Josh Payne, a 33-year-old former Australian coal miner with no formal academic background, transformed Nscale into a company valued at roughly 330 billion Norwegian kroner through a cold message sent via LinkedIn to Aker CEO Øyvind Eriksen. According to reporting from the New York Times cited by Nettavisen, Payne used downtime in Australian coal mines to study entrepreneurship and technology before identifying Northern Norway as an ideal location for energy-intensive operations due to cheap renewable power.
How Payne Secured Norwegian Backing for Nscale
In 2022, Payne flew from Sydney to Oslo and acquired the local crypto-mining firm Hydrokraft in Glomfjord, which was later rebranded as Nscale in September 2023. As the artificial intelligence revolution accelerated, Payne recognized a massive commercial demand for power, land, and cooling infrastructure to support high-density data workloads. He reached out to Aker executives, eventually connecting with Eriksen, who initially missed the LinkedIn message.
“Josh used quite a long time trying to reach me before we met him the first time. Most people would have given up, but Josh continued. That says a lot about who he is,” Aker CEO Øyvind Eriksen wrote in a message to Nettavisen. Eriksen described Payne as a unique founder combining negotiation skills and execution capacity rarely found in someone without formal academic training.
Aker’s Multibillion-Krone Stake and the Røkke Family Involvement
Aker holds a 23.9 percent ownership stake in Nscale, valuing the holding at nearly 80 milliarder kroner following a valuation surge that tripled the market value of Kjell Inge Røkke’s investment vehicle, Aker. Aker has invested around 6,5 milliarder directly into Nscale and integrated a jointly owned entity, Aker Nscale, into the parent company. Through option programs and equity holdings, Payne himself is slated for payouts exceeding 350 million dollars upon successful market launches, alongside a recent recognition by Time magazine as one of the world’s most influential people.
The partnership established operational AI data centers across Norway, including the Glomfjord site utilizing local hydropower to run specialized chips. Aker and Nscale subsequently built Stargate Norway, designated as one of Europe’s largest AI data center facilities, located on Aker Horizons’ property at Bjerkvik in Narvik. Kristian Røkke, son of Kjell Inge Røkke, stepped in to lead the collaborative effort, which secured supply and partnership agreements with Microsoft, Nvidia, and OpenAI.
Did you know? Nscale’s current valuation of approximately 330 billion kroner places it at double the market capitalization of traditional Norwegian industrial mainstays like Telenor and Hydro.
Frequently Asked Questions
What is Nscale’s current valuation?
Nscale is valued at approximately 330 billion Norwegian kroner as the company prepares for a New York stock exchange listing.
How much does Aker own in Nscale?
Aker controls a 23.9 percent ownership stake in Nscale, valued at nearly 80 milliarder kroner.
Who founded Nscale?
Nscale was founded by Josh Payne, a former Australian coal miner who transitioned from bitcoin infrastructure to AI data center development.
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