// 03 — Financing
Financing
Debt raised against compute: GPU-backed term loans, delayed-draw facilities, convertible notes and on-chain loans. Announced, facility and drawn amounts are kept apart — drawn amounts are shown only when disclosed.
| Announced | Borrower | Lenders / arrangers | Structure | Announced amount | Drawn | Pricing | Country | Evidence |
|---|---|---|---|---|---|---|---|---|
| Aug 2026 | Nebius Convertible senior notes (0.50% due 2030 and 4.50% due 2034) | Not disclosed | convertible | $5.75bn USD as announced | Not disclosed | — | NL | C draft · Source → |
| Jul 2026 | Verda NIB loan (InvestEU) | Nordic Investment Bank | term loan | €22m EUR as announced | Not disclosed | — | FI | C draft · Source → |
| Jun 2026 | NexGen Cloud Non-recourse GPU loan | USD.AI | onchain loan | $34m USD as announced | Not disclosed | — | SE | C draft · Source → |
| 30 Mar 2026 | Mistral AI Debt financing for Bruyères-le-Châtel data centre | BNP Paribas, Bpifrance, Crédit Agricole CIB, HSBC, La Banque Postale, MUFG, Natixis CIB | unknown | $830m USD as announced | Not disclosed | — | FR | C draft · Source → |
| Feb 2026 | Nscale GPU-backed delayed draw term loan | Blue Owl, LuminArx, PIMCO | delayed draw term loan | $1.4bn USD as announced | Not disclosed | SOFR + 500bps | GB | B draft · Source → |
| Jun 2025 | Nebius Convertible notes private placement | Not disclosed | convertible | $1bn USD as announced | Not disclosed | — | NL | B draft · Source → |
| 2025 | Fluidstack GPU-backed financing | Macquarie | asset backed | up to $10bn USD as announced | Not disclosed | — | GB | D draft · Source → |
Grade D = reported by media and not confirmed by the parties. Currencies as announced; no FX conversion and no totals.