Compute Middle Market tracker: GPU-backed financings of $500M or less
gpuloans.com tracks 46 publicly announced GPU-backed financings of $500M or less since January 2023, totalling $5.04B, from 23 named lenders. Data as of .
USD.AI is the most active lender in the Compute Middle Market by number of financings: 20 of 46 deals, totalling $531.4M.
Amount financed over time, by lead lender
Chart data
| Lead lender | Dec 31, 2023 | Dec 31, 2024 | Dec 31, 2025 | Nov 3, 2026 |
|---|---|---|---|---|
| Other lenders (total) | $0 | $12.5M | $385.5M | $1.27B |
| 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 | $712.5M | $1.48B | $5.04B |
Lenders
| 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 |
| Landsbankinn | 1 | $20.0M | $20.0M |
| Post Road Equipment Finance | 1 | $20.0M | $20.0M |
| Allbirds | 1 | $2.8M | $2.8M |
| Ucommune | 1 | $1.3M | $1.3M |
| PDN Intelligence | 1 | $589K | $589K |
Totals are full deal sizes; lenders' own shares are rarely disclosed.
Deals
| 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)1,728x NVIDIA HGX B300Closed 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. Escrow funding is timed to server shipment, expected in Q4 2026. View on /loans
GLXArranged through GLX Press | ||||||
| Oct 28, 2026 | IREN | Wingspire Equipment Finance (lead), Eldridge Capital Management, Silver Point Capital, three other lenders | $363.0M | GPU servers | Equipment financing | Stated |
IRENGPU serversClosed Refinancing of owned equipment.
| ||||||
| 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)NVIDIA GB200 NVL72 (2,303 GPUs)Closed ~80% loan-to-cost on a ~$165M cluster.
Press | ||||||
| Oct 16, 2026 | Not disclosed | USD.AI | $4.6M | 16 servers · B200 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA B200Active
| ||||||
| Oct 5, 2026 | Goodwill Labs | PDN Intelligence (Professional Diversity Network) | $589K | NVIDIA B300 (1 system) | Term loan | Stated |
Goodwill LabsNVIDIA B300 (1 system)Closed
Press | ||||||
| Oct 1, 2026 | Sharon AI | Goldman Sachs, private credit funds (unnamed) | $356.0M | NVIDIA GPUs | Credit facility (SPV) | Stated |
Sharon AINVIDIA GPUsClosed Jarden Australia was arranger. Described as the first of a series.
Press
| ||||||
| 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 CloudNVIDIA GPUs (Taoyuan AI factory, ~7,488 GPUs)Announced 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.
| ||||||
| Sep 23, 2026 | Not disclosed | USD.AI | $128.9M | 32 × GB200 NVL72 | GPU-backed loan | Stated |
Borrower not disclosed32x NVIDIA GB200 NVL72Escrow Contracted for multiple years with an investment-grade counterparty. Counsel to the agent and lender (wholly owned subsidiaries of USD.AI Foundation): Bennett Jones. View on /loans
Press
| ||||||
| Sep 14, 2026 | Undisclosed US GPU cloud provider | Post Road Equipment Finance | $20.0M | GPU infrastructure | Equipment financing | Not stated |
Undisclosed US GPU cloud providerGPU infrastructureClosed
Press | ||||||
| Sep 3, 2026 | Hydra Host | USD.AI | $54.4M | 1,040 × B300 | GPU-backed loan | Stated |
Hydra Host1,040x NVIDIA B300Active
Press
| ||||||
| Sep 2026 | Not disclosed | USD.AI | $10.0M | 192 × B300 | GPU-backed loan | Stated |
Borrower not disclosed192x NVIDIA B300Funded
Press
| ||||||
| Aug 20, 2026 | Undisclosed PE-backed GPU cloud provider | Wingspire Equipment Finance | $140.0M | GPU servers | Equipment financing | Stated |
Undisclosed PE-backed GPU cloud providerGPU serversClosed
| ||||||
| Aug 14, 2026 | Boost Run | Not disclosed (lessors) | $295.9M | GPU servers | Equipment lease | Not stated |
Boost RunGPU serversClosed One row for 34 GPU-server finance leases signed in H1 2026: 12 in Q1 ($55.693M of fixed payments) and 22 in Q2 ($240.190M). Lessors not named. Amount is total undiscounted lease payments.
Press
| ||||||
| Aug 13, 2026 | ResetData | Macquarie Bank | $116.5M | NVIDIA B300 | Credit facility (senior bridge) | Not stated |
ResetDataNVIDIA B300Closed Converted at AUD/USD 0.7060 (Aug 13, 2026).
Press
| ||||||
| Aug 7, 2026 | QumulusAI | USD.AI | $15.3M | 34 servers · B300 | GPU-backed loan | Stated |
QumulusAINVIDIA B300Active
Press
| ||||||
| Aug 3, 2026 | Corvex | USD.AI | $7.5M | 32 servers · B200 | GPU-backed loan | Stated |
CorvexNVIDIA B200Active 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). View on /loans
Press
| ||||||
| Jul 29, 2026 | Nscale | Macquarie Bank, one other lender | $331.9Mup to | GPU equipment | Term loan | Not stated |
NscaleGPU equipmentClosed
Press
| ||||||
| Jul 22, 2026 | PaleBlueDot AI | Brookfield Asset Management, Tor Investment Management | $255.0M | — | Private note | Not stated |
PaleBlueDot AIClosed Partly refinances an existing facility. JPMorgan was placement agent.
| ||||||
| Jul 17, 2026 | General Compute | Upper90 | $400.0Mup to | AMD MI300X GPUs and SambaNova accelerators | Delayed-draw facility | Not stated |
General ComputeAMD MI300X GPUs and SambaNova acceleratorsAnnounced Non-NVIDIA hardware. Further draws depend on customer demand.
Press | ||||||
| Jun 5, 2026 | Duos Edge AI (Duos Technologies) | USD.AI | $98.1M | 2,304 × B300 | GPU-backed loan | Stated |
Duos Edge AI (Duos Technologies)2,304x NVIDIA B300Sold Oct 1, 2026 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. 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). View on /loans
GLXSold through GLX Press
| ||||||
| Jun 2026 | NexGen Cloud (Hyperstack) | USD.AI | $34.1M | 768 × B200 | GPU-backed loan | Stated |
NexGen Cloud (Hyperstack)768x NVIDIA B200Active Non-recourse. Moved from escrow to funded in June 2026. View on /loans
Press
| ||||||
| May 12, 2026 | QumulusAI | Ucommune (lessor subsidiary) | $1.3M | NVIDIA RTX PRO 6000 | Equipment lease | Not stated |
QumulusAINVIDIA RTX PRO 6000Announced Lease amount as disclosed; total lease payments not stated.
Press
| ||||||
| May 7, 2026 | QumulusAI | Tech Finance Co. (Kingsbridge / SLR) | $123.6M | NVIDIA B200 / Blackwell | Equipment lease | Stated |
QumulusAINVIDIA B200 / BlackwellClosed One facility: $26.0M in May 2026, upsized to $123.6M total in Oct 2026. Amount is total lease payments.
| ||||||
| Apr 29, 2026 | Not disclosed | USD.AI | $11.3M | 256 × B200 | GPU-backed loan | Stated |
Borrower not disclosed256x NVIDIA B200Active
Press
| ||||||
| Apr 22, 2026 | Alpha Compute Corp. | Not disclosed (institutional lender) | $31.9M | NVIDIA B300 | Term loan (non-recourse) | Stated |
Alpha Compute Corp.NVIDIA B300Binding term sheet Definitive documents were pending at announcement.
Press
| ||||||
| Apr 20, 2026 | QumulusAI | Allbirds (lessor subsidiary) | $2.8M | NVIDIA Blackwell | Equipment lease | Not stated |
QumulusAINVIDIA BlackwellAnnounced Lease amount as disclosed; total lease payments not stated.
Press
| ||||||
| Apr 17, 2026 | QumulusAI | USD.AI | $16.4M | 75 servers · H200 | GPU-backed loan | Stated |
QumulusAINVIDIA H200Active
Press | ||||||
| Apr 6, 2026 | Crucible Capital | USD.AI | $26.8M | 576 × B300 | GPU-backed loan | Stated |
Crucible Capital576x NVIDIA B300Active Non-recourse, settled on-chain. Barkr valuation services agreement (initial maximum payout $24,735,943). View on /loans
Press
| ||||||
| Mar 26, 2026 | WhiteFiber (WhiteFiber Iceland ehf.) | Landsbankinn | $20.0Mup to | GPU servers | Term loan | Stated |
WhiteFiber (WhiteFiber Iceland ehf.)GPU serversClosed Signed Mar 25, 2026. Guaranteed by WhiteFiber, Inc. and WhiteFiber AI, Inc. Counted at its $20M maximum.
Press | ||||||
| Mar 20, 2026 | Not disclosed | USD.AI | $197K | 3 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA RTX PRO 6000Listed in attestation
| ||||||
| Mar 11, 2026 | Not disclosed | USD.AI | $526K | 4 servers · H200 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA H200Listed in attestation
| ||||||
| Mar 9, 2026 | Not disclosed | USD.AI | $233K | 3 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA RTX PRO 6000Listed in attestation
| ||||||
| Mar 4, 2026 | Not disclosed | USD.AI | $9.8M | 10 H200 + 38 B200 servers | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA H200 + B200Active
Press
| ||||||
| Feb 17, 2026 | QumulusAI | USD.AI | $4.3M | 9 B300 + 18 RTX PRO 6000 servers | GPU-backed loan | Stated |
QumulusAINVIDIA B300 + RTX PRO 6000Active First loan under the Barkr residual-value structure (USD.AI, Feb 6, 2026). View on /loans
Press | ||||||
| Feb 7, 2026 | Not disclosed | USD.AI | $310K | 4 servers · RTX PRO 6000 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA RTX PRO 6000Listed in attestation
| ||||||
| Jan 28, 2026 | Not disclosed | USD.AI | $2.3M | 8 servers · B200 | GPU-backed loan | Stated |
Borrower not disclosedNVIDIA B200Listed in attestation
| ||||||
| Aug 28, 2025 | IREN | Not disclosed (lessor) | $96.0M | NVIDIA GB300 | Equipment lease | Stated |
IRENNVIDIA GB300Closed
Press
| ||||||
| Aug 25, 2025 | Crusoe | Victory Park Capital | $175.0M | NVIDIA GB200 NVL72 (Blackwell) | Credit facility | Not stated |
CrusoeNVIDIA GB200 NVL72 (Blackwell)Announced
| ||||||
| Aug 25, 2025 | IREN | Not disclosed (lessor) | $102.0M | NVIDIA B200/B300 | Equipment lease | Stated |
IRENNVIDIA B200/B300Closed
Press
| ||||||
| Jul 2025 | Not disclosed | USD.AI | $620K | — | GPU-backed loan | Stated |
Borrower not disclosedNot disclosed
Press
| ||||||
| Jun 18, 2025 | Undisclosed AI infrastructure company | Wingspire Equipment Finance | $65.0M | NVIDIA Blackwell | Equipment financing | Stated |
Undisclosed AI infrastructure companyNVIDIA BlackwellClosed Recorded at $65M; the release says 'over $65M'.
| ||||||
| Jun 12, 2025 | Nscale | Macquarie Bank | $105.0M | NVIDIA GB200 NVL72 | Delayed-draw term loan | Stated |
NscaleNVIDIA GB200 NVL72Closed Disclosed only in Nscale's S-1 (Sep 2026); terms per the filing.
Press
| ||||||
| 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 |
CrusoeNVIDIA GPUsClosed
Press
| ||||||
| Jun 24, 2024 | Soluna Cloud (Soluna AL CloudCo, LLC) | Not disclosed (accredited investor) | $12.5M | NVIDIA H100 | Secured note | Not stated |
Soluna Cloud (Soluna AL CloudCo, LLC)NVIDIA H100Closed Raised to fund the NVIDIA H100 GPU contract and Soluna Cloud start-up costs; secured by all of the borrower's assets, but the filings do not name the GPUs as collateral. Modified in March 2025: the note became convertible into up to 2.5M Soluna shares at $5.00 and Soluna Holdings became a co-obligor. Included as a secured note at announcement.
| ||||||
| 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 |
LambdaNVIDIA GPUs (tens of thousands; models not named)Announced Lazard advised Lambda and placed the facility. Counted at its $500M maximum.
Press | ||||||
| Oct 23, 2023 | Crusoe | Upper90 | $200.0M | NVIDIA H100, A100, L40S | Credit facility | Stated |
CrusoeNVIDIA H100, A100, L40SAnnounced
| ||||||
NexGen Cloud (Hyperstack)
1,728x NVIDIA HGX B300Closed
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. Escrow funding is timed to server shipment, expected in Q4 2026.
View on /loans- Amount
- $105,772,545
- Date
- Oct 29, 2026
- Type
- GPU-backed loan
- Rate
- 12.2%
- Term
- 4 Years
- Location
- Finland (Tier III)
- Lenders
- USD.AISilver Point CapitalVictory Park Capital
- Collateral
- Stated
GLX
Arranged through GLX
Press
IREN
GPU serversClosed
Refinancing of owned equipment.
- Amount
- $363,000,000
- Date
- Oct 28, 2026
- Type
- Equipment financing
- Location
- Not stated
- Lenders
- Wingspire Equipment Finance (lead)Eldridge Capital ManagementSilver Point Capitalthree other lenders
- Collateral
- Stated
HIVE Digital (BUZZ HPC)
NVIDIA GB200 NVL72 (2,303 GPUs)Closed
~80% loan-to-cost on a ~$165M cluster.
- Amount
- $129,000,000
- Date
- Oct 27, 2026
- Type
- Term loan
- Rate
- 9.0% fixed
- Term
- 3 years, amortizing
- Location
- Canada
- Lenders
- Not disclosed (institutional lender)
- Collateral
- Stated
Press
Borrower not disclosed
NVIDIA B200Active
- Amount
- $4,565,270
- Date
- Oct 16, 2026
- Type
- GPU-backed loan
- Rate
- 13.5%
- Location
- Texas, USA
- Lenders
- USD.AI
- Collateral
- Stated
Goodwill Labs
NVIDIA B300 (1 system)Closed
- Amount
- $588,849
- Date
- Oct 5, 2026
- Type
- Term loan
- Rate
- Profit share (75% of distributable profit)
- Term
- 2 years
- Location
- Not stated
- Lenders
- PDN Intelligence (Professional Diversity Network)
- Collateral
- Stated
Press
Sharon AI
NVIDIA GPUsClosed
Jarden Australia was arranger. Described as the first of a series.
- Amount
- $356,000,000
- Date
- Oct 1, 2026
- Type
- Credit facility (SPV)
- Rate
- 9.95% fixed
- Location
- Australia / APAC
- Lenders
- Goldman Sachsprivate credit funds (unnamed)
- Collateral
- Stated
Press
- Sharon AI enters into GPU-backed debt facility (prnewswire.com)
- SharonAI 8-K Ex. 99.1 (SEC)
GMI Cloud
NVIDIA GPUs (Taoyuan AI factory, ~7,488 GPUs)Announced
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.
- Amount
- $445,000,000
- Date
- Sep 30, 2026
- Type
- Credit facility
- Term
- 5-year term loan tranche (reported)
- Location
- Taiwan
- Lenders
- CTBC Bank (lead)bank syndicate
- Collateral
- Not stated
Borrower not disclosed
32x NVIDIA GB200 NVL72Escrow
Contracted for multiple years with an investment-grade counterparty. Counsel to the agent and lender (wholly owned subsidiaries of USD.AI Foundation): Bennett Jones.
View on /loans- Amount
- $128,900,000
- Date
- Sep 23, 2026
- Type
- GPU-backed loan
- Rate
- 9.0%
- Term
- 3 Years
- Location
- British Columbia, Canada
- Lenders
- USD.AI
- Collateral
- Stated
Press
- USD.AI announces $128.9M GPU financing facility, its largest to date (PR Newswire)
- USD.AI $128M GPU financing facility (USD.AI)
- Bennett Jones client work (bennettjones.com)
- September recap (rates)
Undisclosed US GPU cloud provider
GPU infrastructureClosed
- Amount
- $20,000,000
- Date
- Sep 14, 2026
- Type
- Equipment financing
- Location
- US
- Lenders
- Post Road Equipment Finance
- Collateral
- Not stated
Press
Hydra Host
1,040x NVIDIA B300Active
- Amount
- $54,404,473
- Date
- Sep 3, 2026
- Type
- GPU-backed loan
- Rate
- 10.0%
- Term
- 3 Years
- Location
- Ohio, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- July recap (escrow)
- September recap (funded)
Borrower not disclosed
192x NVIDIA B300Funded
- Amount
- $10,000,000
- Date
- Sep 2026
- Type
- GPU-backed loan
- Rate
- 13.0%
- Lenders
- USD.AI
- Collateral
- Stated
Press
- September recap (USD.AI)
Undisclosed PE-backed GPU cloud provider
GPU serversClosed
- Amount
- $140,000,000
- Date
- Aug 20, 2026
- Type
- Equipment financing
- Location
- Not stated
- Lenders
- Wingspire Equipment Finance
- Collateral
- Stated
Boost Run
GPU serversClosed
One row for 34 GPU-server finance leases signed in H1 2026: 12 in Q1 ($55.693M of fixed payments) and 22 in Q2 ($240.190M). Lessors not named. Amount is total undiscounted lease payments.
- Amount
- $295,883,000
- Date
- Aug 14, 2026
- Type
- Equipment lease
- Term
- 30-36 months
- Location
- US
- Lenders
- Not disclosed (lessors)
- Collateral
- Not stated
Press
- Boost Run, Inc. Form 10-Q for Q2 2026 (Leases note)
- Boost Run Q2 2026 results (8-K Ex. 99.1)
ResetData
NVIDIA B300Closed
Converted at AUD/USD 0.7060 (Aug 13, 2026).
- Amount
- $116,500,000
- Date
- Aug 13, 2026
- Type
- Credit facility (senior bridge)
- Location
- Australia
- Lenders
- Macquarie Bank
- Collateral
- Not stated
Press
- Centuria ASX announcement (announcements.asx.com.au)
- Allens advises ResetData and Centuria on GPU financing first (allens.com.au)
QumulusAI
NVIDIA B300Active
- Amount
- $15,331,685
- Date
- Aug 7, 2026
- Type
- GPU-backed loan
- Rate
- 15.0%
- Location
- Philadelphia, PA, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- July recap (USD.AI)
- August recap ('third draw', 15%)
- QumulusAI 10-Q/A Q2 2026, subsequent events (SEC)
Corvex
NVIDIA B200Active
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).
View on /loans- Amount
- $7,500,000
- Date
- Aug 3, 2026
- Type
- GPU-backed loan
- Rate
- 10.0%
- Term
- 3 Years
- Location
- Delaware, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- Corvex 10-Q Q2 2026, subsequent events (SEC)
- August recap (USD.AI)
Nscale
GPU equipmentClosed
- Amount
- $331,900,000 (up to)
- Date
- Jul 29, 2026
- Type
- Term loan
- Rate
- SOFR + 5.50%
- Location
- Iceland
- Lenders
- Macquarie Bankone other lender
- Collateral
- Not stated
Press
- Nscale Limited Form S-1 ('Macquarie Iceland Facility')
PaleBlueDot AI
Closed
Partly refinances an existing facility. JPMorgan was placement agent.
- Amount
- $255,000,000
- Date
- Jul 22, 2026
- Type
- Private note
- Term
- 3 years
- Location
- Not stated
- Lenders
- Brookfield Asset ManagementTor Investment Management
- Collateral
- Not stated
General Compute
AMD MI300X GPUs and SambaNova acceleratorsAnnounced
Non-NVIDIA hardware. Further draws depend on customer demand.
- Amount
- $400,000,000 (up to)
- Date
- Jul 17, 2026
- Type
- Delayed-draw facility
- Location
- US
- Lenders
- Upper90
- Collateral
- Not stated
Press
Duos Edge AI (Duos Technologies)
2,304x NVIDIA B300Sold Oct 1, 2026
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. 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).
View on /loans- Amount
- $98,135,008.28
- Date
- Jun 5, 2026
- Type
- GPU-backed loan
- Rate
- 12.0%
- Term
- 3 Years
- Location
- Columbus, GA, USA
- Lenders
- USD.AI
- Collateral
- Stated
GLX
Sold through GLX
Press
- USD.AI provides $98.1M debt financing to support Duos Edge AI GPU deployment managed by Hydra Host (PR Newswire)
- USD.AI $98M Duos Edge AI / Hydra Host (USD.AI)
- Duos 8-K (financing)
- Duos 424B5 ('GPU Loan Agreement' with GPU Finance Ltd.)
- Duos 8-K (SPV sale to Axe Compute)
- GLX: connecting institutional capital to compute (USD.AI)
- USD.AI leads $106 million GPU financing for NexGen Cloud (PR Newswire)
NexGen Cloud (Hyperstack)
768x NVIDIA B200Active
Non-recourse. Moved from escrow to funded in June 2026.
View on /loans- Amount
- $34,055,508
- Date
- Jun 2026
- Type
- GPU-backed loan
- Rate
- 12.0%
- Term
- 3 Years
- Location
- Falkenberg, Sweden
- Lenders
- USD.AI
- Collateral
- Stated
Press
- USD.AI provides $34M facility to finance NexGen Cloud's GPU deployment in Sweden (PR Newswire)
- USD.AI $34M NexGen Cloud Sweden (USD.AI)
- NexGen Cloud news (nexgencloud.com)
- April recap (USD.AI)
- June recap (USD.AI)
QumulusAI
NVIDIA RTX PRO 6000Announced
Lease amount as disclosed; total lease payments not stated.
- Amount
- $1,300,000
- Date
- May 12, 2026
- Type
- Equipment lease
- Term
- 3 years, end-of-term purchase option
- Location
- Not stated
- Lenders
- Ucommune (lessor subsidiary)
- Collateral
- Not stated
Press
- Ucommune International Form 6-K (GPU lease to a QumulusAI subsidiary)
QumulusAI
NVIDIA B200 / BlackwellClosed
One facility: $26.0M in May 2026, upsized to $123.6M total in Oct 2026. Amount is total lease payments.
- Amount
- $123,600,000
- Date
- May 7, 2026
- Type
- Equipment lease
- Rate
- High single digits (implied)
- Term
- 3 years per schedule
- Location
- US
- Lenders
- Tech Finance Co. (Kingsbridge / SLR)
- Collateral
- Stated
Borrower not disclosed
256x NVIDIA B200Active
- Amount
- $11,295,783
- Date
- Apr 29, 2026
- Type
- GPU-backed loan
- Rate
- 11.5%
- Location
- Spring, TX, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- April recap ('$11M in Texas')
- July recap (USD.AI)
Alpha Compute Corp.
NVIDIA B300Binding term sheet
Definitive documents were pending at announcement.
- Amount
- $31,900,000
- Date
- Apr 22, 2026
- Type
- Term loan (non-recourse)
- Location
- Sweden
- Lenders
- Not disclosed (institutional lender)
- Collateral
- Stated
Press
- Alpha Compute executes binding $31.9 million non-recourse GPU financing (globenewswire.com)
- Alpha Compute 6-K Ex. 99.1 (SEC)
QumulusAI
NVIDIA BlackwellAnnounced
Lease amount as disclosed; total lease payments not stated.
- Amount
- $2,750,000
- Date
- Apr 20, 2026
- Type
- Equipment lease
- Term
- 3 years, end-of-term purchase option
- Location
- Not stated
- Lenders
- Allbirds (lessor subsidiary)
- Collateral
- Not stated
Press
- Allbirds, Inc. Form 8-K (GPU lease to a QumulusAI subsidiary)
QumulusAI
NVIDIA H200Active
- Amount
- $16,395,614.34
- Date
- Apr 17, 2026
- Type
- GPU-backed loan
- Rate
- 12.0%
- Location
- North Kansas City, MO, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
Crucible Capital
576x NVIDIA B300Active
Non-recourse, settled on-chain. Barkr valuation services agreement (initial maximum payout $24,735,943).
View on /loans- Amount
- $26,821,643.82
- Date
- Apr 6, 2026
- Type
- GPU-backed loan
- Rate
- 10.0%
- Term
- 3 Years
- Location
- Newport, WA, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- Crucible Capital $26M GPU-backed loan (USD.AI)
- April recap (USD.AI)
WhiteFiber (WhiteFiber Iceland ehf.)
GPU serversClosed
Signed Mar 25, 2026. Guaranteed by WhiteFiber, Inc. and WhiteFiber AI, Inc. Counted at its $20M maximum.
- Amount
- $20,000,000 (up to)
- Date
- Mar 26, 2026
- Type
- Term loan
- Rate
- 3-month Term SOFR + 4.25%
- Location
- Iceland
- Lenders
- Landsbankinn
- Collateral
- Stated
Press
Borrower not disclosed
NVIDIA RTX PRO 6000Listed in attestation
- Amount
- $196,524
- Date
- Mar 20, 2026
- Type
- GPU-backed loan
- Rate
- 15.0%
- Location
- Spring, TX, USA
- Lenders
- USD.AI
- Collateral
- Stated
Borrower not disclosed
NVIDIA H200Listed in attestation
- Amount
- $525,875.92
- Date
- Mar 11, 2026
- Type
- GPU-backed loan
- Rate
- 12.0%
- Location
- Montréal, Canada
- Lenders
- USD.AI
- Collateral
- Stated
Borrower not disclosed
NVIDIA RTX PRO 6000Listed in attestation
- Amount
- $232,650
- Date
- Mar 9, 2026
- Type
- GPU-backed loan
- Rate
- 13.5%
- Location
- Montréal, Canada
- Lenders
- USD.AI
- Collateral
- Stated
Borrower not disclosed
NVIDIA H200 + B200Active
- Amount
- $9,800,000
- Date
- Mar 4, 2026
- Type
- GPU-backed loan
- Rate
- 11.5%
- Location
- Spring, TX, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
- The interest rate of intelligence (USD.AI)
QumulusAI
NVIDIA B300 + RTX PRO 6000Active
First loan under the Barkr residual-value structure (USD.AI, Feb 6, 2026).
View on /loans- Amount
- $4,282,443.62
- Date
- Feb 17, 2026
- Type
- GPU-backed loan
- Rate
- 12.0%
- Location
- Philadelphia, PA, USA
- Lenders
- USD.AI
- Collateral
- Stated
Press
Borrower not disclosed
NVIDIA RTX PRO 6000Listed in attestation
- Amount
- $310,350
- Date
- Feb 7, 2026
- Type
- GPU-backed loan
- Rate
- 13.5%
- Location
- Montréal, Canada
- Lenders
- USD.AI
- Collateral
- Stated
Borrower not disclosed
NVIDIA B200Listed in attestation
- Amount
- $2,296,940.10
- Date
- Jan 28, 2026
- Type
- GPU-backed loan
- Rate
- 15.0%
- Location
- Saint-Denis, France
- Lenders
- USD.AI
- Collateral
- Stated
IREN
NVIDIA GB300Closed
- Amount
- $96,000,000
- Date
- Aug 28, 2025
- Type
- Equipment lease
- Rate
- High single digits
- Term
- 24 months
- Location
- Not stated
- Lenders
- Not disclosed (lessor)
- Collateral
- Stated
Press
- IREN expands AI cloud to 10.9k GPUs ... additional financing secured (globenewswire.com)
Crusoe
NVIDIA GB200 NVL72 (Blackwell)Announced
- Amount
- $175,000,000
- Date
- Aug 25, 2025
- Type
- Credit facility
- Location
- Iceland
- Lenders
- Victory Park Capital
- Collateral
- Not stated
IREN
NVIDIA B200/B300Closed
- Amount
- $102,000,000
- Date
- Aug 25, 2025
- Type
- Equipment lease
- Rate
- High single digits
- Term
- 36 months
- Location
- Not stated
- Lenders
- Not disclosed (lessor)
- Collateral
- Stated
Press
- IREN purchases 4.2k NVIDIA Blackwell GPUs & secures financing (iren.gcs-web.com)
Borrower not disclosed
Not disclosed
- Amount
- $620,000
- Date
- Jul 2025
- Type
- GPU-backed loan
- Lenders
- USD.AI
- Collateral
- Stated
Press
- 2026 YTD report (Lighthouse)
- August recap (USD.AI)
Undisclosed AI infrastructure company
NVIDIA BlackwellClosed
Recorded at $65M; the release says 'over $65M'.
- Amount
- $65,000,000
- Date
- Jun 18, 2025
- Type
- Equipment financing
- Location
- Not stated
- Lenders
- Wingspire Equipment Finance
- Collateral
- Stated
Nscale
NVIDIA GB200 NVL72Closed
Disclosed only in Nscale's S-1 (Sep 2026); terms per the filing.
- Amount
- $105,000,000
- Date
- Jun 12, 2025
- Type
- Delayed-draw term loan
- Rate
- SOFR + 7.50%
- Location
- Norway
- Lenders
- Macquarie Bank
- Collateral
- Stated
Press
- Nscale Limited Form S-1 (SEC)
Crusoe
NVIDIA GPUsClosed
- Amount
- $225,000,000
- Date
- Mar 27, 2025
- Type
- Credit facility
- Location
- US
- Lenders
- Upper90 (lead)British Columbia Investment Management Corp.FS InvestmentsKing Street Capital ManagementLiberty Mutual InvestmentsORIX USA
- Collateral
- Not stated
Press
- Upper90 closes ~$225M credit facility to Crusoe (crusoe.ai)
Soluna Cloud (Soluna AL CloudCo, LLC)
NVIDIA H100Closed
Raised to fund the NVIDIA H100 GPU contract and Soluna Cloud start-up costs; secured by all of the borrower's assets, but the filings do not name the GPUs as collateral. Modified in March 2025: the note became convertible into up to 2.5M Soluna shares at $5.00 and Soluna Holdings became a co-obligor. Included as a secured note at announcement.
- Amount
- $12,500,000
- Date
- Jun 24, 2024
- Type
- Secured note
- Rate
- 9.0%
- Term
- 3 years (matures Jun 20, 2027)
- Location
- US
- Lenders
- Not disclosed (accredited investor)
- Collateral
- Not stated
Lambda
NVIDIA GPUs (tens of thousands; models not named)Announced
Lazard advised Lambda and placed the facility. Counted at its $500M maximum.
- Amount
- $500,000,000 (up to)
- Date
- Apr 4, 2024
- Type
- Credit facility (special purpose GPU financing vehicle)
- Location
- US
- Lenders
- Macquarie Group (lead)Industrial Development Funding
- Collateral
- Stated
Press
Crusoe
NVIDIA H100, A100, L40SAnnounced
- Amount
- $200,000,000
- Date
- Oct 23, 2023
- Type
- Credit facility
- Location
- US
- Lenders
- Upper90
- Collateral
- Stated
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. gpuloans.com lists every publicly announced deal since January 2023: 46 so far, totalling $5.04B.
Who is the most active lender in the Compute Middle Market?
By number of financings, USD.AI: 20 of 46 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?
46 publicly announced financings totalling $5.04B since January 2023, from 23 named lenders. 36 of them, totalling $3.56B, were announced in 2026.
What is a typical GPU-backed financing size?
The median deal is $44.2M. The smallest is $197K (borrower not disclosed) and the largest is $500.0M (Lambda).
Which lenders finance GPU cloud operators?
23 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: 25 deals name Blackwell systems (B200, B300, GB200, GB300), 4 name Hopper (H100, H200), and 17 name other or unspecified hardware.
How are these deals structured?
34 are loans or credit facilities, 10 are equipment financing or leases, and 2 are notes. 34 of 46 state that the GPUs secure the debt.
How are deals credited to lenders in the chart?
Each deal is credited in full to its lead lender, or its first-named lender when no lead is given, so the layers in the chart add up to the total. Every lender other than USD.AI and the five with the most credited volume is combined into Other lenders (total). The Lenders table counts every named lender on a deal at the full deal size.
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 gpuloans.com/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.