Nscale raises $1.1 billion from Aker, other investors for AI buildout

British artificial intelligence group Nscale has raised $1.1 billion from investors, including Norway's Aker ASA and Finland's Nokia, to help accelerate its data centre infrastructure buildout, the companies said on Thursday.

The so-called Series B funding round was led by Aker, the investment company of Norwegian billionaire Kjell Inge Roekke, which injected $285 million in cash and assets, taking a stake of 9.3% in Nscale.

A potential future earn-out could further increase Aker's ownership to 12.2%, the Norwegian group said.


U.S. artificial intelligence company OpenAI in July said it would build its first European data centre in Norway's Arctic city of Narvik, jointly with Nscale and Aker.

Sandton Capital, Blue Owl Managed Funds, Dell, Fidelity Management & Research Company, G Squared, Nvidia, Point72 and T.Capital also took part in the funding round, Nscale said.

Aker said its 50% stake in the Aker-Narvik joint venture can be converted into additional Nscale shares at a future initial public offering.