USD.AI Leads $106m GPU Loan for NexGen Cloud

USD.AI, a New York lender that specialises in loans backed by graphics processors, has led and closed a $106m senior secured term loan for NexGen Cloud, it announced on 29 October. The four-year facility pays for 216 NVIDIA HGX B300 servers, 1,728 GPUs in total, at a Tier III data centre in Finland.

Two established credit firms, Silver Point Capital and Victory Park Capital, lent alongside USD.AI. It is NexGen Cloud’s second loan from USD.AI. The first, a $34m facility announced in June 2026, paid for NVIDIA B200 GPUs in Sweden. Together the two bring USD.AI’s lending to NexGen Cloud to $140m across two countries.

USD.AI summed up the deal on X the same afternoon. NexGen Cloud, which runs the Hyperstack GPU cloud and lists a London office on its website, had not posted about it by the time of writing.

How the loan is set up

The money will not be paid out until the hardware arrives. According to the release, funds sit in escrow until the servers ship, which is expected in the fourth quarter of 2026. On X, USD.AI said funding is “expected in mid-December, timed with server delivery”.

The GPUs already have a customer. USD.AI says the capacity is “fully contracted under a take-or-pay agreement with a leading AI inference platform”. Under a take-or-pay deal, the customer pays for the capacity whether or not it uses it. The customer is not named. The loan is repaid in instalments over the same term as that contract.

USD.AI arranged the facility and acts as administrative agent through its GPU Loan Exchange (GLX). This is a marketplace, launched on 1 October, that packages GPU-backed loans and sells them to institutional investors. GLX opened with a $98m deal for Duos Edge AI, part of the Duos group that recently signed a 20MW colocation deal.

“NexGen Cloud came back to us for a facility three times the size of the first, and this time we led it alongside two established credit investors,” said Conor Moore, chief operating officer and co-founder of USD.AI. “That is what GLX is for: bringing institutional capital into the largely underserved Compute Middle Market, and putting it behind established, fast-growing neoclouds like NexGen Cloud.”

Chris Starkey, chief executive of NexGen Cloud, said: “The compute needs of our customers are growing significantly and at a rapid pace. Having access to reliable financing solutions to facilitate that demand is essential to our success.”

Where a stablecoin lender meets private credit

USD.AI says it has originated more than $500m of GPU financing this year, with more than $200m of it now going through GLX. On X it put the running total at $531m across 20 deals. That makes it a sizeable lender to what it calls the “Compute Middle Market”: GPU operators below the hyperscaler tier, such as neoclouds that rent out AI computing power.

The structure is unusual because of where some of the money comes from. USD.AI also runs USDai, which its website calls “the stablecoin for AI payments”, and sUSDai, described as “a vault share reflecting income from qualifying GPU loans and reserves”. It said on X that 5% of the NexGen facility will be retained in sUSDai. So holders of an on-chain token will earn part of the income from a loan whose other lenders are traditional credit funds. Silver Point oversees more than $48bn of investable assets, and Victory Park has been majority-owned by Janus Henderson since 2024.

For lenders, the safety net is the take-or-pay contract and the hardware itself. That is the same logic behind other recent GPU loans, from HIVE’s $129m borrowing for a Cohere contract to Nebius’s much larger $3.5bn bridge loan from Citi. Silver Point was also one of the lead lenders in this week’s $363m refinancing of IREN’s GPUs by Blue Owl’s Wingspire. The risk is that GPUs lose value quickly as new chips arrive. A four-year loan matched to a four-year contract limits that risk only as long as the unnamed inference customer keeps paying.