Credit · Tracked as filed as of 2026-08-13

Nscale

CCIR tracks 4 instruments issued by Nscale: credit facility. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Facility ratings

Baa1 Moody's 2026-08-12 Up to $1.831B senior secured DDTL (Moody's first-time Baa1, stable — Ward County, TX GPU-as-a-service SPV)

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
Nscale Ward County Borrower SPV, LLC	Up to $1.831B senior secured DDTL (Moody's first-time Baa1, stable — Ward County, TX GPU-as-a-service SPV)	1,831	Undisclosed
Nscale (parent level)	Revolving Credit Facility	900	Undisclosed
	Norway (Narvik) project financing	790	Undisclosed
Nscale Services UK Ltd	GPU-backed delayed-draw term loan (DDTL)	1,400	S+5.00%

Instruments

Up to $1.831B senior secured DDTL (Moody's first-time Baa1, stable — Ward County, TX GPU-as-a-service SPV)

Credit facility $1,831m Undisclosed Entered 2026-08-12

Borrower: Nscale Ward County Borrower SPV, LLC (bankruptcy-remote; Nscale Ward County LLC = data center tenant and affiliate guarantor; land owned by third-party DC operator)
Seniority: Senior secured
Maturity: Undisclosed — Fully amortizing within the 6-year take-or-pay contract term; floating tranche >=85% hedged through maturity; last forecast funding date February 2027
Collateral: GPU infrastructure (NVIDIA GB300 and VR200/Vera Rubin systems, ~275 MW IT load) and related networking/storage/cooling at a Ward County, Texas data center campus; 6-year availability-based fixed-price take-or-pay GPU-as-a-service contract with an unnamed hyperscaler rated at least Aa3; direct agreements with the customer and the data center operator; strict funding conditions (Level 3 commissioning + power + hedges as draw conditions)
Lenders: Fixed + floating commitments; lenders not named (fixed-rate investors described by Moody's as high credit quality)
Pricing: Fixed + floating mix; pricing not disclosed in the rating action
Terms: Moody's assigned first-time Baa1 (stable) 2026-08-12 — one day after Lambda's Baa2; second IG GPU project rating in 24 hours, third overall (after CRWV DDTL 4.0 A3). Customer = unnamed hyperscaler rated at least Aa3; large per-tranche prepayments substitute for cash equity (no cash equity in the GPU financing; Moody's notes equity distributions exceed the separate DC-financing equity needs by commissioning). Moody's DSCR avg ~1.33x (range 1.15-1.40x); DSRA sized at 67% of next payment/2 months + 3-month opex reserve; BTM generation procurement pending for tranche 3; Dell service agreement covers 3 of 6 years; VR200 has no operating track record (stabilization period negotiated). Separate instrument from the Feb-2026 $1.4B Nscale GPU DDTL (Blue Owl BDC-disclosed, S+500, Europe clusters).

Source: Moody's Ratings rating action 'Moody's Ratings assigns first-time Baa1 rating to Nscale Ward County Borrower SPV, LLC; outlook stable' (New York, 2026-08-12; on file) · document

Revolving Credit Facility

Credit facility $900m Undisclosed Entered 2026-07-07

Seniority: Senior revolving credit facility
Maturity: Undisclosed
Collateral: Undisclosed; proceeds for US/Europe/APAC data-center buildout
Lenders: J.P. Morgan · Goldman Sachs · Morgan Stanley · MUFG · RBC Capital Markets · Bank of America · Crédit Agricole CIB · Deutsche Bank · Mizuho · SMBC · TD Securities · KeyBank
Terms: $900M senior RCF; fourth 2026 financing (after the Feb $1.4B DDTL and May Narvik project financing)

Source: Nscale release · document

Norway (Narvik) project financing

Credit facility $790m Undisclosed Entered 2026-05-11

Seniority: Project financing
Maturity: Undisclosed
Collateral: Narvik campus (anchor customer Microsoft via ~$14B / 200k GB300 agreement); collateral unstated
Lenders: ABN AMRO · DNB · Eksfin (Norwegian ECA) · Nordea · SEB
Terms: $790M committed + uncommitted accordion (~$790M more reported) for 115 MW expansion

Source: Nscale release · document

GPU-backed delayed-draw term loan (DDTL)

Credit facility $1,400m S+5.00% Entered 2026-02-12

Borrower: Nscale Services UK Ltd
Seniority: First lien senior secured DDTL (per Blue Owl BDC Q1-2026 10-Qs)
Maturity: 2031-02 — Per Blue Owl BDC Q1-2026 10-Qs (2/2031). Conflict reproduced as disclosed: 18 PIMCO fund NPORT-P filings (period 2026-03-31) report maturity 2032-08-11 for the same instrument (CUSIP BA000WQD0); no primary document reconciles the two
Collateral: Backed by GPUs, drawn as hardware deploys; funds clusters with signed customer contracts + pipeline (Norway, Portugal, Iceland, UK)
Lenders: Funds managed by PIMCO, Blue Owl, LuminArx + unnamed asset managers/banks · Goldman Sachs (sole structuring + placement agent)
Pricing: 3M SOFR + 5.00% as disclosed in Blue Owl BDC Q1-2026 10-Qs (OBDC acc 0001655888-26-000033, OCIC 0001812554-26-000027, OTF 0001747777-26-000019)
Terms: Oversubscribed. EDGAR-visible slices at 3/31/2026: Blue Owl BDC commitments $400M (OBDC $40M / OCIC $160M / OTF $200M; $16.6M par funded), PIMCO registered funds $350M par across 18 NPORT-P filers (Level 3, carried at par); LuminArx slice and remainder not EDGAR-visible. Draw window expires 8/2027 per Blue Owl 10-Qs

Source: Nscale release; Bloomberg; terms from Blue Owl BDC Q1-2026 10-Qs and PIMCO NPORT-P filings · document

Collateral classes on this page: gpu, secured_undisclosed, operator_campus. The full ledger, with every issuer and the derived credit series, is on Compute Credit.