Nscale Secures $2 Billion, Adds Meta Veterans to Board Amid UK AI Push

London-based AI infrastructure firm Nscale has raised $2 billion in new funding, elevating its valuation to $14.6 billion. The investment round, supported by key backer Nvidia, marks a significant step for the UK's ambitions to become a central player in artificial intelligence.

The company also announced the appointment of two high-profile former Meta executives to its board: Sheryl Sandberg, the social media giant's former chief operating officer, and Nick Clegg, its former head of global affairs and a former UK deputy prime minister. Nscale stated Sandberg's experience in growing technology companies and Clegg's understanding of tech policy will be vital as the firm expands.

Nscale is positioned as a cornerstone of the UK's Stargate initiative, a major infrastructure partnership involving OpenAI and Nvidia. Its projects include constructing a new supercomputer in Loughton, slated for operation later this year, as part of a government strategy to integrate AI deeply into the economy.

"The success of UK-based Nscale shows how firms are seizing this opportunity to invest, expand and create jobs in this country," said Technology Secretary Liz Kendall, highlighting international confidence in Britain's AI ecosystem.

Founded in 2024 after spinning off from Australian bitcoin miner Arkon Energy, Nscale promotes a network of data centre sites across the US and Europe. However, its flagship facility in Norway was originally developed by a local firm, Hydrokraft.

The funding arrives during a global surge in AI infrastructure spending, though some large-scale promises have recently faltered. Notably, a planned $100 billion investment by Nvidia into OpenAI was cancelled earlier this year, and a key Texas data centre expansion for OpenAI's Stargate project was scrapped.

Source: The Guardian