The four-year facility, arranged by GPU lender USD.AI with Silver Point Capital and Victory Park Capital, pays for 1,728 Nvidia B300 GPUs in a Finnish data centre. The capacity is already fully contracted to an unnamed AI inference platform.

Image: illustrative abstract image, computer-generated (no press photo supplied).

NexGen Cloud, the London-based provider of AI cloud infrastructure, has closed a $106 million senior secured term loan to finance new GPU capacity in Finland. The facility was announced on 29 October by USD.AI, a New York lender that specialises in loans backed by graphics processors. USD.AI led and arranged the deal, and credit investors Silver Point Capital and Victory Park Capital joined as lenders.

The loan will fund 216 Nvidia HGX B300 servers, 1,728 GPUs in total, at a Tier III data centre in Finland. The data centre operator was not named. Under the terms described in the announcement, the money sits in escrow until the servers ship, which is expected in the fourth quarter of 2026.

The new hardware already has a buyer. USD.AI says the capacity is "fully contracted under a take-or-pay agreement with a leading AI inference platform", which it did not identify. Under a take-or-pay contract the customer pays for the capacity whether or not it uses it. The loan amortises over the same four-year term as that contract.

Second loan, three times larger

This is NexGen Cloud's second financing through USD.AI. The first, a $34 million facility announced in June 2026, paid for an Nvidia B200 deployment in Sweden. Together, the two loans bring USD.AI's financing for the company to $140 million across two countries.

"The compute needs of our customers are growing significantly and at a rapid pace. Having access to reliable financing solutions to facilitate that demand is essential to our success," said Chris Starkey, chief executive of NexGen Cloud. He said the lender's exchange gives the company "the speed and certainty to convert customer demand into deployed AI capacity across Europe".

Conor Moore, co-founder and chief operating officer of USD.AI, said NexGen Cloud "came back to us for a facility three times the size of the first, and this time we arranged it with two established credit investors".

NexGen Cloud describes itself as a provider of "sovereign-by-design" AI cloud environments. It sells Hyperstack On-Demand, a GPU-as-a-service platform, and Hyperstack Secure Private Cloud for single-tenant enterprise deployments. As an Nvidia Cloud Partner, it hosts managed infrastructure in data centres in Europe and North America.

The deal ran through USD.AI's GPU Loan Exchange (GLX), a marketplace launched on 1 October that packages standardised GPU-backed loans for institutional investors. USD.AI says it has originated more than $500 million of GPU financing this year, more than $200 million of it through GLX.

Why it matters

Europe's push for AI capacity on its own soil depends on more than hyperscalers. Smaller "neocloud" operators such as NexGen Cloud fill much of the gap, and they increasingly pay for hardware with debt secured on the GPUs and on customer contracts rather than with equity alone. The Finnish deployment shows why the Nordics keep attracting this kind of build-out: cool climate, clean power and available data-centre space. It also shows the risk profile lenders want: hardware that is pre-sold under long contracts before it is even delivered. The model works as long as inference demand holds. At the same time, large data-centre projects in Finland face closer scrutiny, as a police investigation into a Google site in Muhos, reported this week by Helsingin Sanomat, shows.

Sources

• USD.AI press release, "NexGen Cloud Secures $106 Million GPU Financing Through USD.AI's GLX", 29 October 2026 (also via PR Newswire)
• Tech.eu weekly round-up, 30 October 2026
• FinSMEs, 30 October 2026; Dealroom News, 29 October 2026
• Helsingin Sanomat, October 2026 (Finnish), on the Muhos data-centre investigation