Content-Type: multipart/alternative; boundary=a3015904d763bc1734ca78d1ca1a6e6795f6b159352790a12048cf46eedb Date: Sat, 08 Nov 2025 16:02:40 +0000 (UTC) From: =?UTF-8?b?8J+Usw==?= Turing Post Mime-Version: 1.0 Subject: The New Gold Standard: How NVIDIA Turned GPUs Into Currency To: Hidden Recipient X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: zcB8YrIdtsMvbRJ1OSWbPV1Ru5tMrYcemIEvTboi6_1q8BihOb6eqkpqAhMfYhyv_dltrKYplPwKOoKym6aLlg== --a3015904d763bc1734ca78d1ca1a6e6795f6b159352790a12048cf46eedb Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset=utf-8 Mime-Version: 1.0 ---------- _Was this email forwarded to you? __[Sign up now to receive it in your inbo= x](https://www.turingpost.com/subscribe)_ ----------Let me drop a name: Nscale. Have you heard of it? Most likely not= . Yet this September, the company raised $1.1 billion =E2=80=93 the largest= Series B in European history =E2=80=93 followed by another $433 million th= rough a pre-Series C SAFE, reaching a $3 billion valuation in less than two= years. How did they do it, I wondered. What=E2=80=99s their story? Nscale sits at the junction of capital, energy, and geopolitics. Its rise i= s compelling on its own =E2=80=93 but far more revealing as part of a large= r pattern. Welcome back to our **AI Infrastructure Unicorns** series. This one is unus= ual. Through Nscale, we=E2=80=99ll explore how the AI industry is maturing = and how NVIDIA has learned to mint unicorns at will =E2=80=93 financing its= own customers, seeding sovereign compute hubs, and turning supply chains i= nto strategy. A system where data centers become national assets and GPUs b= ehave like currency. It=E2=80=99s the story of an AI boom transforming into an industrial system= . **In today=E2=80=99s episode:** * _Nscale: Following the Blueprint_ * _How Does It Work - the Alliance Web_ * _Follow the Pattern_ * _The Bretton Woods of Compute_ * _The Economic Loop that Feeds the Engine_ * _Sovereign Compute: Where AI Becomes Industrial Policy_ * _=E2=80=9CNVIDIA is Everywhere.=E2=80=9D Has Anyone Done This Before?_ * _Risks_ * _If this is a bubble, it is a least a functional one _ * _Concluding Thoughts: Is it a Perfect Machine?_ * _Resources_ Follow us on =F0=9F=93=BA YouTube (https://www.youtube.com/@RealTuringPost) ## Nscale: Following the Blueprint With the Unicorn series, we=E2=80=99ve traveled to China and explored Silic= on Valley. This episode takes us to Norway, where hydroelectric power hums = through the racks of a company that barely existed two years ago and is now= valued at crazy $3 billion. And if you think it=E2=80=99s a Norwegian comp= any =E2=80=93 you=E2=80=99re wrong. Nscale =E2=80=93 this wunderkind startu= p =E2=80=93 is a national pride of the UK. It used to be a crypto miner; no= w it=E2=80=99s all-in on AI. Let=E2=80=99s untangle. In many ways, **Nscale** follows the path that **CoreWeave** pioneered. Cor= eWeave, a New Jersey-based company that started as an Ethereum mining colle= ctive in 2017, became the first great pivot story of the AI infrastructure = age (_we=E2=80=99ve covered them _[_here_](https://www.turingpost.com/p/cor= eweave)). When in 2022 Ethereum moved to proof-of-stake, CoreWeave repurpos= ed its GPU mining rigs to power machine learning workloads, grew into a hyp= erscale cloud provider, and by March 2025 went public at a valuation around= $18 billion _(as of market close on November 7, 2025, its market capitaliz= ation stands at about $68.32 billion.)_ It was the first proof that crypto= =E2=80=99s stranded compute could be alchemized into the fuel of the AI boo= m. Nscale shares that lineage. The company was spun out of Arkon Energy, an Au= stralian Bitcoin mining operation with a simple strategy: chase cheap, rene= wable power wherever it exists. Founded by Josh Payne, Arkon had acquired a= nd built facilities in Glomfjord, Norway (hydroelectric surplus), Ohio, USA= (stranded energy), while keeping corporate headquarters in Sydney. The geo= graphic sprawl wasn't elegant, but it was profitable =E2=80=93 at least whi= le crypto was. When the crypto market collapsed in 2023, most miners liquidated their GPU = inventories and shut down. Payne saw something different: the perfect infra= structure for AI was already built. The same requirements that made a good = crypto mine =E2=80=93 cheap electrons, cold climates for cooling, fiber con= nectivity =E2=80=93 were exactly what AI compute clusters needed. The hardw= are was there. The power contracts were signed. The only thing that needed = to change was the workload. At the end of 2023, Arkon raised $110 million and executed the pivot with s= urgical precision. First, in May 2024, Payne incorporates a new entity, Nsc= ale, in London to tap European AI funding and government support. Then in J= uly, Nscale acquires Kontena, a Finnish firm that built modular data-center= pods =E2=80=93 prefabricated "AI rooms" that could be shipped and assemble= d within weeks.=20 From there, they moved fast. Nscale first **hydropower-fed campus in Glomfj= ord, Norway, **became the prototype for **low-carbon AI infrastructure**. S= oon after, a 50/50 joint venture with Aker ASA and OpenAI =E2=80=93 **Starg= ate Norway** =E2=80=93 was launched to deploy **100,000 NVIDIA GPUs by 2026= **. By September 2025, Nscale turned to the UK, announcing a partnership with *= *Microsoft, NVIDIA, and OpenAI** as part of the UK-US Technology Partnershi= p. The plan: to deliver **up to 58,640 NVIDIA GB300 GPUs** nationwide, with= in a global build-out of **300,000 units**. At its center stands the **Loughton AI Campus**, a **50 MW** facility (scal= able to 90 MW) set to become the **UK=E2=80=99s largest AI supercomputer** = in 2027, powered by **23,040 GB300 GPUs** for Microsoft Azure. In parallel,= **Stargate UK** will bring OpenAI=E2=80=99s compute to sovereign UK sites,= starting with **Cobalt Park** and an initial **8,000 GPU offtake** in 2026= . A month later, Nscale and Microsoft expanded their deal to **200,000 GB300 = GPUs** across **Europe and the U.S.**, including hyperscale sites in **Texa= s** and **Portugal** =E2=80=93 turning Nscale=E2=80=99s footprint into a di= stributed, energy-aware GPU network spanning continents. The speed created an identity crisis that was almost comic. Here was a comp= any with Australian roots, Norwegian power, and British incorporation being= hailed as the UK=E2=80=99s =E2=80=9Cnational champion=E2=80=9D for AI =E2= =80=93 even though its largest site sat hundreds of miles above the Arctic = Circle. But the confusion masked something more important: in less than fiv= e months, Nscale had turned crypto=E2=80=99s stranded assets into critical = AI infrastructure. At least in press-releases. =E2=80=9C=E2=80=9CWhen I met Josh three months ago he was worth =C2=A30 bil= lion. Today after I=E2=80=99ve invested, he=E2=80=99s worth =E2=80=A6. =C2= =A30 billion. In the future, we=E2=80=99ll see.=E2=80=9D=E2=80=9C =E2=80=94= Jensen Huang at Nvidia event in London, as reported by The Times That story alone would make Nscale an interesting pivot case. But its real = significance appears when you zoom out. What connects companies like Nscale= and CoreWeave isn=E2=80=99t geography or governance =E2=80=93 it=E2=80=99s= **GPUs, and the gravitational pull of NVIDIA**. Let=E2=80=99s see how thes= e unicorns fit inside **NVIDIA=E2=80=99s monetary machine** =E2=86=92 ---------- _The rest of this fascinating story is available to our Premium users only.= Highly recommended to understand the bigger picture _=E2=86=92 UPGRADE TO READ THE REST (https://www.turingpost.com/upgrade?offer_id=3D1f1= 6f62d-1e09-4acd-8bb0-80ff5fa8ccb0) -------------------- _Thank you for reading and supporting Turing Post _=F0=9F=A4=8D_ We appreci= ate you _ -------------------- =E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2= =80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80= =94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94= =E2=80=94=E2=80=94 Share Turing Post You currently have 0 referrals, only 3 aw= ay from receiving 1 Month of Premium Subscription. Or copy and paste this link to others: https://www.turingpost.com/subscribe= ?ref=3DygguHVsrXN =E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2= =80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80= =94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94=E2=80=94= =E2=80=94=E2=80=94 ---------- =E2=80=94=E2=80=94=E2=80=94 You are reading a plain text version of this post. For the best experience,= copy and paste this link in your browser to view the post online: https://www.turingpost.com/p/nscale --a3015904d763bc1734ca78d1ca1a6e6795f6b159352790a12048cf46eedb Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0 The New Gold Standard: How NVIDIA Turned GPUs Into Currency
with an 18-month-old AI unicorn Nscale as an example  ̴= 4; ‌ ‌ ‌ ‌ ‌ &#= 8204; ‌ ‌ ‌ ‌ ‌ = ;‌ ‌ ‌ ‌ ‌ ‌&#= 160;‌ ‌ ‌ ‌ ‌ ‌= ; ‌ ‌ ‌ ‌ ‌ = 204; ‌ ‌ ‌ ‌ ‌ = ‌ ‌ ‌ ‌ ‌ ‌= 60;‌ ‌ ‌ ‌ ‌ ‌=  ‌ ‌ ‌ ‌ ‌ R= 04; ‌ ‌ ‌ ‌ ‌ &= #8204; ‌ ‌ ‌ ‌ ‌= 0;‌ ‌ ‌ ‌ ‌ ‌&= #160;‌ ‌ ‌ ‌ ‌ ̴= 4; ‌ ‌ ‌ ‌ ‌ &#= 8204; ‌ ‌ ‌ ‌ ‌ = ;‌ ‌ ‌ ‌ ‌ ‌&#= 160;‌ ‌ ‌ ‌ ‌ ‌= ; ‌ ‌ ‌ ‌ ‌ = 204; ‌ ‌ ‌ ‌ ‌ = ‌ ‌ ‌ ‌ ‌ ‌= 60;‌ ‌ ‌ ‌ ‌ ‌=  ‌ ‌ ‌ ‌ ‌ R= 04; ‌ ‌ ‌ ‌ ‌ &= #8204; ‌ ‌ ‌ ‌ ‌= 0;‌ ‌ ‌ ‌ ‌ ‌&= #160;‌ ‌ ‌ ‌ ‌ ̴= 4; ‌ ‌ ‌ ‌ ‌ &#= 8204; ‌ ‌ ‌ ‌ ‌ = ;‌ ‌ ‌ ‌ ‌ ‌&#= 160;‌ ‌ ‌ ‌ ‌ ‌= ; ‌ ‌ ‌ ‌ ‌ = 204; ‌ ‌ ‌ ‌ ‌ = ‌ ‌ ‌ ‌ ‌ ‌= 60;‌ ‌ ‌ ‌ ‌ ‌=  ‌ ‌ ‌
<= /tr><= /td>
<= /tr>
<= td class=3D"dd" align=3D"center" valign=3D"top" style=3D"padding:15px 0;"><= table role=3D"none" width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddi= ng=3D"0" align=3D"center">

November 08, 2025   |   Read Online

3D""

The New Gold Standard: How NVIDIA Turned GPUs Into Currency

with an 18-month-old AI unicorn Nscale as an example

3D"like"
 
3D"share
 
3D"share
 <= table role=3D"none" border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align= =3D"center">
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<= /td>
=

Was this email forwarded to you? Sign up now to receive it in your inbox<= /span>

Let me drop a name:= Nscale. Have you heard of it? Most likely not. Yet this September, the com= pany raised $1.1 billion =E2=80=93 the largest Series B in European history= =E2=80=93 followed by another $433 million through a pre-Series C SAFE, re= aching a $3 billion valuation in less than two years. How did they do it, I= wondered. What=E2=80=99s their story?

Nscale sits at the jun= ction of capital, energy, and geopolitics. Its rise is compelling on its ow= n =E2=80=93 but far more revealing as part of a larger pattern.

Welcome back to our AI Infrastructure Unicorns series. This one i= s unusual. Through Nscale, we=E2=80=99ll explore how the AI industry is mat= uring and how NVIDIA has learned to mint unicorns at will =E2=80=93 financi= ng its own customers, seeding sovereign compute hubs, and turning supply ch= ains into strategy. A system where data centers become national assets and = GPUs behave like currency.

<= p style=3D"mso-line-height-alt:150.0%;"> It=E2=80=99s the story of an AI bo= om transforming into an industrial system.

In today=E2=80= =99s episode:

  • Nscale: Following the Blueprint

  • How Does It Work - the Alliance Web

  • Follow the Pattern

  • The Bretton = Woods of Compute

  • The Economic Loop that Feeds the Engine

  • Sovereign Compute: Where AI Becomes Indu= strial Policy

  • = =E2=80=9CNVIDIA is Everywhere.=E2=80=9D Has Anyone Done This Before?=

  • Risks

    <= /li>

  • If this is a bubble= , it is a least a functional one

  • Concluding Thoughts: Is it a Perfect Machine?

  • Resources

    =
=
Follow us on =F0=9F=93=BA YouTube

Nscale: Following the Blueprint

= With the Unicorn series, we=E2=80=99ve traveled to China and explored Silic= on Valley. This episode takes us to Norway, where hydroelectric power hums = through the racks of a company that barely existed two years ago and is now= valued at crazy $3 billion. And if you think it=E2=80=99s a Norwegian comp= any =E2=80=93 you=E2=80=99re wrong. Nscale =E2=80=93 this wunderkind startu= p =E2=80=93 is a national pride of the UK. It used to be a crypto miner; no= w it=E2=80=99s all-in on AI. Let=E2=80=99s untangle.

In many = ways, Nscale follows the path that CoreWeave pioneered. CoreW= eave, a New Jersey-based company that started as an Ethereum mining collect= ive in 2017, became the first great pivot story of the AI infrastructure ag= e (we=E2=80=99ve covered them here). When in 2022 Ethereum= moved to proof-of-stake, CoreWeave repurposed its GPU mining rigs to power= machine learning workloads, grew into a hyperscale cloud provider, and by = March 2025 went public at a valuation around $18 billion (as of market c= lose on November 7, 2025, its market capitalization stands at about $68.32 = billion.) It was the first proof that crypto=E2=80=99s stranded compute= could be alchemized into the fuel of the AI boom.

Nscale sha= res that lineage. The company was spun out of Arkon Energy, an Australian B= itcoin mining operation with a simple strategy: chase cheap, renewable powe= r wherever it exists. Founded by Josh Payne, Arkon had acquired and built f= acilities in Glomfjord, Norway (hydroelectric surplus), Ohio, USA (stranded= energy), while keeping corporate headquarters in Sydney. The geographic sp= rawl wasn't elegant, but it was profitable =E2=80=93 at least while cry= pto was.

When the crypto market collapsed in 2023, most miner= s liquidated their GPU inventories and shut down. Payne saw something diffe= rent: the perfect infrastructure for AI was already built. The same require= ments that made a good crypto mine =E2=80=93 cheap electrons, cold climates= for cooling, fiber connectivity =E2=80=93 were exactly what AI compute clu= sters needed. The hardware was there. The power contracts were signed. The = only thing that needed to change was the workload.

At the end= of 2023, Arkon raised $110 million and executed the pivot with surgical pr= ecision. First, in May 2024, Payne incorporates a new entity, Nscale, in Lo= ndon to tap European AI funding and government support. Then in July, Nscal= e acquires Kontena, a Finnish firm that built modular data-center pods =E2= =80=93 prefabricated "AI rooms" that could be shipped and assembl= ed within weeks.

From there, they moved fast. Nscale first hydropower-fed campus in Glomfjord, Norway, became the prototype for <= b>low-carbon AI infrastructure. Soon after, a 50/50 joint venture with = Aker ASA and OpenAI =E2=80=93 Stargate Norway =E2=80=93 was launched= to deploy 100,000 NVIDIA GPUs by 2026.

By September = 2025, Nscale turned to the UK, announcing a partnership with Microsoft, = NVIDIA, and OpenAI as part of the UK-US Technology Partnership. The pla= n: to deliver up to 58,640 NVIDIA GB300 GPUs nationwide, within a gl= obal build-out of 300,000 units.

At its center stands = the Loughton AI Campus, a 50 MW facility (scalable to 90 MW) = set to become the UK=E2=80=99s largest AI supercomputer in 2027, pow= ered by 23,040 GB300 GPUs for Microsoft Azure. In parallel, Starg= ate UK will bring OpenAI=E2=80=99s compute to sovereign UK sites, start= ing with Cobalt Park and an initial 8,000 GPU offtake in 2026= .

A month later, Nscale and Microsoft expanded their deal to = 200,000 GB300 GPUs across Europe and the U.S., including hype= rscale sites in Texas and Portugal =E2=80=93 turning Nscale= =E2=80=99s footprint into a distributed, energy-aware GPU network spanning = continents.

The speed created an identity crisis that was alm= ost comic. Here was a company with Australian roots, Norwegian power, and B= ritish incorporation being hailed as the UK=E2=80=99s =E2=80=9Cnational cha= mpion=E2=80=9D for AI =E2=80=93 even though its largest site sat hundreds o= f miles above the Arctic Circle. But the confusion masked something more im= portant: in less than five months, Nscale had turned crypto=E2=80=99s stran= ded assets into critical AI infrastructure. At least in press-releases.

=

=E2=80=9CWhen I met Josh three months ago he was worth =C2=A30 billion. T= oday after I=E2=80=99ve invested, he=E2=80=99s worth =E2=80=A6. =C2=A30 bil= lion. In the future, we=E2=80=99ll see.=E2=80=9D

 
Jensen Huang at Nvidia ev= ent in London, as reported by The Times

That story alone would make Nscale an interesting pivot case. But its = real significance appears when you zoom out. What connects companies like N= scale and CoreWeave isn=E2=80=99t geography or governance =E2=80=93 it=E2= =80=99s GPUs, and the gravitational pull of NVIDIA. Let=E2=80=99s se= e how these unicorns fit inside NVIDIA=E2=80=99s monetary machine = =E2=86=92

The rest of this fascinating story is = available to our Premium users only. Highly recommended to understand the b= igger picture =E2=86=92

UPGRADE TO READ THE REST
<= /td>

Thank you for reading and supporting Turing Post <= /span>=F0=9F=A4=8D We appreciate you

 

Share Turing Post

<= /td>

You currently have 0 referrals, only 3= away from receiving 1 Month of Premium Subscription.

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