gpu.credit tracks 41 publicly announced GPU-backed financings of $500M or less since January 2023, totalling $4.71B, from 20 named lenders. Data as of .
USD.AI is the most active lender in the Compute Middle Market by number of financings: 20 of 41 deals, totalling $531.4M.
Deals tracked
41
Total financed
$4.71B
Named lenders
20
Median deal
$65.0M
Amount financed over time, by lead lender
Each deal is credited in full to its lead or first-named lender, so the layers add up to the total. The Lenders table below counts every named lender at full deal size.
Chart data
| Lead lender | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 | Nov 2, 2026 |
|---|---|---|---|---|
| Other lenders | $0 | $0 | $373.0M | $933.1M |
| Goldman Sachs | $0 | $0 | $0 | $356.0M |
| CTBC Bank | $0 | $0 | $0 | $445.0M |
| Wingspire Equipment Finance | $0 | $0 | $65.0M | $568.0M |
| Upper90 | $200.0M | $200.0M | $425.0M | $825.0M |
| Macquarie | $0 | $500.0M | $605.0M | $1.05B |
| USD.AI | $0 | $0 | $620K | $531.4M |
| Total | $200.0M | $700.0M | $1.47B | $4.71B |
Lenders
by deals, then total| Lender | Deals | Total of those deals | Largest |
|---|---|---|---|
| USD.AI | 20 | $531.4M | $128.9M |
| Macquarie | 4 | $1.05B | $500.0M |
| Upper90 | 3 | $825.0M | $400.0M |
| Wingspire Equipment Finance | 3 | $568.0M | $363.0M |
| Silver Point Capital | 2 | $468.8M | $363.0M |
| Victory Park Capital | 2 | $280.8M | $175.0M |
| Industrial Development Funding | 1 | $500.0M | $500.0M |
| CTBC Bank | 1 | $445.0M | $445.0M |
| Eldridge Capital Management | 1 | $363.0M | $363.0M |
| Goldman Sachs | 1 | $356.0M | $356.0M |
| Brookfield Asset Management | 1 | $255.0M | $255.0M |
| Tor Investment Management | 1 | $255.0M | $255.0M |
| British Columbia Investment Management Corp. | 1 | $225.0M | $225.0M |
| FS Investments | 1 | $225.0M | $225.0M |
| King Street Capital Management | 1 | $225.0M | $225.0M |
| Liberty Mutual Investments | 1 | $225.0M | $225.0M |
| ORIX USA | 1 | $225.0M | $225.0M |
| Tech Finance Co. | 1 | $123.6M | $123.6M |
| Post Road Equipment Finance | 1 | $20.0M | $20.0M |
| PDN Intelligence | 1 | $589K | $589K |
Totals are full deal sizes; lenders' own shares are rarely disclosed.
Deals
newest firstHow this is counted
- Included: publicly announced or filed debt financings of US$500M or less that are secured by GPUs or AI accelerators, or raised to buy them, from January 2023. Sources are press releases, SEC filings, company posts or reputable news.
- "Collateral: Not stated" means the source says the money buys GPUs but doesn't say the GPUs secure the debt.
- Amounts are as announced. "Up to" facilities are counted at their maximum. Leases are counted at total lease payments. Non-USD amounts are converted at the announcement-date rate.
- Each USD.AI loan is listed separately, as on /loans. An upsized facility from another lender is one row at its latest size.
- Excluded: equity, unsecured or convertible debt, general corporate facilities, data-center construction loans, and deals with no disclosed amount.
Showing 41 of 41
| Date | Borrower | Lenders | Amount | Hardware | Type | Collateral |
|---|---|---|---|---|---|---|
| Oct 29, 2026 | NexGen Cloud (Hyperstack) | USD.AI, Silver Point Capital, Victory Park Capital | $105.8M | 1,728 × HGX B300 | GPU-backed loan | Stated |
NexGen Cloud (Hyperstack): $105.8M, Oct 29, 2026DealAmount $105,772,545 Announced as $106M. The exact figure is the app's matching row. Date Oct 29, 2026 Borrower NexGen Cloud (Hyperstack) Lenders USD.AI, Silver Point Capital, Victory Park Capital onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 1,728 × HGX B300 Geography Finland (Tier III data center) Rate 12.2% Term 4 years Status Closed (Oct 29, 2026) Sources
| ||||||
| Oct 28, 2026 | IREN | Wingspire Equipment Finance (lead), Eldridge Capital Management, Silver Point Capital, three other lenders | $363.0M | GPU servers | Equipment financing | Stated |
IREN: $363.0M, Oct 28, 2026DealAmount $363,000,000 $363M Date Oct 28, 2026 Borrower IREN miner Lenders Wingspire Equipment Finance (lead), Eldridge Capital Management, Silver Point Capital, three other lenders private credit Type Equipment financing Equipment financing and leases Collateral Deployed GPU servers and networking equipment Stated Hardware GPU servers Geography Not stated Status Closed NotesRefinancing of owned equipment. Sources
| ||||||
| Oct 27, 2026 | HIVE Digital (BUZZ HPC) | Not disclosed (institutional lender) | $129.0M | NVIDIA GB200 NVL72 (2,303 GPUs) | Term loan | Stated |
HIVE Digital (BUZZ HPC): $129.0M, Oct 27, 2026DealAmount $129,000,000 ~$129M Date Oct 27, 2026 Borrower HIVE Digital (BUZZ HPC) miner Lenders Not disclosed (institutional lender) other Type Term loan Loans and facilities Collateral GPUs and related assets of BUZZ Alpha Cloud, plus limited-recourse guarantee and equity pledge Stated Hardware NVIDIA GB200 NVL72 (2,303 GPUs) Geography Canada Rate 9.0% fixed Term 3 years, amortizing Status Closed Notes~80% loan-to-cost on a ~$165M cluster. Sources | ||||||
| Oct 16, 2026 | Not disclosed | USD.AI | $4.6M | 16 servers · B200 | GPU-backed loan | Stated |
Not disclosed: $4.6M, Oct 16, 2026DealAmount $4,565,270 Date Oct 16, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 16 servers · B200 Geography Texas, USA Rate 13.5% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Oct 5, 2026 | Goodwill Labs | PDN Intelligence (Professional Diversity Network) | $589K | NVIDIA B300 (1 system) | Term loan | Stated |
Goodwill Labs: $589K, Oct 5, 2026DealAmount $588,849 $588,849 Date Oct 5, 2026 Borrower Goodwill Labs other Lenders PDN Intelligence (Professional Diversity Network) other Type Term loan Loans and facilities Collateral First-priority security interest in one NVIDIA B300 8-GPU system Stated Hardware NVIDIA B300 (1 system) Geography Not stated Rate Profit share (75% of distributable profit) Term 2 years Status Closed Sources
| ||||||
| Oct 1, 2026 | Sharon AI | Goldman Sachs, private credit funds (unnamed) | $356.0M | NVIDIA GPUs | Credit facility (SPV) | Stated |
Sharon AI: $356.0M, Oct 1, 2026DealAmount $356,000,000 $356M Date Oct 1, 2026 Borrower Sharon AI neocloud Lenders Goldman Sachs, private credit funds (unnamed) bank Type Credit facility (SPV) Loans and facilities Collateral GPUs held in an SPV and their cash flows Stated Hardware NVIDIA GPUs Geography Australia / APAC Rate 9.95% fixed Status Closed NotesJarden Australia was arranger. Described as the first of a series. Sources
| ||||||
| Sep 30, 2026 | GMI Cloud | CTBC Bank (lead), bank syndicate | $445.0M | NVIDIA GPUs (Taoyuan AI factory, ~7,488 GPUs) | Credit facility | Not stated |
GMI Cloud: $445.0M, Sep 30, 2026DealAmount $445,000,000 $445M Date Sep 30, 2026 Borrower GMI Cloud neocloud Lenders CTBC Bank (lead), bank syndicate bank Type Credit facility Loans and facilities Collateral Not stated in the release; reported as GPU-backed Not stated Hardware NVIDIA GPUs (Taoyuan AI factory, ~7,488 GPUs) Geography Taiwan Term 5-year term loan tranche (reported) Status Announced NotesReported sizes differ: DCD reported a ~$635M multi-tranche loan in July. The $445M is the debt figure in GMI's own release, alongside a $223M Series B. Sources
| ||||||
| Sep 23, 2026 | Not disclosed | USD.AI | $128.9M | 32 × GB200 NVL72 | GPU-backed loan | Stated |
Not disclosed: $128.9M, Sep 23, 2026DealAmount $128,900,000 USD.AI's largest facility and first loan in Canada. App shows two tranches: $122,450,482 and $6,444,762. Date Sep 23, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 32 × GB200 NVL72 Geography British Columbia, Canada Rate 9.0% Term 3 years Status Escrow (purchase order placed) Sources
| ||||||
| Sep 14, 2026 | Undisclosed US GPU cloud provider | Post Road Equipment Finance | $20.0M | GPU infrastructure | Equipment financing | Not stated |
Undisclosed US GPU cloud provider: $20.0M, Sep 14, 2026DealAmount $20,000,000 $20M Date Sep 14, 2026 Borrower Undisclosed US GPU cloud provider neocloud Lenders Post Road Equipment Finance private credit Type Equipment financing Equipment financing and leases Collateral Not stated; finances GPU infrastructure tied to a multi-year customer contract Not stated Hardware GPU infrastructure Geography US Status Closed Sources
| ||||||
| Sep 3, 2026 | Hydra Host | USD.AI | $54.4M | 1,040 × B300 | GPU-backed loan | Stated |
Hydra Host: $54.4M, Sep 3, 2026DealAmount $54,404,473 Announced as $54.4M; USD.AI's first 'season-and-sell' loan Date Sep 3, 2026 Borrower Hydra Host Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 1,040 × B300 Geography Ohio, USA Rate 10.0% Term 3 years Status Active (app, Oct 28, 2026) Sources
| ||||||
| Sep 2026 | Not disclosed | USD.AI | $10.0M | 192 × B300 | GPU-backed loan | Stated |
Not disclosed: $10.0M, Sep 2026DealAmount $10,000,000 Announced as about $10M Date Sep 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 192 × B300 Rate 13.0% Status Funded (Sept 2026) Sources
| ||||||
| Aug 20, 2026 | Undisclosed PE-backed GPU cloud provider | Wingspire Equipment Finance | $140.0M | GPU servers | Equipment financing | Stated |
Undisclosed PE-backed GPU cloud provider: $140.0M, Aug 20, 2026DealAmount $140,000,000 $140M Date Aug 20, 2026 Borrower Undisclosed PE-backed GPU cloud provider neocloud Lenders Wingspire Equipment Finance private credit Type Equipment financing Equipment financing and leases Collateral High-density GPU servers (financed equipment) Stated Hardware GPU servers Geography Not stated Status Closed Sources
| ||||||
| Aug 13, 2026 | ResetData | Macquarie Bank | $116.5M | NVIDIA B300 | Credit facility (senior bridge) | Not stated |
ResetData: $116.5M, Aug 13, 2026DealAmount $116,500,000 A$165M Date Aug 13, 2026 Borrower ResetData neocloud Lenders Macquarie Bank bank Type Credit facility (senior bridge) Loans and facilities Collateral Not disclosed; funds staged NVIDIA B300 procurement Not stated Hardware NVIDIA B300 Geography Australia Status Closed NotesConverted at AUD/USD 0.7060 (Aug 13, 2026). Sources
| ||||||
| Aug 7, 2026 | QumulusAI | USD.AI | $15.3M | 34 servers · B300 | GPU-backed loan | Stated |
QumulusAI: $15.3M, Aug 7, 2026DealAmount $15,331,685 Announced as $15.3M; escrow Jul 13, funded after the B300 deployment was installed and verified Date Aug 7, 2026 Borrower QumulusAI Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 34 servers · B300 Geography Philadelphia, PA, USA Rate 15.0% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Aug 3, 2026 | Corvex | USD.AI | $7.5M | 32 servers · B200 | GPU-backed loan | Stated |
Corvex: $7.5M, Aug 3, 2026DealAmount $7,500,000 Series A draw; further Series possible with lender consent Date Aug 3, 2026 Borrower Corvex Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 32 servers · B200 Geography Delaware, USA Rate 10.0% Term 3 years Status Active (app, Oct 28, 2026) Sources
| ||||||
| Jul 29, 2026 | Nscale | Macquarie Bank, one other lender | $331.9Mup to | GPU equipment | Term loan | Not stated |
Nscale: $331.9M, Jul 29, 2026DealAmount $331,900,000 (up to) up to $331.9M Date Jul 29, 2026 Borrower Nscale neocloud Lenders Macquarie Bank, one other lender bank Type Term loan Loans and facilities Collateral Not described in the filing excerpt; sized against GPU equipment cost Not stated Hardware GPU equipment Geography Iceland Rate SOFR + 5.50% Status Closed (disclosed in 2026 S-1) Sources
| ||||||
| Jul 22, 2026 | PaleBlueDot AI | Brookfield Asset Management, Tor Investment Management | $255.0M | — | Private note | Not stated |
PaleBlueDot AI: $255.0M, Jul 22, 2026DealAmount $255,000,000 $255M Date Jul 22, 2026 Borrower PaleBlueDot AI neocloud Lenders Brookfield Asset Management, Tor Investment Management private credit Type Private note Notes Collateral Not stated in the release; reported as GPU-backed (9fin) Not stated Geography Not stated Term 3 years Status Closed NotesPartly refinances an existing facility. JPMorgan was placement agent. Sources
| ||||||
| Jul 17, 2026 | General Compute | Upper90 | $400.0Mup to | AMD MI300X GPUs and SambaNova accelerators | Delayed-draw facility | Not stated |
General Compute: $400.0M, Jul 17, 2026DealAmount $400,000,000 (up to) up to $400M ($100M initially) Date Jul 17, 2026 Borrower General Compute neocloud Lenders Upper90 private credit Type Delayed-draw facility Loans and facilities Collateral Not stated Not stated Hardware AMD MI300X GPUs and SambaNova accelerators Geography US Status Announced NotesNon-NVIDIA hardware. Further draws depend on customer demand. Sources
| ||||||
| Jun 5, 2026 | Duos Edge AI (Duos Technologies) | USD.AI | $98.1M | 2,304 × B300 | GPU-backed loan | Stated |
Duos Edge AI (Duos Technologies): $98.1M, Jun 5, 2026DealAmount $98,135,008.28 Announced as $98.1M Date Jun 5, 2026 Borrower Duos Edge AI (Duos Technologies) Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 2,304 × B300 Geography Columbus, GA, USA Rate 12.0% Term 3 years Status Sold Oct 1, 2026 Sources
| ||||||
| Jun 2026 | NexGen Cloud (Hyperstack) | USD.AI | $34.1M | 768 × B200 | GPU-backed loan | Stated |
NexGen Cloud (Hyperstack): $34.1M, Jun 2026DealAmount $34,055,508 Announced as $34M Date Jun 2026 Borrower NexGen Cloud (Hyperstack) Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 768 × B200 Geography Falkenberg, Sweden Rate 12.0% Term 3 years Status Active (app, Oct 28, 2026) Sources
| ||||||
| May 7, 2026 | QumulusAI | Tech Finance Co. (Kingsbridge / SLR) | $123.6M | NVIDIA B200 / Blackwell | Equipment lease | Stated |
QumulusAI: $123.6M, May 7, 2026DealAmount $123,600,000 $123.6M (upsized from $26.0M on Oct 22, 2026) Date May 7, 2026 Borrower QumulusAI neocloud Lenders Tech Finance Co. (Kingsbridge / SLR) private credit Type Equipment lease Equipment financing and leases Collateral Leased NVIDIA B200 and Blackwell GPU servers Stated Hardware NVIDIA B200 / Blackwell Geography US Rate High single digits (implied) Term 3 years per schedule Status Closed NotesOne facility: $26.0M in May 2026, upsized to $123.6M total in Oct 2026. Amount is total lease payments. Sources
| ||||||
| Apr 29, 2026 | Not disclosed | USD.AI | $11.3M | 256 × B200 | GPU-backed loan | Stated |
Not disclosed: $11.3M, Apr 29, 2026DealAmount $11,295,783 Announced as '$11M in Texas' Date Apr 29, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 256 × B200 Geography Spring, TX, USA Rate 11.5% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Apr 22, 2026 | Alpha Compute Corp. | Not disclosed (institutional lender) | $31.9M | NVIDIA B300 | Term loan (non-recourse) | Stated |
Alpha Compute Corp.: $31.9M, Apr 22, 2026DealAmount $31,900,000 $31.9M Date Apr 22, 2026 Borrower Alpha Compute Corp. neocloud Lenders Not disclosed (institutional lender) other Type Term loan (non-recourse) Loans and facilities Collateral Pledged B300 GPU hardware and build-out Stated Hardware NVIDIA B300 Geography Sweden Status Binding term sheet NotesDefinitive documents were pending at announcement. Sources
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| Apr 17, 2026 | QumulusAI | USD.AI | $16.4M | 75 servers · H200 | GPU-backed loan | Stated |
QumulusAI: $16.4M, Apr 17, 2026DealAmount $16,395,614.34 Date Apr 17, 2026 Borrower QumulusAI Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 75 servers · H200 Geography North Kansas City, MO, USA Rate 12.0% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Apr 6, 2026 | Crucible Capital | USD.AI | $26.8M | 576 × B300 | GPU-backed loan | Stated |
Crucible Capital: $26.8M, Apr 6, 2026DealAmount $26,821,643.82 Date Apr 6, 2026 Borrower Crucible Capital Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 576 × B300 Geography Newport, WA, USA Rate 10.0% Term 3 years Status Active (app, Oct 28, 2026) Sources
| ||||||
| Mar 20, 2026 | Not disclosed | USD.AI | $197K | 3 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Not disclosed: $197K, Mar 20, 2026DealAmount $196,524 Date Mar 20, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 3 servers · RTX PRO 6000 Geography Spring, TX, USA Rate 15.0% Status Listed in attestation (Jul 15, 2026) Sources
| ||||||
| Mar 11, 2026 | Not disclosed | USD.AI | $526K | 4 servers · H200 | GPU-backed loan | Stated |
Not disclosed: $526K, Mar 11, 2026DealAmount $525,875.92 Date Mar 11, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 4 servers · H200 Geography Montréal, Canada Rate 12.0% Status Listed in attestation (Jul 15, 2026) Sources
| ||||||
| Mar 9, 2026 | Not disclosed | USD.AI | $233K | 3 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Not disclosed: $233K, Mar 9, 2026DealAmount $232,650 Date Mar 9, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 3 servers · RTX PRO 6000 Geography Montréal, Canada Rate 13.5% Status Listed in attestation (Jul 15, 2026) Sources
| ||||||
| Mar 4, 2026 | Not disclosed | USD.AI | $9.8M | 10 H200 + 38 B200 servers | GPU-backed loan | Stated |
Not disclosed: $9.8M, Mar 4, 2026DealAmount $9,800,000 Attestation principal; USD.AI blog describes a borrower drawing $9.8M with 3 months of debt-service reserve Date Mar 4, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 10 H200 + 38 B200 servers Geography Spring, TX, USA Rate 11.5% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Feb 17, 2026 | QumulusAI | USD.AI | $4.3M | 9 B300 + 18 RTX PRO 6000 servers | GPU-backed loan | Stated |
QumulusAI: $4.3M, Feb 17, 2026DealAmount $4,282,443.62 First draw under QumulusAI's USD.AI facility (10-Q: 'approximately $4,282,000') Date Feb 17, 2026 Borrower QumulusAI Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 9 B300 + 18 RTX PRO 6000 servers Geography Philadelphia, PA, USA Rate 12.0% Status Active (app, Oct 28, 2026) Sources
| ||||||
| Feb 7, 2026 | Not disclosed | USD.AI | $310K | 4 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Not disclosed: $310K, Feb 7, 2026DealAmount $310,350 Date Feb 7, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 4 servers · RTX PRO 6000 Geography Montréal, Canada Rate 13.5% Status Listed in attestation (Jul 15, 2026) Sources
| ||||||
| Jan 28, 2026 | Not disclosed | USD.AI | $2.3M | 8 servers · B200 | GPU-backed loan | Stated |
Not disclosed: $2.3M, Jan 28, 2026DealAmount $2,296,940.10 Date Jan 28, 2026 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Hardware 8 servers · B200 Geography Saint-Denis, France Rate 15.0% Status Listed in attestation (Jul 15, 2026) Sources
| ||||||
| Aug 28, 2025 | IREN | Not disclosed (lessor) | $96.0M | NVIDIA GB300 | Equipment lease | Stated |
IREN: $96.0M, Aug 28, 2025DealAmount $96,000,000 ~$96M Date Aug 28, 2025 Borrower IREN miner Lenders Not disclosed (lessor) other Type Equipment lease Equipment financing and leases Collateral Leased GPUs (100% of purchase price) Stated Hardware NVIDIA GB300 Geography Not stated Rate High single digits Term 24 months Status Closed Sources
| ||||||
| Aug 25, 2025 | Crusoe | Victory Park Capital | $175.0M | NVIDIA GB200 NVL72 (Blackwell) | Credit facility | Not stated |
Crusoe: $175.0M, Aug 25, 2025DealAmount $175,000,000 $175M Date Aug 25, 2025 Borrower Crusoe neocloud Lenders Victory Park Capital private credit Type Credit facility Loans and facilities Collateral Not stated; funds GPU capacity at atNorth ICE02 Not stated Hardware NVIDIA GB200 NVL72 (Blackwell) Geography Iceland Status Announced Sources
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| Aug 25, 2025 | IREN | Not disclosed (lessor) | $102.0M | NVIDIA B200/B300 | Equipment lease | Stated |
IREN: $102.0M, Aug 25, 2025DealAmount $102,000,000 $102M Date Aug 25, 2025 Borrower IREN miner Lenders Not disclosed (lessor) other Type Equipment lease Equipment financing and leases Collateral Leased GPUs (100% of purchase price) Stated Hardware NVIDIA B200/B300 Geography Not stated Rate High single digits Term 36 months Status Closed Sources
| ||||||
| Jul 2025 | Not disclosed | USD.AI | $620K | — | GPU-backed loan | Stated |
Not disclosed: $620K, Jul 2025DealAmount $620,000 USD.AI's first GPU-backed financing Date Jul 2025 Borrower Not disclosed Lenders USD.AI onchain Type GPU-backed loan Loans and facilities Collateral GPUs (USD.AI GPU-backed loan) Stated Status Not disclosed Sources
| ||||||
| Jun 18, 2025 | Undisclosed AI infrastructure company | Wingspire Equipment Finance | $65.0M | NVIDIA Blackwell | Equipment financing | Stated |
Undisclosed AI infrastructure company: $65.0M, Jun 18, 2025DealAmount $65,000,000 over $65M Date Jun 18, 2025 Borrower Undisclosed AI infrastructure company neocloud Lenders Wingspire Equipment Finance private credit Type Equipment financing Equipment financing and leases Collateral Financed Blackwell-architecture GPU fleet Stated Hardware NVIDIA Blackwell Geography Not stated Status Closed NotesRecorded at $65M; the release says 'over $65M'. Sources
| ||||||
| Jun 12, 2025 | Nscale | Macquarie Bank | $105.0M | NVIDIA GB200 NVL72 | Delayed-draw term loan | Stated |
Nscale: $105.0M, Jun 12, 2025DealAmount $105,000,000 $105M Date Jun 12, 2025 Borrower Nscale neocloud Lenders Macquarie Bank bank Type Delayed-draw term loan Loans and facilities Collateral 2,304 NVIDIA GPUs (32 NVL72 servers) and warranties Stated Hardware NVIDIA GB200 NVL72 Geography Norway Rate SOFR + 7.50% Status Closed (disclosed in 2026 S-1) NotesDisclosed only in Nscale's S-1 (Sep 2026); terms per the filing. Sources
| ||||||
| Mar 27, 2025 | Crusoe | Upper90 (lead), British Columbia Investment Management Corp., FS Investments, King Street Capital Management, Liberty Mutual Investments, ORIX USA | $225.0M | NVIDIA GPUs | Credit facility | Not stated |
Crusoe: $225.0M, Mar 27, 2025DealAmount $225,000,000 ~$225M Date Mar 27, 2025 Borrower Crusoe neocloud Lenders Upper90 (lead), British Columbia Investment Management Corp., FS Investments, King Street Capital Management, Liberty Mutual Investments, ORIX USA private credit Type Credit facility Loans and facilities Collateral Not stated; proceeds used exclusively for NVIDIA GPUs and supporting cloud infrastructure Not stated Hardware NVIDIA GPUs Geography US Status Closed Sources
| ||||||
| Apr 4, 2024 | Lambda | Macquarie Group (lead), Industrial Development Funding | $500.0Mup to | NVIDIA GPUs (tens of thousands; models not named) | Credit facility (special purpose GPU financing vehicle) | Stated |
Lambda: $500.0M, Apr 4, 2024DealAmount $500,000,000 (up to) Up to $500M Date Apr 4, 2024 Borrower Lambda neocloud Lenders Macquarie Group (lead), Industrial Development Funding bank / specialty finance Type Credit facility (special purpose GPU financing vehicle) Loans and facilities Collateral Secured by the GPUs and supported by their cash flow Stated Hardware NVIDIA GPUs (tens of thousands; models not named) Geography US Status Announced NotesLazard advised Lambda and placed the facility. Counted at its $500M maximum. Sources
| ||||||
| Oct 23, 2023 | Crusoe | Upper90 | $200.0M | NVIDIA H100, A100, L40S | Credit facility | Stated |
Crusoe: $200.0M, Oct 23, 2023DealAmount $200,000,000 $200M (initial commitment) Date Oct 23, 2023 Borrower Crusoe neocloud Lenders Upper90 private credit Type Credit facility Loans and facilities Collateral Asset-backed financing for GPU purchases Stated Hardware NVIDIA H100, A100, L40S Geography US Status Announced Sources
| ||||||
NexGen Cloud (Hyperstack): $105.8M, Oct 29, 2026
Deal
Amount
$105,772,545
Announced as $106M. The exact figure is the app's matching row.
Date
Oct 29, 2026
Borrower
NexGen Cloud (Hyperstack)
Lenders
USD.AI, Silver Point Capital, Victory Park Capital
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
1,728 × HGX B300
Geography
Finland (Tier III data center)
Rate
12.2%
Term
4 years
Status
Closed (Oct 29, 2026)
Sources
- USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 prnewswire.com
- USD.AI brings Silver Point and Victory Park into NexGen's $106M GPU loan (Runtime Wire) · Oct 29, 2026 runtimewire.com
- USD.AI leads $106 million GPU financing for NexGen Cloud (Finopotamus) finopotamus.com
- USD.AI app, Upcoming loans (216 × B300) · Oct 30, 2026 app.usd.ai
Oct 28, 2026$363.0M
Stated
Wingspire Equipment Finance (lead), Eldridge Capital Management, Silver Point Capital, three other lenders
IREN: $363.0M, Oct 28, 2026
Deal
Amount
$363,000,000
$363M
Date
Oct 28, 2026
Borrower
IREN
miner
Lenders
Wingspire Equipment Finance (lead), Eldridge Capital Management, Silver Point Capital, three other lenders
private credit
Type
Equipment financing
Equipment financing and leases
Collateral
Deployed GPU servers and networking equipment
Stated
Hardware
GPU servers
Geography
Not stated
Status
Closed
Notes
Refinancing of owned equipment.
Sources
- IREN and Wingspire Equipment Finance complete $363 million financing for high-density AI compute assets · Oct 28, 2026 natlawreview.com
HIVE Digital (BUZZ HPC): $129.0M, Oct 27, 2026
Deal
Amount
$129,000,000
~$129M
Date
Oct 27, 2026
Borrower
HIVE Digital (BUZZ HPC)
miner
Lenders
Not disclosed (institutional lender)
other
Type
Term loan
Loans and facilities
Collateral
GPUs and related assets of BUZZ Alpha Cloud, plus limited-recourse guarantee and equity pledge
Stated
Hardware
NVIDIA GB200 NVL72 (2,303 GPUs)
Geography
Canada
Rate
9.0% fixed
Term
3 years, amortizing
Status
Closed
Notes
~80% loan-to-cost on a ~$165M cluster.
Sources
Not disclosed: $4.6M, Oct 16, 2026
Deal
Amount
$4,565,270
Date
Oct 16, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
16 servers · B200
Geography
Texas, USA
Rate
13.5%
Status
Active (app, Oct 28, 2026)
Sources
- USD.AI app, Loans page · Oct 28, 2026 app.usd.ai
Goodwill Labs: $589K, Oct 5, 2026
Deal
Amount
$588,849
$588,849
Date
Oct 5, 2026
Borrower
Goodwill Labs
other
Lenders
PDN Intelligence (Professional Diversity Network)
other
Type
Term loan
Loans and facilities
Collateral
First-priority security interest in one NVIDIA B300 8-GPU system
Stated
Hardware
NVIDIA B300 (1 system)
Geography
Not stated
Rate
Profit share (75% of distributable profit)
Term
2 years
Status
Closed
Sources
- Professional Diversity Network 8-K · Oct 5, 2026 sec.gov
Sharon AI: $356.0M, Oct 1, 2026
Deal
Amount
$356,000,000
$356M
Date
Oct 1, 2026
Borrower
Sharon AI
neocloud
Lenders
Goldman Sachs, private credit funds (unnamed)
bank
Type
Credit facility (SPV)
Loans and facilities
Collateral
GPUs held in an SPV and their cash flows
Stated
Hardware
NVIDIA GPUs
Geography
Australia / APAC
Rate
9.95% fixed
Status
Closed
Notes
Jarden Australia was arranger. Described as the first of a series.
Sources
- Sharon AI enters into GPU-backed debt facility · Oct 1, 2026 prnewswire.com
- SharonAI 8-K Ex. 99.1 · Oct 1, 2026 sec.gov
GMI Cloud: $445.0M, Sep 30, 2026
Deal
Amount
$445,000,000
$445M
Date
Sep 30, 2026
Borrower
GMI Cloud
neocloud
Lenders
CTBC Bank (lead), bank syndicate
bank
Type
Credit facility
Loans and facilities
Collateral
Not stated in the release; reported as GPU-backed
Not stated
Hardware
NVIDIA GPUs (Taoyuan AI factory, ~7,488 GPUs)
Geography
Taiwan
Term
5-year term loan tranche (reported)
Status
Announced
Notes
Reported sizes differ: DCD reported a ~$635M multi-tranche loan in July. The $445M is the debt figure in GMI's own release, alongside a $223M Series B.
Sources
- GMI Cloud raises over $660 million to accelerate global AI infrastructure expansion · Sep 30, 2026 businesswire.com
- GMI Cloud seeks $635M loan supported by customer contracts (DCD) · Jul 2026 datacenterdynamics.com
Not disclosed: $128.9M, Sep 23, 2026
Deal
Amount
$128,900,000
USD.AI's largest facility and first loan in Canada. App shows two tranches: $122,450,482 and $6,444,762.
Date
Sep 23, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
32 × GB200 NVL72
Geography
British Columbia, Canada
Rate
9.0%
Term
3 years
Status
Escrow (purchase order placed)
Sources
- USD.AI announces $128.9M GPU financing facility, its largest to date (PR Newswire) · Sep 23, 2026 prnewswire.com
- USD.AI $128M GPU financing facility usd.ai
- Bennett Jones client work · Oct 14, 2026 bennettjones.com
- September recap (rates) · Oct 2, 2026 usd.ai
- USD.AI on X x.com
Undisclosed US GPU cloud provider: $20.0M, Sep 14, 2026
Deal
Amount
$20,000,000
$20M
Date
Sep 14, 2026
Borrower
Undisclosed US GPU cloud provider
neocloud
Lenders
Post Road Equipment Finance
private credit
Type
Equipment financing
Equipment financing and leases
Collateral
Not stated; finances GPU infrastructure tied to a multi-year customer contract
Not stated
Hardware
GPU infrastructure
Geography
US
Status
Closed
Sources
- Post Road closes $20MM facility for AI infrastructure provider (ABF Journal) · Sep 14, 2026 abfjournal.com
Hydra Host: $54.4M, Sep 3, 2026
Deal
Amount
$54,404,473
Announced as $54.4M; USD.AI's first 'season-and-sell' loan
Date
Sep 3, 2026
Borrower
Hydra Host
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
1,040 × B300
Geography
Ohio, USA
Rate
10.0%
Term
3 years
Status
Active (app, Oct 28, 2026)
Sources
- July recap (escrow) · Aug 5, 2026 usd.ai
- September recap (funded) · Oct 2, 2026 usd.ai
- USD.AI on X (escrow) x.com
- USD.AI on X (funded) x.com
- USD.AI app loan page · Oct 28, 2026 app.usd.ai
Not disclosed: $10.0M, Sep 2026
Deal
Amount
$10,000,000
Announced as about $10M
Date
Sep 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
192 × B300
Rate
13.0%
Status
Funded (Sept 2026)
Sources
- September recap · Oct 2, 2026 usd.ai
Undisclosed PE-backed GPU cloud provider: $140.0M, Aug 20, 2026
Deal
Amount
$140,000,000
$140M
Date
Aug 20, 2026
Borrower
Undisclosed PE-backed GPU cloud provider
neocloud
Lenders
Wingspire Equipment Finance
private credit
Type
Equipment financing
Equipment financing and leases
Collateral
High-density GPU servers (financed equipment)
Stated
Hardware
GPU servers
Geography
Not stated
Status
Closed
Sources
- Wingspire provides $140 million financing for AI GPU cloud infrastructure (Pulse 2.0) · Aug 21, 2026 pulse2.com
ResetData: $116.5M, Aug 13, 2026
Deal
Amount
$116,500,000
A$165M
Date
Aug 13, 2026
Borrower
ResetData
neocloud
Lenders
Macquarie Bank
bank
Type
Credit facility (senior bridge)
Loans and facilities
Collateral
Not disclosed; funds staged NVIDIA B300 procurement
Not stated
Hardware
NVIDIA B300
Geography
Australia
Status
Closed
Notes
Converted at AUD/USD 0.7060 (Aug 13, 2026).
Sources
- Centuria ASX announcement · Aug 13, 2026 announcements.asx.com.au
- Allens advises ResetData and Centuria on GPU financing first · Sep 14, 2026 allens.com.au
QumulusAI: $15.3M, Aug 7, 2026
Deal
Amount
$15,331,685
Announced as $15.3M; escrow Jul 13, funded after the B300 deployment was installed and verified
Date
Aug 7, 2026
Borrower
QumulusAI
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
34 servers · B300
Geography
Philadelphia, PA, USA
Rate
15.0%
Status
Active (app, Oct 28, 2026)
Sources
- July recap · Aug 5, 2026 usd.ai
- August recap ('third draw', 15%) · Sep 1, 2026 usd.ai
- QumulusAI 10-Q/A Q2 2026, subsequent events · Aug 28, 2026 sec.gov
- USD.AI on X (escrow) x.com
- USD.AI on X (funded) x.com
- Proof of Loans attestation, LOAN-014 · Jul 15, 2026 docs.usd.ai
Corvex: $7.5M, Aug 3, 2026
Deal
Amount
$7,500,000
Series A draw; further Series possible with lender consent
Date
Aug 3, 2026
Borrower
Corvex
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
32 servers · B200
Geography
Delaware, USA
Rate
10.0%
Term
3 years
Status
Active (app, Oct 28, 2026)
Sources
- Corvex 10-Q Q2 2026, subsequent events · Aug 14, 2026 sec.gov
- August recap · Sep 1, 2026 usd.ai
- USD.AI on X x.com
Nscale: $331.9M, Jul 29, 2026
Deal
Amount
$331,900,000 (up to)
up to $331.9M
Date
Jul 29, 2026
Borrower
Nscale
neocloud
Lenders
Macquarie Bank, one other lender
bank
Type
Term loan
Loans and facilities
Collateral
Not described in the filing excerpt; sized against GPU equipment cost
Not stated
Hardware
GPU equipment
Geography
Iceland
Rate
SOFR + 5.50%
Status
Closed (disclosed in 2026 S-1)
Sources
- Nscale Limited Form S-1 ('Macquarie Iceland Facility') · Sep 18, 2026 sec.gov
PaleBlueDot AI: $255.0M, Jul 22, 2026
Deal
Amount
$255,000,000
$255M
Date
Jul 22, 2026
Borrower
PaleBlueDot AI
neocloud
Lenders
Brookfield Asset Management, Tor Investment Management
private credit
Type
Private note
Notes
Collateral
Not stated in the release; reported as GPU-backed (9fin)
Not stated
Geography
Not stated
Term
3 years
Status
Closed
Notes
Partly refinances an existing facility. JPMorgan was placement agent.
Sources
- PaleBlueDot AI closes US$255 million credit financing (ABF Journal) · Jul 22, 2026 abfjournal.com
- Brookfield, Tor join PaleBlueDot's $255m GPU-backed private note (9fin) · Jul 20, 2026 9fin.com
General Compute: $400.0M, Jul 17, 2026
Deal
Amount
$400,000,000 (up to)
up to $400M ($100M initially)
Date
Jul 17, 2026
Borrower
General Compute
neocloud
Lenders
Upper90
private credit
Type
Delayed-draw facility
Loans and facilities
Collateral
Not stated
Not stated
Hardware
AMD MI300X GPUs and SambaNova accelerators
Geography
US
Status
Announced
Notes
Non-NVIDIA hardware. Further draws depend on customer demand.
Sources
- Inference cloud operator General Compute raises $400M debt financing (SiliconANGLE) · Jul 17, 2026 siliconangle.com
Duos Edge AI (Duos Technologies): $98.1M, Jun 5, 2026
Deal
Amount
$98,135,008.28
Announced as $98.1M
Date
Jun 5, 2026
Borrower
Duos Edge AI (Duos Technologies)
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
2,304 × B300
Geography
Columbus, GA, USA
Rate
12.0%
Term
3 years
Status
Sold Oct 1, 2026
Sources
- USD.AI provides $98.1M debt financing to support Duos Edge AI GPU deployment managed by Hydra Host (PR Newswire) · Jun 5, 2026 prnewswire.com
- USD.AI $98M Duos Edge AI / Hydra Host usd.ai
- Duos 8-K (financing) · Jun 11, 2026 sec.gov
- Duos 424B5 ('GPU Loan Agreement' with GPU Finance Ltd.) · Jun 17, 2026 sec.gov
- Duos 8-K (SPV sale to Axe Compute) · Oct 5, 2026 sec.gov
- GLX: connecting institutional capital to compute · Oct 1, 2026 usd.ai
- USD.AI on X (financing) x.com
- USD.AI on X (GLX sale) x.com
- Proof of Loans attestation, LOAN-013 · Jul 15, 2026 docs.usd.ai
- USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 prnewswire.com
NexGen Cloud (Hyperstack): $34.1M, Jun 2026
Deal
Amount
$34,055,508
Announced as $34M
Date
Jun 2026
Borrower
NexGen Cloud (Hyperstack)
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
768 × B200
Geography
Falkenberg, Sweden
Rate
12.0%
Term
3 years
Status
Active (app, Oct 28, 2026)
Sources
- USD.AI provides $34M facility to finance NexGen Cloud's GPU deployment in Sweden (PR Newswire) · Jun 25, 2026 prnewswire.com
- USD.AI $34M NexGen Cloud Sweden usd.ai
- NexGen Cloud news nexgencloud.com
- April recap usd.ai
- June recap usd.ai
- USD.AI on X x.com
- Proof of Loans attestation, LOAN-012 · Jul 15, 2026 docs.usd.ai
QumulusAI: $123.6M, May 7, 2026
Deal
Amount
$123,600,000
$123.6M (upsized from $26.0M on Oct 22, 2026)
Date
May 7, 2026
Borrower
QumulusAI
neocloud
Lenders
Tech Finance Co. (Kingsbridge / SLR)
private credit
Type
Equipment lease
Equipment financing and leases
Collateral
Leased NVIDIA B200 and Blackwell GPU servers
Stated
Hardware
NVIDIA B200 / Blackwell
Geography
US
Rate
High single digits (implied)
Term
3 years per schedule
Status
Closed
Notes
One facility: $26.0M in May 2026, upsized to $123.6M total in Oct 2026. Amount is total lease payments.
Sources
- QumulusAI secures $26M multi-year lease financing for 50-node NVIDIA B200 GPU cluster · May 7, 2026 s21.q4cdn.com
- QumulusAI expands closed lease financing with TFC to $123.6 million · Oct 22, 2026 s21.q4cdn.com
Not disclosed: $11.3M, Apr 29, 2026
Deal
Amount
$11,295,783
Announced as '$11M in Texas'
Date
Apr 29, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
256 × B200
Geography
Spring, TX, USA
Rate
11.5%
Status
Active (app, Oct 28, 2026)
Sources
- April recap ('$11M in Texas') usd.ai
- July recap usd.ai
- USD.AI on X x.com
- Proof of Loans attestation, LOAN-011 · Jul 15, 2026 docs.usd.ai
Alpha Compute Corp.: $31.9M, Apr 22, 2026
Deal
Amount
$31,900,000
$31.9M
Date
Apr 22, 2026
Borrower
Alpha Compute Corp.
neocloud
Lenders
Not disclosed (institutional lender)
other
Type
Term loan (non-recourse)
Loans and facilities
Collateral
Pledged B300 GPU hardware and build-out
Stated
Hardware
NVIDIA B300
Geography
Sweden
Status
Binding term sheet
Notes
Definitive documents were pending at announcement.
Sources
- Alpha Compute executes binding $31.9 million non-recourse GPU financing · Apr 22, 2026 globenewswire.com
- Alpha Compute 6-K Ex. 99.1 · Apr 22, 2026 sec.gov
QumulusAI: $16.4M, Apr 17, 2026
Deal
Amount
$16,395,614.34
Date
Apr 17, 2026
Borrower
QumulusAI
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
75 servers · H200
Geography
North Kansas City, MO, USA
Rate
12.0%
Status
Active (app, Oct 28, 2026)
Sources
- April recap ('$16.4M to QumulusAI (H200 GPUs)') usd.ai
- QumulusAI 10-Q/A Q2 2026, Note 14 · Aug 28, 2026 sec.gov
- USD.AI on X x.com
- Proof of Loans attestation, LOAN-010 · Jul 15, 2026 docs.usd.ai
Crucible Capital: $26.8M, Apr 6, 2026
Deal
Amount
$26,821,643.82
Date
Apr 6, 2026
Borrower
Crucible Capital
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
576 × B300
Geography
Newport, WA, USA
Rate
10.0%
Term
3 years
Status
Active (app, Oct 28, 2026)
Sources
- Crucible Capital $26M GPU-backed loan · Apr 6, 2026 usd.ai
- April recap usd.ai
- Meltem Demirors on X x.com
- Proof of Loans attestation, LOAN-009 · Jul 15, 2026 docs.usd.ai
Not disclosed: $197K, Mar 20, 2026
Deal
Amount
$196,524
Date
Mar 20, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
3 servers · RTX PRO 6000
Geography
Spring, TX, USA
Rate
15.0%
Status
Listed in attestation (Jul 15, 2026)
Sources
- Proof of Loans attestation, LOAN-008 · Jul 15, 2026 docs.usd.ai
Not disclosed: $526K, Mar 11, 2026
Deal
Amount
$525,875.92
Date
Mar 11, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
4 servers · H200
Geography
Montréal, Canada
Rate
12.0%
Status
Listed in attestation (Jul 15, 2026)
Sources
- Proof of Loans attestation, LOAN-001 · Jul 15, 2026 docs.usd.ai
Not disclosed: $233K, Mar 9, 2026
Deal
Amount
$232,650
Date
Mar 9, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
3 servers · RTX PRO 6000
Geography
Montréal, Canada
Rate
13.5%
Status
Listed in attestation (Jul 15, 2026)
Sources
- Proof of Loans attestation, LOAN-007 · Jul 15, 2026 docs.usd.ai
Not disclosed: $9.8M, Mar 4, 2026
Deal
Amount
$9,800,000
Attestation principal; USD.AI blog describes a borrower drawing $9.8M with 3 months of debt-service reserve
Date
Mar 4, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
10 H200 + 38 B200 servers
Geography
Spring, TX, USA
Rate
11.5%
Status
Active (app, Oct 28, 2026)
Sources
- Proof of Loans attestation, LOAN-006 · Jul 15, 2026 docs.usd.ai
- The interest rate of intelligence · Apr 28, 2026 usd.ai
QumulusAI: $4.3M, Feb 17, 2026
Deal
Amount
$4,282,443.62
First draw under QumulusAI's USD.AI facility (10-Q: 'approximately $4,282,000')
Date
Feb 17, 2026
Borrower
QumulusAI
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
9 B300 + 18 RTX PRO 6000 servers
Geography
Philadelphia, PA, USA
Rate
12.0%
Status
Active (app, Oct 28, 2026)
Sources
- QumulusAI 10-Q/A Q2 2026, Note 14 · Aug 28, 2026 sec.gov
- QumulusAI deploys 1,144 NVIDIA Blackwell GPUs through drawdown · Feb 19, 2026 qumulusai.com
- Upgrading to a fully insured sUSDai · Feb 6, 2026 usd.ai
- USD.AI on X x.com
- Proof of Loans attestation, LOAN-005 · Jul 15, 2026 docs.usd.ai
Not disclosed: $310K, Feb 7, 2026
Deal
Amount
$310,350
Date
Feb 7, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
4 servers · RTX PRO 6000
Geography
Montréal, Canada
Rate
13.5%
Status
Listed in attestation (Jul 15, 2026)
Sources
- Proof of Loans attestation, LOAN-003 · Jul 15, 2026 docs.usd.ai
Not disclosed: $2.3M, Jan 28, 2026
Deal
Amount
$2,296,940.10
Date
Jan 28, 2026
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Hardware
8 servers · B200
Geography
Saint-Denis, France
Rate
15.0%
Status
Listed in attestation (Jul 15, 2026)
Sources
- Proof of Loans attestation, LOAN-004 · Jul 15, 2026 docs.usd.ai
IREN: $96.0M, Aug 28, 2025
Deal
Amount
$96,000,000
~$96M
Date
Aug 28, 2025
Borrower
IREN
miner
Lenders
Not disclosed (lessor)
other
Type
Equipment lease
Equipment financing and leases
Collateral
Leased GPUs (100% of purchase price)
Stated
Hardware
NVIDIA GB300
Geography
Not stated
Rate
High single digits
Term
24 months
Status
Closed
Sources
- IREN expands AI cloud to 10.9k GPUs ... additional financing secured · Aug 28, 2025 globenewswire.com
Crusoe: $175.0M, Aug 25, 2025
Deal
Amount
$175,000,000
$175M
Date
Aug 25, 2025
Borrower
Crusoe
neocloud
Lenders
Victory Park Capital
private credit
Type
Credit facility
Loans and facilities
Collateral
Not stated; funds GPU capacity at atNorth ICE02
Not stated
Hardware
NVIDIA GB200 NVL72 (Blackwell)
Geography
Iceland
Status
Announced
Sources
- Crusoe expands Iceland data center capacity · Aug 25, 2025 crusoe.ai
- Latham represents Victory Park Capital in debt financing for Crusoe · Sep 3, 2025 lw.com
IREN: $102.0M, Aug 25, 2025
Deal
Amount
$102,000,000
$102M
Date
Aug 25, 2025
Borrower
IREN
miner
Lenders
Not disclosed (lessor)
other
Type
Equipment lease
Equipment financing and leases
Collateral
Leased GPUs (100% of purchase price)
Stated
Hardware
NVIDIA B200/B300
Geography
Not stated
Rate
High single digits
Term
36 months
Status
Closed
Sources
- IREN purchases 4.2k NVIDIA Blackwell GPUs & secures financing · Aug 25, 2025 iren.gcs-web.com
Not disclosed: $620K, Jul 2025
Deal
Amount
$620,000
USD.AI's first GPU-backed financing
Date
Jul 2025
Borrower
Not disclosed
Lenders
USD.AI
onchain
Type
GPU-backed loan
Loans and facilities
Collateral
GPUs (USD.AI GPU-backed loan)
Stated
Status
Not disclosed
Sources
- 2026 YTD report (Lighthouse) · Jun 8, 2026 usd.ai
- August recap · Sep 1, 2026 usd.ai
Undisclosed AI infrastructure company: $65.0M, Jun 18, 2025
Deal
Amount
$65,000,000
over $65M
Date
Jun 18, 2025
Borrower
Undisclosed AI infrastructure company
neocloud
Lenders
Wingspire Equipment Finance
private credit
Type
Equipment financing
Equipment financing and leases
Collateral
Financed Blackwell-architecture GPU fleet
Stated
Hardware
NVIDIA Blackwell
Geography
Not stated
Status
Closed
Notes
Recorded at $65M; the release says 'over $65M'.
Sources
- Wingspire Equipment Finance powers next gen GPU deployment with a capital injection of over $65 million · Jun 18, 2025 businesswire.com
Nscale: $105.0M, Jun 12, 2025
Deal
Amount
$105,000,000
$105M
Date
Jun 12, 2025
Borrower
Nscale
neocloud
Lenders
Macquarie Bank
bank
Type
Delayed-draw term loan
Loans and facilities
Collateral
2,304 NVIDIA GPUs (32 NVL72 servers) and warranties
Stated
Hardware
NVIDIA GB200 NVL72
Geography
Norway
Rate
SOFR + 7.50%
Status
Closed (disclosed in 2026 S-1)
Notes
Disclosed only in Nscale's S-1 (Sep 2026); terms per the filing.
Sources
- Nscale Limited Form S-1 · Sep 18, 2026 sec.gov
Mar 27, 2025$225.0M
Not stated
Upper90 (lead), British Columbia Investment Management Corp., FS Investments, King Street Capital Management, Liberty Mutual Investments, ORIX USA
Crusoe: $225.0M, Mar 27, 2025
Deal
Amount
$225,000,000
~$225M
Date
Mar 27, 2025
Borrower
Crusoe
neocloud
Lenders
Upper90 (lead), British Columbia Investment Management Corp., FS Investments, King Street Capital Management, Liberty Mutual Investments, ORIX USA
private credit
Type
Credit facility
Loans and facilities
Collateral
Not stated; proceeds used exclusively for NVIDIA GPUs and supporting cloud infrastructure
Not stated
Hardware
NVIDIA GPUs
Geography
US
Status
Closed
Sources
- Upper90 closes ~$225M credit facility to Crusoe · Mar 27, 2025 crusoe.ai
Lambda: $500.0M, Apr 4, 2024
Deal
Amount
$500,000,000 (up to)
Up to $500M
Date
Apr 4, 2024
Borrower
Lambda
neocloud
Lenders
Macquarie Group (lead), Industrial Development Funding
bank / specialty finance
Type
Credit facility (special purpose GPU financing vehicle)
Loans and facilities
Collateral
Secured by the GPUs and supported by their cash flow
Stated
Hardware
NVIDIA GPUs (tens of thousands; models not named)
Geography
US
Status
Announced
Notes
Lazard advised Lambda and placed the facility. Counted at its $500M maximum.
Sources
- Lambda Announces $500M GPU Backed Facility to Expand Cloud for AI · Apr 4, 2024 businesswire.com
- Latham & Watkins Represents Macquarie in US$500 Million Financing for Lambda · Apr 2024 lw.com
- Lambda borrows $500M against its Nvidia GPUs (The Register) · Apr 5, 2024 theregister.com
Crusoe: $200.0M, Oct 23, 2023
Deal
Amount
$200,000,000
$200M (initial commitment)
Date
Oct 23, 2023
Borrower
Crusoe
neocloud
Lenders
Upper90
private credit
Type
Credit facility
Loans and facilities
Collateral
Asset-backed financing for GPU purchases
Stated
Hardware
NVIDIA H100, A100, L40S
Geography
US
Status
Announced
Sources
- Crusoe announces significant expansion of cloud business with new capacity · Oct 23, 2023 crusoe.ai
- Gas burner Crusoe borrows $200 million to buy Nvidia GPUs (DCD) · Oct 2023 datacenterdynamics.com
Download CSV · one row per deal, same data as this table
Questions
What is the Compute Middle Market?
The Compute Middle Market is GPU-backed debt of $500M or less: loans, credit facilities, equipment financing and notes that are secured by GPUs or AI accelerators, or raised to buy them. gpu.credit lists every publicly announced deal since January 2023: 41 so far, totalling $4.71B.
Who is the most active lender in the Compute Middle Market?
By number of financings, USD.AI: 20 of 41 deals, totalling $531.4M. By total amount, Macquarie leads with $1.05B across 4 deals.
How large is the GPU financing market of $500M or less?
41 publicly announced financings totalling $4.71B since January 2023, from 20 named lenders. 32 of them, totalling $3.24B, were announced in 2026.
What is a typical GPU-backed financing size?
The median deal is $65.0M. The smallest is $197K (borrower not disclosed) and the largest is $500.0M (Lambda).
Which lenders finance GPU cloud operators?
20 named lenders appear in this tracker: private credit funds, banks, equipment finance companies and an onchain lender. The Lenders table lists each one with its number of deals and their total size.
What hardware secures these financings?
Almost all are NVIDIA data-center GPUs: 24 deals name Blackwell systems (B200, B300, GB200, GB300), 3 name Hopper (H100, H200), and 14 name other or unspecified hardware.
How are these deals structured?
33 are loans or credit facilities, 7 are equipment financing or leases, and 1 is a note. 33 of 41 state that the GPUs secure the debt.
Where does this data come from?
Press releases, SEC filings, company posts and news reports, linked on every row. USD.AI rows come from the same data as gpu.credit/loans. The rules are under How this is counted.
Not included
- Lambda $275M senior secured facility (Aug 2025) — General corporate facility, no GPU collateral stated; later upsized to $1B.
- Crusoe / Goldman Sachs $300M AMD-backed loan (Feb 2026) — Press report of a deal in preparation; not confirmed by either company.
- Polarise / Macquarie up to EUR117M (Jan 2026) — The release doesn't confirm it is debt.
- Siam.AI / GAIB $30M (Sep 2025) — Tokenized GPU financing; debt vs revenue share not disclosed.
- Fluidstack / Macquarie (Apr 2025) — GPU-secured, but no amount disclosed.