India's AM Intelligence seeks $3B in debt for 29,000 Nvidia Rubin chips
What's the deal? Hyderabad-based AM Intelligence is seeking to raise as much as $3 billion through bonds and bank loans to buy Nvidia's next-generation Rubin chips, according to a Bloomberg report. The company, founded by the backers of renewable energy producer Greenko GroupDealroom has a profile for this one. Try Dealroom →, aims to buy 29,000 Rubin GPUs. The talks are at an early stage, so the $3 billion should be seen as sought, not finalised.
What's the endgame? AM Intelligence plans to invest $6 billion to build 100MW of computing power split across sites in Malaysia and India. It calls itself among the "largest committed buyers" of Rubin GPUs outside North America.
The expansion: The buildout reaches beyond India. The company says it is developing 5GW of AI data centers and 1GW of compute-as-a-service across India, the US, and Europe, with plans to add 300MW of capacity within 15 months at a cost of more than $20 billion.
Why now? Rubin GPUs are tailored for agentic AI, giving an early buyer an edge as enterprises shift toward running production agents rather than training foundational models. The firm expects $300 million in advance payments from potential offtakers to help anchor the deal.
What could go wrong? Borrowing costs for some AI infrastructure companies have risen sharply amid questions about debt loads and future demand. That makes the key test not the scale of the order, but whether AM Intelligence can secure financing and customer commitments on workable terms.
The signal: India's energy firms are turning into neocloud operators, leasing computing power to hyperscalers — a trend that also includes Adani Group, RelianceDealroom has a profile for this one. Try Dealroom →, and Tata PowerDealroom has a profile for this one. Try Dealroom →. Mumbai-based Yotta has announced a $2 billion Nvidia Blackwell hub, underlining how the country's AI-compute boom is increasingly financed with debt.
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