$106m · Debt · Cloud · London, UK
London-based AI cloud provider NexGen Cloud has closed a $106m four-year senior secured term loan led by USD.AI, with Silver Point Capital and Victory Park Capital participating as lenders. According to USD.AI's announcement, the facility will finance 216 NVIDIA HGX B300 servers, containing 1,728 GPUs, at a Tier III data centre in Finland.
The financing does not mean that the new capacity is already operating. Escrow funding is aligned with shipment of the servers, which is expected in the fourth quarter of 2026. The new loan follows a $34m USD.AI facility announced in June for a B200 deployment in Sweden, taking the lender's announced financing for NexGen Cloud across the two projects to $140m.
Contracted compute underwrites the hardware
NexGen Cloud sells AI compute through Hyperstack, including on-demand GPU infrastructure and private, single-tenant cloud environments. Expanding that service requires the company to buy servers before it can turn their capacity into customer revenue. In this transaction, the lender says the Finnish capacity is fully contracted under a four-year take-or-pay agreement with an unnamed AI inference platform, while the loan amortises over the same term.
That alignment is the commercial mechanism behind the facility. The hardware and its contracted cash flows support the debt, giving NexGen Cloud a way to add capacity without funding the whole purchase from equity. USD.AI arranged the loan through its GPU Loan Exchange, which standardises and services GPU-backed facilities before placing them with institutional credit investors.
The structure can shorten the distance between customer demand and deployed infrastructure, but it does not remove execution risk. NexGen Cloud still has to receive and install the B300 systems, bring the Finnish capacity online and deliver reliable service over the contract term. The customer's payment performance also matters because contracted offtake is the primary repayment source.
A larger second facility
This is NexGen Cloud's second disclosed facility with USD.AI and is roughly three times the size of the first. CEO Chris Starkey said access to reliable financing is needed to convert growing customer demand into deployed European capacity. The repeat transaction suggests the earlier relationship created a template that could support a larger cluster and bring two established private-credit investors into the lender group.
For NexGen Cloud, the milestone will be operational rather than financial: the servers are expected to ship in Q4 2026, and the commercial proof comes when contracted capacity becomes dependable compute. Until then, the closed loan finances a defined deployment; it is not evidence that 1,728 additional GPUs are already serving workloads.
Sources checked:
USD.AI financing announcement · NexGen Cloud HQ announcement · NexGen Cloud newsroom · USD.AI GLX · Tech.eu Funding Explorer
