A company that started life mining Bitcoin is now sitting on nearly $4 billion in total financing to build AI data centers. Nscale, the UK-based AI infrastructure hyperscaler, has locked in a $900 million revolving credit facility to fund its expanding global footprint of GPU-packed facilities across Europe, North America, and Asia.
The deal, announced on July 7, adds to what has been a remarkably aggressive fundraising streak for a company that only formally came into existence in 2024. Nscale has gone from crypto mining side project to $14.6 billion valuation in roughly two years.
From Bitcoin rigs to AI factories
Nscale spun out of Arkon Energy, a firm that specialized in Bitcoin mining using renewable and stranded power sources. The founders took their core competencies — high-density computing and cheap green electricity — and repositioned them for the AI infrastructure boom.
The $900 million revolving credit facility is the latest piece in a financing puzzle that has grown rapidly. Nscale pulled in a record-setting $1.1 billion Series B round in early 2025. Then came the $2 billion Series C in March 2026, which pegged the company’s valuation at $14.6 billion and brought in heavyweight backers including Nvidia, Aker ASA, and Dell.
