• Aker increases its ownership in Nscale as the company scales its AI infrastructure platform globally
• Aker’s 50% Aker Nscale joint venture stake rolled up into Nscale, simplifying structure and increasing direct exposure
• Combined cash investment and roll‑up expected to result in 27.3% of share capital, or 23.9% ownership on a fully diluted basis

The Series C funding round is expected to raise about USD 2 billion in total proceeds, including the previously announced SAFE, and values Nscale at approximately USD 14.6 billion on a post-money basis. Aker’s participation includes a cash investment of USD 350 million.

As part of the Series C transaction, Aker’s 50% ownership stake in the Aker Nscale joint venture will be rolled up into Nscale and the previously announced earn-out realized. Upon completion of the roll‑up, Nscale (directly or through affiliates) will own 100% of the joint venture company, and the joint venture agreement will terminate. The roll‑up replaces the previously agreed mechanism under which Aker’s joint venture stake could be converted into Nscale shares at a future IPO and results in a simplified ownership structure with increased direct exposure to Nscale, while preserving continuity through Aker’s role as a significant Norwegian long‑term owner.

Following completion of all elements of the transaction, consisting of the cash investment, roll-up of the joint venture, and the earn-out fully realized, Aker’s ownership in Nscale is expected to increase from 9.3% to about 23.9% on a fully diluted basis, or 27.3% of share capital, making Aker the company’s largest shareholder. Øyvind Eriksen, President and CEO of Aker ASA, serves as Vice Chair of Nscale’s Board of Directors.

Nscale’s Boad of Directors will be further strengthened by the appointment of three new directors: Sheryl Sandberg, Susan Decker, and Nick Clegg. The additions bring extensive international experience across technology, policy, operations, and governance, further enhancing the Board’s breadth and strategic capabilities.

“Our increased ownership in Nscale reflects strong conviction in the company’s strategy, execution capabilities, and long-term value creation potential as it scales its AI infrastructure platform globally,” said Øyvind Eriksen. “By consolidating our joint venture stake into Nscale, we simplify the structure and strengthen Aker’s ability to participate fully in that expansion. Norway remains a core part of Nscale’s industrial footprint, and our ownership supports continued development and delivery across Norway alongside the company’s international growth.”

“This is the fourth industrial revolution; the world is changing at a rapid pace. Over the next 5 years, Artificial Intelligence will be integrated into every industry, every product, and every job. Accelerating drug discovery, extending human life, autonomizing travel and robotics, lifting productivity, and driving massive growth. This is leading to the largest infrastructure buildout in human history,” said Josh Payne, CEO and Founder of Nscale. “Nscale is leading this buildout. We are building this foundation that the market sits on, the engine of superintelligence.”

With the Aker Nscale roll-up into Nscale, Kristian Røkke will transition from his role as CEO of Aker Nscale into an advisor role to Nscale. In this capacity, he will continue to support the company’s development and execution in Norway, ensuring continuity of operations and delivery on the ground and long‑term alignment with Nscale’s broader strategy.

“Kristian has played an important role in building Aker Nscale from its inception and establishing a strong industrial foundation for Nscale in Norway. His leadership and ability to execute in a fast‑moving environment has been instrumental. We are pleased he will continue to contribute as an advisor to Nscale, as the company enters its next phase of growth,” said Øyvind Eriksen.

Completion of the Series C remains subject to customary closing conditions. Nscale’s full release is available at www.nscale.com/newsroom

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About Nscale
Nscale is the global hyperscaler engineered for AI infrastructure. Through vertically integrated AI solutions and modular, first-principles data center design across Europe, North America, and beyond, Nscale delivers the compute foundation for enterprise AI training, fine-tuning, and inference at scale. For more information, see: www.nscale.com

Media contact, Aker:
Atle Kigen, Head of Media Relations and Public Affairs
+47 90 78 48 78
atle.kigen@akerasa.com

Media contact, Nscale:
press@nscale.com