InfraCompute / Deals
Nscale: US$1.4bn GPU facility
GPU-backed loan for Nscale, US$1.4bn, 12 February 2026.
Key terms
- Borrower or issuer
- Nscale
- Date
- 12 February 2026
- Structure
- GPU-backed loan
- Amount
- US$1.4bn
- Pricing
- Term SOFR + 5.00%
- Tenor
- 18-month availability; contract-linked amortisation (Sched 2.08(a))
What’s notable
A US$1.4bn facility at Term SOFR + 5.00%, with Goldman Sachs as sole structuring agent and lead arranger and PIMCO and Blue Owl among the lenders. It funds GPU clusters in Norway, Portugal, Iceland and the UK under executed contracts, including Microsoft at Sines, and amortises against those contracts. Security runs across English, Dutch and Portuguese law, which makes it a template for multi-jurisdiction European GPU financing.
Recorded terms
- Lender type
- Private creditNamed lender: lenders incl. PIMCO
- Tenor
- 18-month availability; contract-linked amortisation (Sched 2.08(a))
- Security
- Parent and subsidiary guarantees; first-priority security over equity, pledged debt and substantially all assets (English debenture, Dutch and Portuguese security)
- Lenders and arrangers
- Goldman Sachs Lending Partners (lead arranger, sole structuring/placement); GLAS (agents); lenders incl. PIMCO, Blue Owl, LuminArx
- Tenant or offtaker
- Executed GPU contracts across Europe (incl. Microsoft SINES Portugal per S-1)
Related facilities
Similar financings
Same structure, other borrowers, closest in date.
More from Nscale
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Sources
- Nscale European GPU DDTL announcementSource date: 12 February 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
