❯ GPU cloud provider GMI Cloud secures $223 million in equity and a $445 million credit facility to expand compute in the US and Asia-Pacific

Renting GPUs to model companiesGMI Cloud was founded in 2021 and is based in Mountain View, California. Its founder and CEO is Alex Yeh. It builds GPU clusters, rents compute to AI teams and offers inference services, with customers including Fireworks, OpenRouter, Reflection, Cartesia and Trend Micro. According to Pulse 2.0, it processes about 4 trillion tokens a week.

Contracted revenue up ninefold in nine monthsThe company says its contracted annual recurring revenue exceeds $600 million, nine times the level at the end of 2025, while live revenue has grown 4.5 times. Its data centers are in the United States, Taiwan and elsewhere in Asia-Pacific and run Nvidia GB200 and GB300 NVL72 systems. Yeh describes its place in Taiwan’s supply chain as how it keeps delivery promises.

Equity and debt are separateOn September 30, GMI Cloud announced $668 million in financing. Of that, $223 million is Series B equity led by San Francisco investment firm ARCHIV, with Nvidia, DSC Investment, Trend Micro, KB Investment, Kyobo Life and KT Corporation participating. The other $445 million is a credit facility led by CTBC. A facility is a ceiling on what can be borrowed, and the report does not say how much has been drawn.

The gap between signed and liveContracted revenue far above live revenue means customer orders are running ahead of machine deliveries. The facility lets it buy GPUs before collecting rent, but interest starts on the day money is drawn. The lag between hardware arriving and customers actually using it decides whether this debt is an accelerator or a burden.

▪ SIGNALSecond-tier GPU clouds are being financed more and more like real estate: a little equity, a lot of secured lending, and pre-leases holding up the expansion.