Nscale closed about $3 billion in senior secured loans to fund two of its own AI data center campuses. One sits in Ward County, Texas. The other is in Madison, North Carolina. Both loan facilities landed investment-grade ratings with stable outlooks.
The Breakdown
Ward County gets up to $1.85 billion. That funds NVIDIA's GB300 (Blackwell Ultra) and VR200 (Vera Rubin) systems, built to support roughly 275 MW of IT load. Cooling runs on a closed loop liquid system paired with rear door heat exchangers.
Madison gets up to $1.2 billion. That covers retrofit work and GPU buildout at a 96 acre colocation site with up to 40 MW of capacity.
Who Wrote the Checks
J.P. Morgan and Goldman Sachs both served as joint lead arrangers, bookrunners, and co-structuring agents on both deals. J.P. Morgan led the Ward County facility. Goldman led Madison.
Why the Rating Matters
Investment-grade status is hard to earn on a delayed draw loan. Both Nscale facilities cleared that bar, with two of Wall Street's biggest names backing the deal.
That's a meaningfully strong signal for a company still mid-buildout on both campuses.
Ward County and Madison are about to get a lot louder.
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