• Series B round gives Aker a 9.3% ownership in Nscale on a fully diluted basis.

• Aker’s 50% stake in the Aker-Narvik joint venture can be converted into additional Nscale shares at a future IPO – positions Aker to benefit from long-term value creation and public market upside.

Nscale Global Holdings Ltd. (“Nscale”), a leader in sovereign-grade AI infrastructure, today announced the close of an oversubscribed USD 1.1 billion Series B funding round. Aker ASA (“Aker”), through a wholly owned subsidiary, participated alongside global investors in backing Nscale’s hyperscale AI infrastructure vision.

Aker’s Series B commitment totals USD 285 million, consisting of both cash and a portion of the Narvik land portfolio contributed in-kind. The land will be transferred to the previously announced Aker-Nscale joint venture.

Through this participation, Aker becomes one of Nscale’s largest shareholders, with 9.3% ownership on a fully diluted basis. A potential future earn-out could further increase Aker’s ownership to 12.2%.

Øyvind Eriksen, President and CEO of Aker ASA, will join Nscale’s Board of Directors. Commenting on the investment, Eriksen said:

“AI is reshaping the global economy and redefining the value of renewable energy. With Nscale, we’re backing infrastructure that’s sovereign, scalable, and purpose-built to accelerate this transformation. Nscale’s full-stack, GPU-first model gives it a real edge in execution. The scale and quality of this Series B round are a testament to Nscale’s vision and momentum – and to the strength of our collaboration. Through both our investment and joint venture, we’re making a significant, long-term commitment to building industrial relevance in the age of AI.”

The Aker-Nscale joint venture is expected to close in Q4. It will be established through a combination of assets and capital contributions from both parties, including all sites in Aker’s Narvik portfolio.

Aker and Nscale will each hold 50% ownership in the JV. The partnership agreement is structured to allow Aker’s JV stake to convert into additional Nscale shares at a future IPO, potentially unlocking significant value.

OpenAI and Microsoft have been announced as the JV’s first customers.