Nscale, the hyperscaler engineered for AI, announced the closing of approximately $3 billion in aggregate commitments across two senior secured delayed draw term loan facilities ("DDTLs"), one supporting its Ward County, Texas campus and the other its Madison County, North Carolina site. The loan facilities, which have each received investment-grade ratings with stable outlooks, provide up to $1.85 billion for Ward County and up to $1.2 billion for Madison County.

The facilities will primarily fund the deployment of GPU infrastructure and associated networking, storage, and liquid-cooling equipment across both campuses:

• Ward County, Texas: A purpose-built AI infrastructure campus designed to support high-density, next-generation compute deployments. The facility combines closed-loop direct liquid cooling and rear-door heat exchangers to enable efficient operation of advanced AI systems at scale. The up to $1.85 billion loan facility, issued through Nscale Ward County Borrower SPV, LLC, will fund the deployment of NVIDIA GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems supporting approximately 275 MW of IT load.
• Madison County, North Carolina: A 96-acre colocation site with up to 40 MW of capacity. The up to $1.2 billion loan facility will fund site retrofit capital expenditures, GPU infrastructure and associated networking required to support high-performance AI compute deployments.

J.P. Morgan and Goldman Sachs served as joint lead arrangers, joint bookrunners, and co-structuring agents for both facilities. J.P. Morgan served as lead left arranger for Nscale's Ward County facility. Goldman Sachs served as lead left arranger for Nscale's North Carolina facility.