Nscale compute deals

The filing reports that a February 2026 lease amendment obligates Nscale to lease an additional 89 MW when available. Ionic expects to energize the increment in the second half of 2027, but the capacity is subject to regulatory approval and is not yet operating. This is incremental to the original 234 MW lease.

Joint operations company for the existing Narvik development. Its planned 2026 start refers to the operations company, not energized customer capacity. No incremental power allocation or contract value is disclosed.

Nscale states a second 200 MW building and €465M investment in that building, plus €230M for shared infrastructure. The figures describe campus build and investment, not Microsoft's compute allocation or contract value. The campus is permitted for 1.2 GW; the full-campus figure is not added to this building. No energization date is stated for the building.

Site securing and development agreement for the Sievari industrial area. Fortum supports grid design and permitting; preliminary land-sale work is underway. Power capacity remains subject to design and permitting. No first-capacity date or contract value is disclosed.

Nscale announced its agreement to acquire AIPCorp and Monarch Compute Campus. Nscale states initial onsite microgrid power capacity of 2 GW is expected online by 1H 2028, with expansion to approximately 8 GW planned for 2031. The 2 GW is site power capacity, not a customer compute allocation or energized power. Microsoft's separate up-to-1.35 GW letter of intent at Monarch is linked and must not be added to the campus figure.

15 MW deployment at Verne’s Icelandic campus. The power basis is not specified as critical IT load, so this figure remains outside the IT power subtotal. Verne reported that the first 7.5 MW phase was deployed on April 23, 2026; this does not confirm the remaining 7.5 MW.

Hardware: Approximately 4,600 NVIDIA Blackwell Ultra GPUs

Ionic leased its full 234 MW Ward County capacity to Nscale for an AI/HPC campus. Its filing says the powered campus has operated since 2023 and monthly lease payments began in August 2026. Nscale's October 1 update says the Ward site is live and delivering thousands of GPUs, but it does not identify those GPUs as Microsoft capacity. The 234 MW is site power, not customer IT load. The campus announcement's approximately 240 MW figure is not added as a second record.

The 60 MW announcement is the planned total site capacity, not an incremental 60 MW above the existing 30 MW. The Q2 2025 go-live target has elapsed. Nscale's current site page, checked October 25, 2026, states 30 MW operational capacity, expandable to 60 MW; it gives no dated confirmation that the expansion reached 60 MW. Bloomberg reported on October 15, 2026 that construction was six months behind schedule and that 6.4 MW of the planned 30 MW was operating in early October. This reported operating amount conflicts with Nscale's 30 MW operational-capacity statement and has no published utility or company measurement cited here. Keep the source claims separate; do not replace the announced 60 MW site capacity or count either claim as an independently verified energized-power total. Bloomberg also reported delay penalties owed to customers, citing people familiar with the matter, without a public amount or filing that confirms the liability.