Dell Financial Services leases computing equipment to Nscale under 40 schedules totalling about $2.54B of initial-term rent
Signed · announced 18 Sept 2026 · the week to 18 Sept 2026
- Size
- $2.54B
approx. $2.54B aggregate initial-term rent across 40 schedules, incl. ~$34.8M financing charges
The parties
- Nscalecompany pageTenant
- Dell Financial Servicescompany pageLandlord
The source
Nscale Form S-1, filed 2026-09-18Regulatory filing
Two Global Framework Agreements dated April 2026 (form dated 2026-04-17, Exhibit 10.20) with Dell Financial Services L.L.C. as funder, for equipment lease financing of computing and data center equipment. As of 2026-09-04, 40 payment schedules fully executed, with aggregate initial-term rent of approximately $2.54B including financing charges of approximately $34.8M. Ward County schedules: four-month initial term, rent monthly in advance; North Carolina schedules: three-month initial term, rent monthly in arrears; both commencing 2026-08-01 or 2026-09-01 with 1- or 2-month extension options. Secured on the equipment and guaranteed by Nscale Global Holdings Ltd (guaranty dated 2026-04-18).
The same parties, other deals
- Nscale agrees to provide Anthropic dedicated GPU infrastructure at its Monarch Compute Campus for up to about $44.6B$44.6B · 18 Sept 2026
- Nscale agrees to acquire Anyscale for $1.65B, settled in Nscale equity$1.65B · 18 Sept 2026
- Nscale signs a multi-year GPU services agreement with Figure AI and takes a strategic stake in Figureundisclosed · 18 Sept 2026
- Nscale Services UK enters a $1.4B senior secured delayed-draw term loan to finance GPUs, at Term SOFR plus 5.00%$1.4B · 18 Sept 2026
- Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900M$900M · 18 Sept 2026
- ABN AMRO, DNB and Nordea lend Nscale's Norway subsidiary $790M for data center construction at Kvandal South$790M · 18 Sept 2026