GMI Cloud has drawn about NT$30 billion ($947 million) in loan commitments for a five-year GPU-backed financing coordinated by CTBC Bank, according to Bloomberg. The commitments more than doubled a target of about NT$13.9 billion ($439 million). The financing remains in the commitment stage; a signed close has not been reported.
GMI Cloud is a US AI-native GPU cloud provider headquartered in Santa Clara and an Nvidia Cloud Partner. Proceeds are intended to fund GPUs for its planned Taiwan data centre buildout, including capacity linked to the company’s Taiwan AI Factory project.
Bloomberg reported that the loan is backed by future sales of AI computing power. Under the arrangement, Nvidia supplies the GPUs and can lease unused capacity for up to six years at an agreed price, while receiving half of the revenue GMI Cloud generates from other AI customers. Fireworks AI has agreed to lease capacity for four years on similar terms.
An earlier IFR report on the Project Phoenix process described a ringfenced SPV holding the GPUs and contracts, with security over compute assets, SPV equity, accounts and assigned contracts, and leverage linked to contracted Nvidia master service agreement revenues rather than hardware cost alone. That July process had been sized around NT$14 billion ($438 million).
In October 2024 GMI Cloud raised an $82 million Series A package comprising $15 million of equity and $67 million of debt, led by Headline Asia with Banpu Next and Wistron among the investors.