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Cartis diligence evidence schedule

Nscale Narvik AI Campus

PRJ-0107 · Site · Kvandal / Narvik, Norway

Record last updated Oct 28, 2026

Scope and capacity

On September 29, 2026, Norway's NVE issued a corrective order and warning of a possible coercive fine, requiring Nscale to provide a heat-reuse analysis by November 15. The notice is not a stop-work order, cancellation or confirmation that a fine has already been levied. Nscale is building a 230-MW AI campus at Kvandal near Narvik, now anchored by Microsoft after the development's earlier Stargate Norway launch with OpenAI and Aker. Nscale Narvik AI Campus is in Kvandal / Narvik, NO and is a data center campus with construction status.

Headline: 290 MW Planned / design

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Designed power capacity · 230 MW

Planned / design or future potential · Nscale Narvik AI Campus (Project)

Claim 11837 · Recorded claim type: Actual · Review: Approved · Claim date: Jul 31, 2025

Headline treatment: Separate claim, not added to the headline

  1. Nscale and Nordkraft form Nordscale

    Nscale · Document date: Jul 6, 2026 · Corroborating

    Source reference: SRC-0711 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nordscale

  2. Inside Norway's rapidly changing AI campus

    TIME · Document date: Jun 4, 2026 · Corroborating

    Source reference: SRC-0715 · News report · Recorded authority: Secondary

    Source URL

    https://time.com/article/2026/06/03/ai-norway-nscale-data-center/

  3. Vattenfall and Nscale partner on Norway AI infrastructure

    Vattenfall · Document date: May 26, 2026 · Corroborating

    Source reference: SRC-0712 · Company announcement · Recorded authority: Party primary

    Source URL

    https://group.vattenfall.com/press-and-media/pressreleases/2026/vattenfall-and-nscale-partner-to-support-ai-infrastructure-growth-in-norway/

  4. Nscale secures $790 million for Norway campus

    Nscale · Document date: May 11, 2026 · Corroborating

    Source reference: SRC-0709 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-secures-790-million-norway

  5. Nscale and Microsoft expand Norway AI infrastructure

    Nscale · Document date: Apr 14, 2026 · Corroborating

    Source reference: SRC-0708 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-microsoft-norway

  6. Aker ASA Annual Report 2025

    Aker ASA · Document date: Mar 16, 2026 · Corroborating

    Source reference: SRC-0710 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.akerasa.com/~/media/Files/A/aker-corp/results-and-presentations/Aker_ASA_Annual_Report-2025.pdf

  7. Nscale and Microsoft 2025 AI infrastructure agreement

    Nscale · Document date: Oct 15, 2025 · Corroborating

    Source reference: SRC-0713 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-microsoft-2025

  8. Introducing Stargate Norway

    OpenAI · Document date: Jul 31, 2025 · Primary

    Source reference: SRC-0706 · Company announcement · Recorded authority: Party primary

    Source URL

    https://openai.com/index/introducing-stargate-norway/

  9. Stargate Norway: Nscale, Aker and OpenAI

    Nscale · Document date: Jul 31, 2025 · Corroborating

    Source reference: SRC-0707 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/stargate-norway-nscale-aker-openai

  10. Nscale AI infrastructure locations

    Nscale · Document date: Not stated · Corroborating

    Source reference: SRC-0714 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/ai-infrastructure

Potential expansion capacity · 290 MW

Planned / design or future potential · Nscale Narvik AI Campus (Project)

Claim 11838 · Recorded claim type: Actual · Review: Approved · Claim date: Jul 31, 2025

Headline treatment: Selected headline

  1. Introducing Stargate Norway

    OpenAI · Document date: Jul 31, 2025 · Primary

    Source reference: SRC-0706 · Company announcement · Recorded authority: Party primary

    Source URL

    https://openai.com/index/introducing-stargate-norway/

  2. Nscale AI infrastructure locations

    Nscale · Document date: Not stated · Corroborating

    Source reference: SRC-0714 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/ai-infrastructure

Microsoft GPU deployment · 52,000 NVIDIA GB300 GPUs

Reported rounded · Nscale Narvik AI Campus (Project)

Claim 11840 · Recorded claim type: Reported rounded · Review: Approved · Claim date: Oct 15, 2025

  1. Nscale and Microsoft 2025 AI infrastructure agreement

    Nscale · Document date: Oct 15, 2025 · Primary

    Source reference: SRC-0713 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-microsoft-2025

Microsoft rubin GPU addition · 30,000 NVIDIA Rubin GPUs

Source report · Nscale Narvik AI Campus (Project)

Claim 11841 · Recorded claim type: Not stated · Review: Approved · Claim date: Apr 14, 2026

  1. Nscale and Microsoft expand Norway AI infrastructure

    Nscale · Document date: Apr 14, 2026 · Primary

    Source reference: SRC-0708 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-microsoft-norway

Customer contract value · $6.20 billions

Actual · Nscale Narvik AI Campus (Project)

Claim 11842 · Recorded claim type: Actual · Review: Approved · Claim date: Mar 16, 2026

  1. Aker ASA Annual Report 2025

    Aker ASA · Document date: Mar 16, 2026 · Primary

    Source reference: SRC-0710 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.akerasa.com/~/media/Files/A/aker-corp/results-and-presentations/Aker_ASA_Annual_Report-2025.pdf

Branding status · Stargate Norway branding dropped; campus presented as Nscale Narvik

Actual · Nscale Narvik AI Campus (Project)

Claim 11843 · Recorded claim type: Actual · Review: Approved · Claim date: Jun 4, 2026

  1. Inside Norway's rapidly changing AI campus

    TIME · Document date: Jun 4, 2026 · Corroborating

    Source reference: SRC-0715 · News report · Recorded authority: Secondary

    Source URL

    https://time.com/article/2026/06/03/ai-norway-nscale-data-center/

  2. Nscale and Microsoft expand Norway AI infrastructure

    Nscale · Document date: Apr 14, 2026 · Primary

    Source reference: SRC-0708 · Company announcement · Recorded authority: Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-microsoft-norway

Operations timing · Service/operations targeted for 2027

Source report · Nscale Narvik AI Campus (Project)

Claim 11845 · Recorded claim type: Not stated · Review: Approved · Claim date: May 26, 2026

  1. Vattenfall and Nscale partner on Norway AI infrastructure

    Vattenfall · Document date: May 26, 2026 · Primary

    Source reference: SRC-0712 · Company announcement · Recorded authority: Party primary

    Source URL

    https://group.vattenfall.com/press-and-media/pressreleases/2026/vattenfall-and-nscale-partner-to-support-ai-infrastructure-growth-in-norway/

Counterparties and capital

Aker ASA · Investor · CMP-0394

Microsoft · Customer · CMP-0017

Nordkraft AS · Investor · CMP-0396

Nordscale Operations AS · Operator · CMP-0395

Nscale · Developer · CMP-0393

Vattenfall · Utility provider · CMP-0397

Equity investment

$1,000,000,000 · Jul 31, 2025

Initial 20-MW historical Stargate phase; includes more than $250M sponsor equity in aggregate, equally funded by Nscale and Aker.

Aker ASA (Sponsor) · Nscale (Sponsor)

Sources (1)

Financing record 50; claim-specific source links appear in the exhibit sources where published.

Debt financing

$790,000,000 · May 11, 2026

Committed financing from ABN AMRO, DNB, Eksfin, Nordea and SEB for the Norway campus.

ABN AMRO (Lender) · DNB (Lender) · Export Finance Norway (Eksfin) (Other) · Nordea (Lender) · SEB (Lender)

Sources (1)

Financing record 51; claim-specific source links appear in the exhibit sources where published.

Debt financing

$790,000,000 · May 11, 2026

Uncommitted option for a further 115 MW; must not be treated as funded or added to committed debt.

Nscale (Borrower)

Sources (1)

Financing record 52; claim-specific source links appear in the exhibit sources where published.

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.