USD.AI Secures $34M Debt Facility for NexGen Cloud's Swedish Expansion
With a $34 million non-recourse debt facility, financing platform USD.AI is backing the deployment of NVIDIA B200 GPU fleets in Sweden. The deal provides NexGen Cloud with the capital necessary to expand its European sovereign AI capacity while avoiding the dilution of existing corporate equity.
The three-year financing package is structured to be off-balance-sheet, secured directly by the hardware and the revenue streams these GPUs generate. By isolating the debt from NexGen Cloud’s core operations, the arrangement allows the cloud provider to scale its Hyperstack platform rapidly to meet rising enterprise demand for high-performance compute.
According to Conor Moore, COO of Permian Labs, the developer behind USD.AI, the platform addresses a critical gap in the lending market where traditional institutions often struggle to underwrite assets that produce dollar-denominated cashflows. NexGen Cloud CEO Chris Starkey noted that the partnership is a foundational step for the company’s broader European strategy. Following the Swedish rollout, the firm plans to deploy 4,500 NVIDIA B300 units at a new data center in Finland later this year, with an additional 56MW of capacity slated for 2027.
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