NexGen Cloud secures $106M GPU-backed loan to fund Finland capacity
What's the deal? NexGen Cloud, a European AI cloud provider, has closed a $106 million senior secured term loan led by USD.AI, with Silver Point CapitalDealroom has a profile for this one. Try Dealroom → and Victory Park CapitalDealroom has a profile for this one. Try Dealroom → participating as lenders. The four-year facility finances 216 NVIDIA HGX B300 servers — 1,728 GPUs in total — at a Tier III data centre in Finland.
Why now? The capacity is fully contracted under a take-or-pay agreement with what USD.AI calls "a leading AI inference platform," and the loan amortises over the same term. Funding is tied to server shipment, expected in Q4 2026.
The step-up: This is NexGen Cloud's second deal with USD.AI and roughly three times the size of the first. It follows a $34 million facility announced in June 2026 for the company's NVIDIA B200 deployment in Sweden, bringing USD.AI's total financing for NexGen Cloud to $140 million across two countries.
What's the endgame? USD.AI arranged the facility and acted as administrative agent through its GPU Loan Exchange (GLX), a marketplace connecting standardised, serviced GPU-backed loans with institutional capital. GLX launched on October 1, 2026, and has now processed more than $200 million of the $500 million-plus in GPU financing USD.AI has originated this year.
"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.
The signal: Institutional loans for data-centre expansion reached $16.5 billion year to date in 2026, up from $2 billion in 2025, as lenders treat GPUs and contracted revenues as collateral. The approach lets operators like NexGen Cloud fund capacity without issuing equity — though in a market growing fast but turning selective, the terms, collateral, and customer contracts behind each loan matter more than ever.
Read more: prnewswire.com
Image credit: U.S. Army Combat Capabilities Development Command
