Milbank LLP advised UK-headquartered AI infrastructure provider Nscale in raising the largest Series B in European history, at $1.1 billion. The new funding will be used to further Nscale’s deployment of large-scale AI infrastructure across Europe, North America and the Middle East, enabling the rapid rollout of the company’s “AI factory” data centers for projects like Stargate UK and Stargate Norway, and the expansion of its vertically integrated AI cloud platform.
The financing was led by Aker ASA, with continued support from existing shareholders, including Sandton Capital, and significant participation from Blue Owl, Dell, Fidelity Management & Research Company, G Squared, Nokia, NVIDIA, Point72 and T.Capital.
The raise follows the recent announcement of Nscale’s UK AI infrastructure commitment. Together with Microsoft, it announced its plans to develop the UK’s largest AI supercomputer on Nscale’s AI Campus in Loughton. Separately, Nscale, OpenAI and NVIDIA announced they are together establishing Stargate UK, an overarching infrastructure platform designed to deploy OpenAI’s technology in the UK, with a particular focus on sovereign workloads.
In July, Nscale announced the launch of Stargate Norway, its landmark partnership with Aker ASA and OpenAI to launch Europe’s first hyperscale AI with a target to deliver 100,000 NVIDIA GPUs by the end of 2026. Two months later, the Nscale-Aker joint venture deepened this momentum with a multi-billion-dollar agreement with Microsoft to deliver AI infrastructure in Narvik, Norway.
“Nscale’s landmark Series B underscores the global demand for large-scale AI infrastructure and will further enable Nscale to build out one of the largest global platforms of its kind,” said Milbank partner Jordan Simpson. “We are thrilled to support Nscale on its incredible growth trajectory.”
“We are proud to have worked with Nscale on this incredibly important transaction, which will have tremendous impact on AI deployment globally and is another example of our multi-disciplinary team’s lead role in many of the most significant transactions throughout the data center ecosystem,” said Milbank partner Jaime Ramirez.
The integrated transatlantic Milbank team was led by partners Jaime Ramirez and Dan Bartfeld in New York and partners Jordan Simpson and James McClymont in London. The team also included associates Drew MacDonald, Daniel Carolan, Sama Rahman, Emily Gidda and Sophie Hofford.
Milbank’s Digital Infrastructure team is a global leader throughout the digital infrastructure value chain, including chip foundries, GPU procurement, data centers (and associated power solutions), fiber and towers. In 2025, Milbank will have had the lead legal role in over $100 billion of digital-related transactions.
