Nscale's Ward County, Texas borrower enters a $1.85B delayed-draw term loan to finance GPUs, arranged by JPMorgan and Goldman Sachs

The parties

• Nscalecompany pageBorrower
• JPMorgan ChaseLender
• Goldman SachsLender

The source

Nscale Form S-1, filed 2026-09-18Regulatory filing

Credit agreement dated 2026-08-27; borrower Nscale Ward County Borrower SPV, LLC. $630.0M fixed-rate and $1.22B floating-rate delayed-draw commitments. Floating: three-month Term SOFR + 2.375% (or base rate + 1.375%), 0.00% floor. Fixed: 2.375% plus the applicable USD SOFR swap rate, set before funding. Matures February 2033. Finances GPU infrastructure capex at the Ward County site. JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA are joint lead arrangers, joint bookrunners and co-structuring agents (Exhibit 10.23).

The same parties, other deals

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• Dell Financial Services leases computing equipment to Nscale under 40 schedules totalling about $2.54B of initial-term rent$2.54B · 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