Compute / the Ledger · 13 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
The LedgerRead against its source
Deals with nscale as a party. Show every company
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 18 Sept 2026 | Nscale agrees to acquire Anyscale for $1.65B, settled in Nscale equitySignedDefinitive agreement of July 2026 (2026-07-28 in the Recent Developments section) to acquire Anyscale, the AI compute platform built on Ray, for consideration of $1.65B settled in Nscale equity. Subject to regulatory approvals and other conditions, including completion of Nscale's IPO. Closing expected in the second half of 2026. |
| Acquisition | $1.65B$1.65B, settled in equity | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | NVIDIA agrees to buy $1.0B of Nscale convertible notes or non-voting shares within a $3.1B minimum subscriptionSignedSubscription Agreement dated 2026-09-15 for a minimum aggregate $3.1B: $2.1B of unsecured convertible loan notes and a further $1.0B of unsecured convertible loan notes or non-voting shares to be issued to NVIDIA (the NVIDIA Sale). The notes convert automatically on completion of the IPO. The NVIDIA Sale will close on or around 2026-11-16. The holders of the other $2.1B are not named in the passage read. | Equity stake | $1B$1.0B NVIDIA portion of a $3.1B minimum subscription | Nscale Form S-1, filed 2026-09-18Regulatory filing | ||
| 18 Sept 2026 | Macquarie lends Nscale $105M to buy GPU cluster equipment for its Glomfjord, Norway data centerSignedSenior facility agreement of June 2025 with Macquarie: $105.0M term loan and letter-of-credit facility to finance technology equipment for a GPU cluster at Glomfjord, Norway. $70.1M drawn 2025-08-01; remaining $34.9M drawn 2026-01-30. Macquarie received warrants valued at $6.3M, converted into Series B preferred shares at the Series B close. Amended and restated 2025-09-22 (Exhibit 10.12). Rate not stated in the passage read. |
| Loan against chips | $105M$105M term loan and letter-of-credit facility | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 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%SignedCredit agreement dated 2026-02-11, Nscale Services UK LTD with Global Loan Agency Services Limited as agent (Exhibit 10.14; amended 2026-03-12, 2026-03-30 and 2026-04-29). Aggregate commitments $1.4B. Term SOFR or base rate plus 5.00%, with a potential 0.25% step-up, 0.00% floor. Secured by substantially all assets of the borrower and certain subsidiaries. The lenders are not named in the passage read. |
| Loan against chips | $1.4B$1.4B senior secured delayed-draw term loan | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Dell Financial Services leases computing equipment to Nscale under 40 schedules totalling about $2.54B of initial-term rentSignedTwo 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). |
| Loan against chips | $2.54Bapprox. $2.54B aggregate initial-term rent across 40 schedules, incl. ~$34.8M financing charges | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900MSignedRevolving Credit and Guaranty Agreement dated 2026-05-08, Nscale Global Holdings Limited with JPMorgan Chase Bank, N.A. and others (Exhibit 10.18, amended 2026-06-17 and 2026-06-30). Initial commitment $770.0M with a $200.0M letter-of-credit sublimit; upsized to $900.0M as of 2026-06-30. Term SOFR + 1.75% or alternate base rate + 0.75%. Incremental capacity up to $500.0M plus an unlimited amount subject to leverage ratios. Initial maturity the third anniversary of the effective date, with two one-year extension options for lenders. |
| Loan against chips | $900M$900M after upsize from $770M | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | ABN AMRO, DNB and Nordea lend Nscale's Norway subsidiary $790M for data center construction at Kvandal SouthSignedSenior facilities agreement dated 2026-07-07; borrower Nscale Norway DC DA. A $725.0M senior term loan at Term SOFR + 3.00% to 3.75% depending on the period (0.00% floor), maturing six years after construction completion, plus a $65.0M revolving VAT facility at Term SOFR + 2.00%. Finances data center infrastructure capex in Norway, not GPUs. ABN AMRO Bank N.V., DNB Bank ASA and Nordea Bank Abp NUF are mandated lead arrangers and bookrunners (Exhibit 10.21). |
| Loan against chips | $790M$725M term loan + $65M VAT revolver | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Macquarie lends Nscale's Iceland subsidiary $331.9M to buy GPUs, at Term SOFR plus 5.50%SignedSenior facility agreement dated 2026-07-29; borrower Nscale Services Iceland III ehf; Macquarie Bank Limited (London Branch) as mandated lead arranger, facility agent and security agent. $331.9M delayed-draw term loan at Term SOFR + 5.50%, 0.00% floor, interest paid monthly in cash. Matures 46 months from first utilization. Scheduled monthly amortization, plus additional payments so lenders reach a specified MOIC. Proceeds only for transaction costs and to fund or refinance part of the purchase price of certain GPU assets. |
| Loan against chips | $331.9M$331.9M delayed-draw term loan | 46 months | Nscale Form S-1, filed 2026-09-18Regulatory filing |
| 18 Sept 2026 | Nscale's North Carolina borrower enters a $1.2B delayed-draw term loan to finance GPUs, arranged by Goldman Sachs and JPMorganSignedCredit agreement dated 2026-08-27; borrower Nscale NC Borrower SPV, LLC. $370.0M fixed-rate and $830.0M floating-rate delayed-draw commitments. Floating: three-month Term SOFR + 2.375% (or base rate + 1.375%), 0.00% floor. Fixed: SOFR + 2.375% plus the applicable USD SOFR swap rate, set before funding. Matures December 2031. Finances GPU infrastructure capex in North Carolina. Goldman Sachs Bank USA and JPMorgan Chase Bank, N.A. are joint lead arrangers, joint bookrunners and co-structuring agents (Exhibit 10.24). |
| Loan against chips | $1.2B$1.2B delayed-draw: $370M fixed + $830M floating | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Nscale's Ward County, Texas borrower enters a $1.85B delayed-draw term loan to finance GPUs, arranged by JPMorgan and Goldman SachsSignedCredit 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). |
| Loan against chips | $1.85B$1.85B delayed-draw: $630M fixed + $1.22B floating | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Nscale signs a multi-year GPU services agreement with Figure AI and takes a strategic stake in FigureSignedGPU Services Agreement dated 2026-08-24 between Nscale and Figure AI Inc. The S-1 states the deal represents the potential to deploy up to 100,000 NVIDIA Vera Rubin GPUs, with initial GPUs targeted for deployment starting in the second half of 2027. Nscale also makes a strategic investment in Figure and becomes a shareholder; the amount of that investment and the contract value are not stated in the passage read. | Capacity contract | undisclosed | Nscale Form S-1, filed 2026-09-18Regulatory filing | ||
| 18 Sept 2026 | Nscale agrees to provide Anthropic dedicated GPU infrastructure at its Monarch Compute Campus for up to about $44.6BSignedA series of GPU Services Agreements dated 2026-08-25 between Anthropic PBC and Nscale, for dedicated GPU infrastructure services at the Monarch Compute Campus (Mason County, West Virginia) supporting NVIDIA Vera Rubin NVL72 GPUs. Aggregate payments to Nscale of up to approximately $44.6B. Term, megawatts and GPU count not stated in the passage read. The form of order is filed as Exhibit 10.25 (redacted). First public in the S-1 filed 2026-09-18. | Capacity contract | $44.6Bup to approximately $44.6B aggregate payments | Nscale Form S-1, filed 2026-09-18Regulatory filing | ||
| 15 Oct 2025 | Nscale contracts to supply Microsoft with about 200,000 Nvidia GB300 GPUs across Texas, Portugal, the UK and NorwaySignedTexas ~104,000 GPUs (~240 MW, from Q3 2026); Sines, Portugal ~12,600 (from Q1 2026); Loughton, UK ~23,000 (from Q1 2027); Narvik, Norway ~52,000 via the Aker-Nscale JV. The site figures add to about 191,600 GPUs, against the 200,000 headline. Accelerator as stated: NVIDIA GB300. | Capacity contract | undisclosedNo dollar value disclosed; multi-year. | 200,000 × GB300 | Nscale press release, 2025-10-15Company press release |
Download CSVthis view · source on every row
How the Ledger is kept
- Every row is a deal read in its source, and links to that source.
- Every row says what kind of document it comes from: a regulatory filing, the company’s own release, an earnings call, or a news report. A news report stays a news report until a filing confirms it.
- Values are the headline figures as the parties disclosed them, in US dollars, unadjusted. “Undisclosed” means they did not say.
- The end date is the start plus the term, worked out here — it is not a reported figure.
- Facts only. The Ledger holds no view on any deal.