Funding round
Nscale Series B
Nscale, which works in AI infrastructure solutions development in Norway, raised $1.10B in a Series B round announced on 25 Sep 2025, led by Aker ASA. 10 firms took part, 2 of them already investors. It is Nscale's fourth venture round on record; the one before was a Series A in Dec 2024.
$1.10B
Amount raised
Not disclosed
Post-money valuation
10
Investors
1 lead
Valuation
What this round says about the price
Nscale did not disclose a valuation in this round. It came 9 months after Nscale's Series A. It is 30% of the $3.72B Nscale has raised in the venture rounds on record. Nscale raised again 6 months later: a Series C round of $2.00B in Mar 2026, at $14.60B post-money.
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 9 Dec 2024, led by Sandton Capital Partners $155M
- Series B this round 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
Aker ASA led the round with 9 other firms. Aker ASA and Sandton Capital had backed Nscale before.
Lead investor
- Aker ASA existing investor
Also in the round
- Sandton Capital existing investor
- Blue Owl Capital backs 36 venture-backed companies new investor
- backs 79 venture-backed companies new investor
- Fidelity Management & Research Company new investor
- G Squared backs 40 venture-backed companies new investor
- Nokia new investor
- NVIDIA new investor
- backs 20 venture-backed companies new investor
- backs 25 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
9 Series B rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $100M, and this round was 11 times the median. The closest in time, other companies' Series B rounds in Hosting & Cloud Infrastructure Providers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| PaleBlueDot AI Hosting & Cloud Infrastructure Providers | 28 Jan 2026 | $150M | $1.00B | B Capital |
| Hosting & Cloud Infrastructure Providers | 22 Jan 2026 | $100M | not disclosed | TQ Ventures |
| Hosting & Cloud Infrastructure Providers | 9 Apr 2025 | $60M | not disclosed | WestBridge Capital |
| TensorWave Hosting & Cloud Infrastructure Providers | 10 Jun 2026 | $350M | $1.55B | Magnetar Capital and AMD Ventures |
| Hosting & Cloud Infrastructure Providers | 20 Dec 2024 | $14M | not disclosed | not named |
| Hosting & Cloud Infrastructure Providers | 12 Aug 2026 | $45M | $550M | Peak XV Partners |
| Fluidstack Hosting & Cloud Infrastructure Providers | 9 Sep 2026 | $1.50B | $18.00B | Jane Street Capital |
| Hosting & Cloud Infrastructure Providers | 22 Sep 2026 | $189M | $1.00B | Emergence Capital |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Nscale raise in its Series B round?
Nscale raised $1.10B in its Series B round, announced in Sep 2025.
Who led Nscale's Series B round?
Aker ASA led it, with Sandton Capital, Blue Owl Capital, Dell Technologies Capital, Fidelity Management & Research Company and G Squared and 4 more.
What was Nscale's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Hosting & Cloud Infrastructure Providers?
9 Series B rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $100M, and this round was 11 times the median.
Did Nscale raise again after this round?
Yes: a Series C round in Mar 2026 of $2.00B at $14.60B post-money.