# GMI Cloud seeks $635 million loan backed by its Nvidia GPU contracts > Source: > Published: 2026-07-14 10:56:18+00:00 *GMI Cloud wants Taiwan's banks to lend it $635 million against the GPU contracts it already has signed, not against new stock. That's the deal now moving through the island's syndication market.* Nvidia cloud partner GMI Cloud is seeking a NT$20.45 billion loan, roughly $635 million, from Taiwanese banks, with Bloomberg reporting that the financing is secured by customer contracts for GPU capacity rather than equity. A five-year term loan tranche worth NT$13.9 billion has already launched into the syndication market, with banks invited to join. This is not ordinary startup borrowing. It's one of the first AI infrastructure loans of this kind in Asia. ## A Different Kind of Collateral Here's what makes this different from a typical infrastructure loan. GMI Cloud isn't pledging buildings. It isn't pledging the chips either. It's pledging the future cashflow from customers who have already agreed to pay for time on its GPUs. No equity changes hands. That's closer to securitization than to a standard corporate loan, and it lets the company avoid diluting shareholders while still raising serious capital to buy more hardware. GMI Cloud isn't a household name outside data center circles. Its backers are more recognizable. The company is backed by Taiwan's GMI Technology and by Realtek Semiconductor, and it runs more than 30,000 Nvidia GPUs, spanning H100, H200 and Blackwell chips, across data centers in the US for AI inference workloads. That's serious scale. Nvidia has designated GMI Cloud as one of six global Reference Platform Cloud Partners, a certification that puts it in a small club of operators Nvidia trusts to run its hardware at scale. ## Taiwan Joins a Trend CoreWeave Started GPU-backed lending isn't new. It's just new to Taiwan. CoreWeave got there first. Over the past year it turned its GPU fleet and customer contracts into one of the largest new debt stories in tech. In March, CoreWeave closed an $8.5 billion delayed draw term loan facility, the first HPC infrastructure loan of its kind to earn an investment grade rating. A month later came a $3.1 billion facility that Bloomberg described as the first publicly syndicated GPU-backed loan, opening the asset class to a wider pool of investors. The debt has kept piling up. CoreWeave's total now stands past $21 billion, up from under $8 billion in 2024, when it had already borrowed nearly $8 billion to buy roughly 250,000 Nvidia chips. Frankly, the math behind these deals is simple once you see it. A GPU cloud operator has two things a bank can lend against: hardware that holds resale value while AI demand stays hot, and contracts from customers who've committed to pay for compute. Bundle those together and you've built collateral that looks a lot like a mortgage or an auto loan, except the asset depreciates faster and the borrower's whole business depends on the AI boom not stalling. That's the risk sitting underneath every one of these deals. If a customer walks away from its GPU contract, or if a next-generation Nvidia chip makes last year's H100s and H200s less valuable overnight, the collateral backing the loan shrinks with it. Banks joining GMI Cloud's NT$13.9 billion tranche are betting that AI inference demand keeps growing faster than Nvidia's chips depreciate. So far, in the US and now in Taiwan, that bet has kept paying off. Taiwan has real reasons to want a piece of this. GMI Technology and Realtek, GMI Cloud's own backers, are two of the island's more prominent semiconductor names. Taiwan's banks already sit close to the chip supply chain that makes hardware like this valuable in the first place. That's the advantage. If GMI Cloud's loan closes on the terms now circulating, it could give Taiwanese lenders a template for financing the next wave of AI infrastructure builders without waiting for Wall Street to do it first. The details are still thin. GMI Cloud has not disclosed the identities of the banks joining the deal, the final terms, or when it expects the financing to close. You should watch that part closely, because a signed loan and a circulated tranche are not the same thing. The story here isn't only that GMI Cloud wants more GPU money. It's that AI compute contracts are starting to look bankable in Taiwan. **Also read:** [AI Inference Costs Are Quietly Eating SaaS Gross Margins](https://startupfortune.com/ai-inference-costs-are-quietly-eating-saas-gross-margins/) • [China's June exports surge past forecasts as the AI hardware boom accelerates](https://startupfortune.com/chinas-june-exports-surge-past-forecasts-as-the-ai-hardware-boom-accelerates/) • [Bespoke Labs Raises $40 Million to Build the Training Grounds AI Agents Need](https://startupfortune.com/bespoke-labs-raises-40-million-to-build-the-training-grounds-ai-agents-need/)