USD.AI has originated 20 publicly documented GPU-backed financings totalling $531.4M committed, of which $296.8M has been funded, as of , making it the most active lender in the Compute Middle Market.
Loans in reserves
$306.2M
as of Nov 2, 15:59 UTC · USD.AI API
Loans listed
20
9 with a named borrower
Largest
$128.9M
British Columbia, Canada
GLX transactions
GLX is USD.AI's marketplace connecting institutional capital with GPU financings originated through USD.AI. Launched Oct 1, 2026. · $200M+ through GLX as of Oct 29, 2026
| Date | Loan | Type | Lenders | Source |
|---|---|---|---|---|
| Oct 29, 2026 | Arranged through GLX | Silver Point Capital, Victory Park Capital | prnewswire.com | |
| Oct 1, 2026 | Sold through GLX | — | usd.ai |
Oct 29, 2026Arranged through GLX
Oct 1, 2026Sold through GLX
Loans
newest firstHow this is counted
- A loan is listed when USD.AI originated it and it has been publicly announced, filed with the SEC, or shown in USD.AI's Proof of Loans attestation or app. Borrowers are named only where they have been named publicly.
- Each draw on a facility is listed separately (e.g. QumulusAI). Approved facilities with no public draw, and unannounced pipeline, are not listed.
- Committed is the announced loan or facility amount. Funded counts loans that have been drawn, so it excludes loans still in escrow or closed and awaiting funding.
- Loans later sold through GLX stay listed. Origination is what is counted.
- Amounts are as announced; where an unnamed ledger row matches an announced loan, its exact figures are shown with a note.
- Data as of November 2, 2026.
Borrower
Status
GPU
GLX
Showing 20 of 20
| Date | Borrower | Amount | Hardware | Location | Rate | Status |
|---|---|---|---|---|---|---|
| Oct 29, 2026 | NexGen Cloud (Hyperstack) | $105.8M | 1,728 × HGX B300 | Finland (Tier III data center) | 12.2% | ClosedGLX |
TermsAmount $105,772,545 Announced as $106M. The exact figure is the app's matching row. Announced Oct 29, 2026 Rate 12.2% From the app's matching row (shown as 12.2%); the release doesn't state a rate. Term 4 years Hardware NVIDIA HGX B300 GPUs 1,728 Servers 216 Location Finland (Tier III data center) Status Closed (Oct 29, 2026) Escrow funding is timed to server shipment, expected in Q4 2026. Structure Senior secured term loan facility, amortizing over its 4-year term. Capacity fully contracted under a take-or-pay agreement with an unnamed AI inference platform. USD.AI led, arranged and closed the facility and is administrative agent through GLX; Silver Point Capital and Victory Park Capital participate as lenders. Lender allocations not disclosed. GLXArranged through GLX · Oct 29, 2026 USD.AI arranged the facility and is administrative agent through GLX. Silver Point Capital and Victory Park Capital participate as lenders alongside USD.AI. Lenders: Silver Point Capital, Victory Park Capital
Ledger detailsThe exact amount and rate come from an unnamed 'Upcoming loans' row in the USD.AI app (216 × B300, $105,772,545, 12.2%, 4-year term, 'Term sheet signed') that matches this facility's server count, GPU type, term and announced amount.ⓘ Sources differ
BorrowerWebsite LinkedIn People Conor Moore (COO and co-founder, USD.AI), Chris Starkey (CEO, NexGen Cloud) Two USD.AI facilities, $140M combined: $34M in Sweden (Jun 2026) and $106M in Finland (Oct 2026). Facility: USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 SourcesPress
Ledger
| ||||||
| Oct 16, 2026 | Not disclosed | $4.6M | 16 servers · B200 | Texas, USA | 13.5% | Active |
TermsAmount $4,565,270 Funded Oct 16, 2026 Rate 13.5% Hardware NVIDIA B200 Servers 16 Location Texas, USA Status Active (app, Oct 28, 2026) Ledger detailsSourcesLedger
| ||||||
| Sep 23, 2026 | Not disclosed | $128.9M | 32 × GB200 NVL72 | British Columbia, Canada | 9.0% | Escrow |
TermsAmount $128,900,000 USD.AI's largest facility and first loan in Canada. App shows two tranches: $122,450,482 and $6,444,762. Announced Sep 23, 2026 Rate 9.0% 6.5% while in escrow, 9% once funded Term 3 years Hardware NVIDIA GB200 NVL72 Systems 32 Location British Columbia, Canada Status Escrow (purchase order placed) Structure Contracted for multiple years with an investment-grade counterparty. Counsel to the agent and lender (wholly owned subsidiaries of USD.AI Foundation): Bennett Jones. BorrowerDescription A publicly listed GPU cloud provider with deployments in North America, South America and Europe SourcesUSD.AI
Press
X
| ||||||
| Sep 3, 2026 | Hydra Host | $54.4M | 1,040 × B300 | Ohio, USA | 10.0% | Active |
TermsAmount $54,404,473 Announced as $54.4M; USD.AI's first 'season-and-sell' loan Announced Jul 20, 2026 Funded Sep 3, 2026 Rate 10.0% Term 3 years Collateral $77,720,676 Maturity Oct 1, 2029 Hardware NVIDIA B300 GPUs 1,040 Servers 130 OEM Supermicro Location Ohio, USA Status Active (app, Oct 28, 2026) Ledger detailsCollateral, location, maturity and NFT come from an unnamed app loan that matches this loan's announced amount, GPU count and rate.ⓘ BorrowerWebsite LinkedIn SourcesUSD.AI
X
Ledger
| ||||||
| Sep 2026 | Not disclosed | $10.0M | 192 × B300 | — | 13.0% | Active |
TermsAmount $10,000,000 Announced as about $10M Announced Oct 2, 2026 Funded Sep 2026 Rate 13.0% Hardware NVIDIA B300 GPUs 192 Status Funded (Sept 2026) Sources differ
BorrowerDescription High-performance AI infrastructure platform SourcesUSD.AI
| ||||||
| Aug 7, 2026 | QumulusAIQMLS | $15.3M | 34 servers · B300 | Philadelphia, PA, USA | 15.0% | Active |
TermsAmount $15,331,685 Announced as $15.3M; escrow Jul 13, funded after the B300 deployment was installed and verified Announced Jul 13, 2026 Funded Aug 7, 2026 Rate 15.0% LTV 80% Collateral $19,164,605.73 Maturity Sep 1, 2029 Hardware NVIDIA B300 Servers 34 Location Philadelphia, PA, USA Status Active (app, Oct 28, 2026) Ledger detailsSource Row LOAN-014 Collateral, LTV, location and maturity come from an unnamed ledger row that matches this draw's announced amount and rate.ⓘ BorrowerListing Nasdaq: QMLS (direct listing Jul 16, 2026) Website LinkedIn Filings $500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'. $18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q). Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement SourcesUSD.AI
SEC filings
X
Ledger
| ||||||
| Aug 3, 2026 | CorvexMOVE | $7.5M | 32 servers · B200 | Delaware, USA | 10.0% | Active |
TermsAmount $7,500,000 Series A draw; further Series possible with lender consent Announced Aug 3, 2026 Funded Aug 3, 2026 Rate 10.0% Term 3 years Collateral $14,213,753 Maturity Sep 1, 2029 Hardware NVIDIA B200 Servers 32 Location Delaware, USA Status Active (app, Oct 28, 2026) Structure Mortgage-style amortization; 15% default rate; upfront fee $150,000; required reserve deposit $724,565.50; limited guaranty from Corvex OpCo. Lender: GPU Finance Ltd., 'a subsidiary of the USD.AI Foundation' (10-Q). Ledger detailsLoan NFT #1009 Server count, collateral and location come from an unnamed app loan that matches this loan's announced amount, rate and GPU type.ⓘ BorrowerLegal name Corvex Primus LLC (subsidiary of Corvex, Inc.) Listing Nasdaq: MOVE Filings SourcesUSD.AI
SEC filings
X
| ||||||
| Jun 5, 2026 | Duos Edge AI (Duos Technologies)DUOT | $98.1M | 2,304 × B300 | Columbus, GA, USA | 12.0% | SoldGLX |
TermsAmount $98,135,008.28 Announced as $98.1M Announced Jun 5, 2026 Rate 12.0% Term 3 years LTV 68.78% Collateral $142,688,795.97 Hardware NVIDIA B300 GPUs 2,304 Servers 288 Location Columbus, GA, USA Status Sold Oct 1, 2026 First GLX 'season-and-sell' sale: the facility was sold to an institutional buyer at par (USD.AI). Duos sold the SPV to Axe Compute on Sep 30, 2026; Axe repaid the SPV's pre-existing debt of about $87.8M (Duos 8-K, lender not named). Structure Secured by the GPUs and related equipment. Duos pledged its SPV equity and is not liable except for specified 'bad boy' events (8-K). Lender/agent named in Duos's prospectus: GPU Finance Ltd. GLXSold through GLX · Oct 1, 2026 GLX's first transaction, a 'season-and-sell' sale: the performing loan was sold to an institutional buyer (not named). The original facility was repaid and the capital returned to sUSDai.
Ledger detailsRate, collateral, LTV and location come from an unnamed attestation row that matches this facility's announced amount and hardware.ⓘ BorrowerLegal name Duos Edge AI – GPUaaS, LLC (bankruptcy-remote SPV of Duos Technologies Group) Listing Nasdaq: DUOT Website LinkedIn Operator Hydra Host · hydrahost.com · LinkedIn People Doug Recker (Duos), Aaron Ginn (Hydra Host) Filings SourcesUSD.AI
Press
SEC filings
X
Ledger
| ||||||
| Jun 2026 | NexGen Cloud (Hyperstack) | $34.1M | 768 × B200 | Falkenberg, Sweden | 12.0% | Active |
TermsAmount $34,055,508 Announced as $34M Announced Apr 30, 2026 Funded Jun 2026 Rate 12.0% Term 3 years LTV 79.69% Collateral $42,734,149.72 Hardware NVIDIA B200 GPUs 768 Servers 96 OEM Lenovo Location Falkenberg, Sweden Status Active (app, Oct 28, 2026) Structure Non-recourse. Moved from escrow to funded in June 2026. Ledger detailsSource Row LOAN-012 Loan NFT #1004 Collateral, LTV, location and server count come from an unnamed ledger row that matches this loan's announced amount, GPU type and country.ⓘ Sources differ
BorrowerTwo USD.AI facilities, $140M combined: $34M in Sweden (Jun 2026) and $106M in Finland (Oct 2026). Facility: USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 SourcesUSD.AI
Press
Borrower
X
Ledger
| ||||||
| Apr 29, 2026 | Not disclosed | $11.3M | 256 × B200 | Spring, TX, USA | 11.5% | Active |
TermsAmount $11,295,783 Announced as '$11M in Texas' Announced Apr 30, 2026 Funded Apr 29, 2026 Rate 11.5% LTV 80% Collateral $14,119,728.18 Hardware NVIDIA B200 GPUs 256 Servers 32 Location Spring, TX, USA Status Active (app, Oct 28, 2026) Ledger detailsSources differ
SourcesUSD.AI
X
Ledger
| ||||||
| Apr 17, 2026 | QumulusAIQMLS | $16.4M | 75 servers · H200 | North Kansas City, MO, USA | 12.0% | Active |
TermsAmount $16,395,614.34 Announced Apr 17, 2026 Funded Apr 17, 2026 Rate 12.0% LTV 80% Collateral $20,494,517.92 Maturity Apr 1, 2029 Hardware NVIDIA H200 Servers 75 OEM Dell Location North Kansas City, MO, USA Status Active (app, Oct 28, 2026) Ledger detailsSource Row LOAN-010 Rate, collateral, LTV, location and servers come from an unnamed ledger row that matches this draw's announced amount, date and GPU type.ⓘ BorrowerListing Nasdaq: QMLS (direct listing Jul 16, 2026) Website LinkedIn Filings $500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'. $18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q). Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement SourcesUSD.AI SEC filings
X
Ledger
| ||||||
| Apr 6, 2026 | Crucible Capital | $26.8M | 576 × B300 | Newport, WA, USA | 10.0% | Active |
TermsAmount $26,821,643.82 Announced Apr 6, 2026 Funded Apr 6, 2026 Rate 10.0% Term 3 years LTV 70% Collateral $38,316,634.02 Maturity Apr 5, 2029 Hardware NVIDIA B300 GPUs 576 Servers 72 OEM Supermicro Location Newport, WA, USA Status Active (app, Oct 28, 2026) Structure Non-recourse, settled on-chain. Barkr valuation services agreement (initial maximum payout $24,735,943). Ledger detailsSource Row LOAN-009 Collateral, maturity and location come from an unnamed ledger row that matches this loan's announced amount, date and hardware.ⓘ BorrowerWebsite People Kelly Greer (partner), Meltem Demirors (partner) SourcesUSD.AI
X
Ledger
| ||||||
| Mar 20, 2026 | Not disclosed | $197K | 3 servers · RTX PRO 6000 | Spring, TX, USA | 15.0% | Listed |
TermsAmount $196,524 Funded Mar 20, 2026 Rate 15.0% LTV 80% Hardware NVIDIA RTX PRO 6000 Servers 3 Location Spring, TX, USA Status Listed in attestation (Jul 15, 2026) Ledger detailsSourcesLedger
| ||||||
| Mar 11, 2026 | Not disclosed | $526K | 4 servers · H200 | Montréal, Canada | 12.0% | Listed |
TermsAmount $525,875.92 Funded Mar 11, 2026 Rate 12.0% Hardware NVIDIA H200 Servers 4 Location Montréal, Canada Status Listed in attestation (Jul 15, 2026) Ledger detailsSourcesLedger
| ||||||
| Mar 9, 2026 | Not disclosed | $233K | 3 servers · RTX PRO 6000 | Montréal, Canada | 13.5% | Listed |
TermsAmount $232,650 Funded Mar 9, 2026 Rate 13.5% Hardware NVIDIA RTX PRO 6000 Servers 3 Location Montréal, Canada Status Listed in attestation (Jul 15, 2026) Ledger detailsSourcesLedger
| ||||||
| Mar 4, 2026 | Not disclosed | $9.8M | 10 H200 + 38 B200 servers | Spring, TX, USA | 11.5% | Active |
TermsAmount $9,800,000 Attestation principal; USD.AI blog describes a borrower drawing $9.8M with 3 months of debt-service reserve Funded Mar 4, 2026 Rate 11.5% LTV 62.16% Collateral $15,764,706.68 Maturity Feb 16, 2029 Hardware NVIDIA H200 + B200 Servers 10 H200 + 38 B200 Location Spring, TX, USA Status Active (app, Oct 28, 2026) Ledger detailsSourcesUSD.AI
Ledger
| ||||||
| Feb 17, 2026 | QumulusAIQMLS | $4.3M | 9 B300 + 18 RTX PRO 6000 servers | Philadelphia, PA, USA | 12.0% | Active |
TermsAmount $4,282,443.62 First draw under QumulusAI's USD.AI facility (10-Q: 'approximately $4,282,000') Announced Feb 13, 2026 Funded Feb 17, 2026 Rate 12.0% LTV 70% Collateral $6,117,776.60 Maturity Feb 1, 2029 Hardware NVIDIA B300 + RTX PRO 6000 Servers 9 B300 + 18 RTX PRO 6000 Location Philadelphia, PA, USA Status Active (app, Oct 28, 2026) Structure First loan under the Barkr residual-value structure (USD.AI, Feb 6, 2026). Ledger detailsSource Row LOAN-005 Rate, collateral, LTV, location and servers come from an unnamed ledger row that matches this draw's announced amount and date.ⓘ Sources differ
BorrowerListing Nasdaq: QMLS (direct listing Jul 16, 2026) Website LinkedIn Filings $500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'. $18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q). Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement SourcesUSD.AI
SEC filings
Borrower
X
Ledger
| ||||||
| Feb 7, 2026 | Not disclosed | $310K | 4 servers · RTX PRO 6000 | Montréal, Canada | 13.5% | Listed |
TermsAmount $310,350 Funded Feb 7, 2026 Rate 13.5% Hardware NVIDIA RTX PRO 6000 Servers 4 Location Montréal, Canada Status Listed in attestation (Jul 15, 2026) Ledger detailsSourcesLedger
| ||||||
| Jan 28, 2026 | Not disclosed | $2.3M | 8 servers · B200 | Saint-Denis, France | 15.0% | Listed |
TermsAmount $2,296,940.10 Funded Jan 28, 2026 Rate 15.0% LTV 70% Hardware NVIDIA B200 Servers 8 Location Saint-Denis, France Status Listed in attestation (Jul 15, 2026) Ledger detailsSourcesLedger
| ||||||
| Jul 2025 | Not disclosed | $620K | — | — | — | Not disclosed |
TermsAmount $620,000 USD.AI's first GPU-backed financing Announced Jul 2025 Status Not disclosed Sources differ
SourcesUSD.AI
| ||||||
Terms
Amount
$105,772,545
Announced as $106M. The exact figure is the app's matching row.
Announced
Oct 29, 2026
Rate
12.2%
From the app's matching row (shown as 12.2%); the release doesn't state a rate.
Term
4 years
Hardware
NVIDIA HGX B300
GPUs
1,728
Servers
216
Location
Finland (Tier III data center)
Status
Closed (Oct 29, 2026)
Escrow funding is timed to server shipment, expected in Q4 2026.
Structure
Senior secured term loan facility, amortizing over its 4-year term. Capacity fully contracted under a take-or-pay agreement with an unnamed AI inference platform. USD.AI led, arranged and closed the facility and is administrative agent through GLX; Silver Point Capital and Victory Park Capital participate as lenders. Lender allocations not disclosed.
GLX
Arranged through GLX · Oct 29, 2026
USD.AI arranged the facility and is administrative agent through GLX. Silver Point Capital and Victory Park Capital participate as lenders alongside USD.AI.
Lenders: Silver Point Capital, Victory Park Capital
- USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 prnewswire.com
Ledger details
The exact amount and rate come from an unnamed 'Upcoming loans' row in the USD.AI app (216 × B300, $105,772,545, 12.2%, 4-year term, 'Term sheet signed') that matches this facility's server count, GPU type, term and announced amount.ⓘ
Sources differ
- Stage: the release says the facility closed on Oct 29, 2026; the app's matching row reads 'Term sheet signed' (read Oct 30, 2026).
- Location: the release says Finland; the app's matching row lists Sweden.
Borrower
Website
LinkedIn
People
Conor Moore (COO and co-founder, USD.AI), Chris Starkey (CEO, NexGen Cloud)
Two USD.AI facilities, $140M combined: $34M in Sweden (Jun 2026) and $106M in Finland (Oct 2026).
Facility: USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026
Sources
Press
- 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
Ledger
- USD.AI app, Upcoming loans (216 × B300) · Oct 30, 2026 app.usd.ai
Terms
Amount
$4,565,270
Funded
Oct 16, 2026
Rate
13.5%
Hardware
NVIDIA B200
Servers
16
Location
Texas, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Sources
Ledger
- USD.AI app, Loans page · Oct 28, 2026 app.usd.ai
Terms
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.
Announced
Sep 23, 2026
Rate
9.0%
6.5% while in escrow, 9% once funded
Term
3 years
Hardware
NVIDIA GB200 NVL72
Systems
32
Location
British Columbia, Canada
Status
Escrow (purchase order placed)
Structure
Contracted for multiple years with an investment-grade counterparty. Counsel to the agent and lender (wholly owned subsidiaries of USD.AI Foundation): Bennett Jones.
Borrower
Description
A publicly listed GPU cloud provider with deployments in North America, South America and Europe
Sources
USD.AI
- USD.AI $128M GPU financing facility usd.ai
- September recap (rates) · Oct 2, 2026 usd.ai
Press
- USD.AI announces $128.9M GPU financing facility, its largest to date (PR Newswire) · Sep 23, 2026 prnewswire.com
- Bennett Jones client work · Oct 14, 2026 bennettjones.com
X
- USD.AI on X x.com
Terms
Amount
$54,404,473
Announced as $54.4M; USD.AI's first 'season-and-sell' loan
Announced
Jul 20, 2026
Funded
Sep 3, 2026
Rate
10.0%
Term
3 years
Collateral
$77,720,676
Maturity
Oct 1, 2029
Hardware
NVIDIA B300
GPUs
1,040
Servers
130
OEM
Supermicro
Location
Ohio, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Collateral, location, maturity and NFT come from an unnamed app loan that matches this loan's announced amount, GPU count and rate.ⓘ
Borrower
Website
LinkedIn
Sources
USD.AI
- July recap (escrow) · Aug 5, 2026 usd.ai
- September recap (funded) · Oct 2, 2026 usd.ai
X
- USD.AI on X (escrow) x.com
- USD.AI on X (funded) x.com
Ledger
- USD.AI app loan page · Oct 28, 2026 app.usd.ai
Terms
Amount
$10,000,000
Announced as about $10M
Announced
Oct 2, 2026
Funded
Sep 2026
Rate
13.0%
Hardware
NVIDIA B300
GPUs
192
Status
Funded (Sept 2026)
Sources differ
- The app lists a DGX B300 loan in Nebraska for $9,561,608 at 15% (Sep 14, 2026) that may be this loan; figures don't match exactly, so it isn't linked.
Borrower
Description
High-performance AI infrastructure platform
Sources
USD.AI
- September recap · Oct 2, 2026 usd.ai
Terms
Amount
$15,331,685
Announced as $15.3M; escrow Jul 13, funded after the B300 deployment was installed and verified
Announced
Jul 13, 2026
Funded
Aug 7, 2026
Rate
15.0%
LTV
80%
Collateral
$19,164,605.73
Maturity
Sep 1, 2029
Hardware
NVIDIA B300
Servers
34
Location
Philadelphia, PA, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Source
Row
LOAN-014
Collateral, LTV, location and maturity come from an unnamed ledger row that matches this draw's announced amount and rate.ⓘ
Borrower
Listing
Nasdaq: QMLS (direct listing Jul 16, 2026)
Website
LinkedIn
Filings
$500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'.
$18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q).
Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement
Sources
USD.AI
- July recap · Aug 5, 2026 usd.ai
- August recap ('third draw', 15%) · Sep 1, 2026 usd.ai
SEC filings
- QumulusAI 10-Q/A Q2 2026, subsequent events · Aug 28, 2026 sec.gov
X
- USD.AI on X (escrow) x.com
- USD.AI on X (funded) x.com
Ledger
- Proof of Loans attestation, LOAN-014 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$7,500,000
Series A draw; further Series possible with lender consent
Announced
Aug 3, 2026
Funded
Aug 3, 2026
Rate
10.0%
Term
3 years
Collateral
$14,213,753
Maturity
Sep 1, 2029
Hardware
NVIDIA B200
Servers
32
Location
Delaware, USA
Status
Active (app, Oct 28, 2026)
Structure
Mortgage-style amortization; 15% default rate; upfront fee $150,000; required reserve deposit $724,565.50; limited guaranty from Corvex OpCo. Lender: GPU Finance Ltd., 'a subsidiary of the USD.AI Foundation' (10-Q).
Ledger details
Loan NFT
#1009
Server count, collateral and location come from an unnamed app loan that matches this loan's announced amount, rate and GPU type.ⓘ
Borrower
Legal name
Corvex Primus LLC (subsidiary of Corvex, Inc.)
Listing
Nasdaq: MOVE
Filings
Sources
USD.AI
- August recap · Sep 1, 2026 usd.ai
SEC filings
- Corvex 10-Q Q2 2026, subsequent events · Aug 14, 2026 sec.gov
X
- USD.AI on X x.com
Terms
Amount
$98,135,008.28
Announced as $98.1M
Announced
Jun 5, 2026
Rate
12.0%
Term
3 years
LTV
68.78%
Collateral
$142,688,795.97
Hardware
NVIDIA B300
GPUs
2,304
Servers
288
Location
Columbus, GA, USA
Status
Sold Oct 1, 2026
First GLX 'season-and-sell' sale: the facility was sold to an institutional buyer at par (USD.AI). Duos sold the SPV to Axe Compute on Sep 30, 2026; Axe repaid the SPV's pre-existing debt of about $87.8M (Duos 8-K, lender not named).
Structure
Secured by the GPUs and related equipment. Duos pledged its SPV equity and is not liable except for specified 'bad boy' events (8-K). Lender/agent named in Duos's prospectus: GPU Finance Ltd.
GLX
Sold through GLX · Oct 1, 2026
GLX's first transaction, a 'season-and-sell' sale: the performing loan was sold to an institutional buyer (not named). The original facility was repaid and the capital returned to sUSDai.
- GLX: connecting institutional capital to compute · Oct 1, 2026 usd.ai
- USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 prnewswire.com
Ledger details
Rate, collateral, LTV and location come from an unnamed attestation row that matches this facility's announced amount and hardware.ⓘ
Borrower
Legal name
Duos Edge AI – GPUaaS, LLC (bankruptcy-remote SPV of Duos Technologies Group)
Listing
Nasdaq: DUOT
Website
LinkedIn
Operator
Hydra Host · hydrahost.com · LinkedIn
People
Doug Recker (Duos), Aaron Ginn (Hydra Host)
Filings
Sources
USD.AI
- USD.AI $98M Duos Edge AI / Hydra Host usd.ai
- GLX: connecting institutional capital to compute · Oct 1, 2026 usd.ai
Press
- 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 leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026 prnewswire.com
SEC filings
- 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
X
- USD.AI on X (financing) x.com
- USD.AI on X (GLX sale) x.com
Ledger
- Proof of Loans attestation, LOAN-013 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$34,055,508
Announced as $34M
Announced
Apr 30, 2026
Funded
Jun 2026
Rate
12.0%
Term
3 years
LTV
79.69%
Collateral
$42,734,149.72
Hardware
NVIDIA B200
GPUs
768
Servers
96
OEM
Lenovo
Location
Falkenberg, Sweden
Status
Active (app, Oct 28, 2026)
Structure
Non-recourse. Moved from escrow to funded in June 2026.
Ledger details
Source
Row
LOAN-012
Loan NFT
#1004
Collateral, LTV, location and server count come from an unnamed ledger row that matches this loan's announced amount, GPU type and country.ⓘ
Sources differ
- Dates: April recap and attestation show the loan on Apr 29–30, 2026; the press release is dated Jun 25, 2026.
- Maturity: attestation 2029-04-29; app 2029-07-01.
Borrower
Two USD.AI facilities, $140M combined: $34M in Sweden (Jun 2026) and $106M in Finland (Oct 2026).
Facility: USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire) · Oct 29, 2026
Sources
USD.AI
- USD.AI $34M NexGen Cloud Sweden usd.ai
- April recap usd.ai
- June recap usd.ai
Press
- USD.AI provides $34M facility to finance NexGen Cloud's GPU deployment in Sweden (PR Newswire) · Jun 25, 2026 prnewswire.com
Borrower
- NexGen Cloud news nexgencloud.com
X
- USD.AI on X x.com
Ledger
- Proof of Loans attestation, LOAN-012 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$11,295,783
Announced as '$11M in Texas'
Announced
Apr 30, 2026
Funded
Apr 29, 2026
Rate
11.5%
LTV
80%
Collateral
$14,119,728.18
Hardware
NVIDIA B200
GPUs
256
Servers
32
Location
Spring, TX, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Sources differ
- Date: April recap and attestation say Apr 29–30, 2026; July recap says 'executed on July 6'.
- Maturity: attestation 2029-02-16; app 2029-06-01.
Sources
USD.AI
- April recap ('$11M in Texas') usd.ai
- July recap usd.ai
X
- USD.AI on X x.com
Ledger
- Proof of Loans attestation, LOAN-011 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$16,395,614.34
Announced
Apr 17, 2026
Funded
Apr 17, 2026
Rate
12.0%
LTV
80%
Collateral
$20,494,517.92
Maturity
Apr 1, 2029
Hardware
NVIDIA H200
Servers
75
OEM
Dell
Location
North Kansas City, MO, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Source
Row
LOAN-010
Rate, collateral, LTV, location and servers come from an unnamed ledger row that matches this draw's announced amount, date and GPU type.ⓘ
Borrower
Listing
Nasdaq: QMLS (direct listing Jul 16, 2026)
Website
LinkedIn
Filings
$500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'.
$18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q).
Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement
Sources
USD.AI
SEC filings
- QumulusAI 10-Q/A Q2 2026, Note 14 · Aug 28, 2026 sec.gov
X
- USD.AI on X x.com
Ledger
- Proof of Loans attestation, LOAN-010 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$26,821,643.82
Announced
Apr 6, 2026
Funded
Apr 6, 2026
Rate
10.0%
Term
3 years
LTV
70%
Collateral
$38,316,634.02
Maturity
Apr 5, 2029
Hardware
NVIDIA B300
GPUs
576
Servers
72
OEM
Supermicro
Location
Newport, WA, USA
Status
Active (app, Oct 28, 2026)
Structure
Non-recourse, settled on-chain. Barkr valuation services agreement (initial maximum payout $24,735,943).
Ledger details
Source
Row
LOAN-009
Collateral, maturity and location come from an unnamed ledger row that matches this loan's announced amount, date and hardware.ⓘ
Borrower
Website
People
Kelly Greer (partner), Meltem Demirors (partner)
Sources
USD.AI
- Crucible Capital $26M GPU-backed loan · Apr 6, 2026 usd.ai
- April recap usd.ai
X
- Meltem Demirors on X x.com
Ledger
- Proof of Loans attestation, LOAN-009 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$196,524
Funded
Mar 20, 2026
Rate
15.0%
LTV
80%
Hardware
NVIDIA RTX PRO 6000
Servers
3
Location
Spring, TX, USA
Status
Listed in attestation (Jul 15, 2026)
Ledger details
Sources
Ledger
- Proof of Loans attestation, LOAN-008 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$525,875.92
Funded
Mar 11, 2026
Rate
12.0%
Hardware
NVIDIA H200
Servers
4
Location
Montréal, Canada
Status
Listed in attestation (Jul 15, 2026)
Ledger details
Sources
Ledger
- Proof of Loans attestation, LOAN-001 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$232,650
Funded
Mar 9, 2026
Rate
13.5%
Hardware
NVIDIA RTX PRO 6000
Servers
3
Location
Montréal, Canada
Status
Listed in attestation (Jul 15, 2026)
Ledger details
Sources
Ledger
- Proof of Loans attestation, LOAN-007 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$9,800,000
Attestation principal; USD.AI blog describes a borrower drawing $9.8M with 3 months of debt-service reserve
Funded
Mar 4, 2026
Rate
11.5%
LTV
62.16%
Collateral
$15,764,706.68
Maturity
Feb 16, 2029
Hardware
NVIDIA H200 + B200
Servers
10 H200 + 38 B200
Location
Spring, TX, USA
Status
Active (app, Oct 28, 2026)
Ledger details
Sources
USD.AI
- The interest rate of intelligence · Apr 28, 2026 usd.ai
Ledger
- Proof of Loans attestation, LOAN-006 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$4,282,443.62
First draw under QumulusAI's USD.AI facility (10-Q: 'approximately $4,282,000')
Announced
Feb 13, 2026
Funded
Feb 17, 2026
Rate
12.0%
LTV
70%
Collateral
$6,117,776.60
Maturity
Feb 1, 2029
Hardware
NVIDIA B300 + RTX PRO 6000
Servers
9 B300 + 18 RTX PRO 6000
Location
Philadelphia, PA, USA
Status
Active (app, Oct 28, 2026)
Structure
First loan under the Barkr residual-value structure (USD.AI, Feb 6, 2026).
Ledger details
Source
Row
LOAN-005
Rate, collateral, LTV, location and servers come from an unnamed ledger row that matches this draw's announced amount and date.ⓘ
Sources differ
- Hardware: QumulusAI's Feb 19 release says the drawdown funded 1,144 Blackwell GPUs; the attestation row lists 9 B300 + 18 RTX PRO 6000 servers.
Borrower
Listing
Nasdaq: QMLS (direct listing Jul 16, 2026)
Website
LinkedIn
Filings
$500M non-recourse USD.AI 'guidance facility' (announced Oct 9, 2025; 10-Q dates the agreement Sep 19, 2025). Finances up to 70% of approved GPU deployments; each deployment is a separate draw. QumulusAI's prospectus says it 'does not represent committed financing'.
$18,913,377 outstanding on USD.AI protocol loans at Jun 30, 2026 (10-Q).
Facility: QumulusAI secures $500M via USD.AI · Oct 9, 2025; CoinDesk · Oct 9, 2025; QumulusAI announcement
Sources
USD.AI
- Upgrading to a fully insured sUSDai · Feb 6, 2026 usd.ai
SEC filings
- QumulusAI 10-Q/A Q2 2026, Note 14 · Aug 28, 2026 sec.gov
Borrower
- QumulusAI deploys 1,144 NVIDIA Blackwell GPUs through drawdown · Feb 19, 2026 qumulusai.com
X
- USD.AI on X x.com
Ledger
- Proof of Loans attestation, LOAN-005 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$310,350
Funded
Feb 7, 2026
Rate
13.5%
Hardware
NVIDIA RTX PRO 6000
Servers
4
Location
Montréal, Canada
Status
Listed in attestation (Jul 15, 2026)
Ledger details
Sources
Ledger
- Proof of Loans attestation, LOAN-003 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$2,296,940.10
Funded
Jan 28, 2026
Rate
15.0%
LTV
70%
Hardware
NVIDIA B200
Servers
8
Location
Saint-Denis, France
Status
Listed in attestation (Jul 15, 2026)
Ledger details
Sources
Ledger
- Proof of Loans attestation, LOAN-004 · Jul 15, 2026 docs.usd.ai
Terms
Amount
$620,000
USD.AI's first GPU-backed financing
Announced
Jul 2025
Status
Not disclosed
Sources differ
- Timing: Lighthouse report says 'July 2025'; Aug 2026 recap says 'one year ago' (about Aug 2025).
Sources
USD.AI
- 2026 YTD report (Lighthouse) · Jun 8, 2026 usd.ai
- August recap · Sep 1, 2026 usd.ai
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