M in its Series A round, announced in Dec 2024.
Who led Nscale's Series A round?
Sandton Capital Partners led it, with Kestrel Partners, Blue Sky Capital Managers Ltd and Florence Capital.
What was Nscale's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Hosting & Cloud Infrastructure Providers?
20 Series A rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $20M, and this round was 7.8 times the median.
Did Nscale raise again after this round?
Yes: a Series B round in Sep 2025 of $1.10B.