The unit of a delayed-draw facility is the invoice. Nscale reaches the money as qualifying project expenses arise, so the closing is evidence of underwriting, not of hardware in racks [3].
Divide the Texas cap by the load it is meant to serve and you see the shape of the bet. Up to $1.85bn against roughly 275 MW of IT load is about $6.7m per megawatt [1]. That budget covers NVIDIA GB300 Blackwell Ultra and VR200 Vera Rubin systems plus networking, storage and liquid cooling [4]. For the per-megawatt figure to transfer to anyone else's plan, you would need the same accelerator generation, the same cooling approach, and the same scope boundary between what the loan buys and what the landlord already built. Change any of those and the ratio moves.
One site currently carries three capacity numbers. The financing release says the financed deployment supports approximately 275 MW of IT load [4]. Nscale's own infrastructure page describes Ward County as a roughly 240 MW campus developed with Ionic Digital [7]. Ionic's preliminary prospectus lists 234 MW of current capacity and says expansion could reach about 700 MW [8]. Runtimewire's read is that these cover different scopes and together describe a staged buildout [11]. Practically, that means you cannot subtract one from another, and a single announced number tells you which document you were reading rather than what is commissioned.
The lease side is where the cash timing becomes legible. Ionic's filing says Nscale signed a 126-month triple-net lease over the existing 234 MW, paid $45.6m in November 2025, and that fixed rent began on August 1st, 2026 [9]. That is roughly nine months between the payment and the start of rent [5]. The filing estimates approximately $1.95bn of contracted lease revenue, and Nscale must take another 89 MW if Ionic can make that power available, subject to regulatory approval [10]. Spread $1.95bn across 126 months, or 10.5 years, and the average is about $186m a year [2], which is roughly $794,000 per megawatt-year against the 234 MW under lease [3]. If the option power arrives, the committed footprint becomes 323 MW [4].
So the rent is fixed and dated, while the drawdown is contingent on spend the company has not yet incurred. Nscale is two years old and is attempting to hold power, sites, GPUs, networking, storage and software in one stack, with capital requirements landing before the capacity can earn [12]. Since March it has announced about $5.95bn of equity and credit capacity, counting the $2bn Series C at a $14.6bn valuation and a $900m revolver across 12 banks [13][14][15]; the new facilities at their caps are just over half of that [6]. Investment-grade with a stable outlook, from agencies the announcement does not name, is a rating you take on trust [6].
