USD.AI provides $34 million facility to finance NexGen Cloud's GPU deployment in Sweden, anchoring neocloud expansion in Europe.

USD.AI, a financing platform for AI compute assets, has provided a $34 million, three-year debt facility to NexGen Cloud for deploying a substantial fleet of NVIDIA B200 GPUs in Sweden. The infrastructure is operated through NexGen Cloud's Hyperstack platform, a full-stack AI cloud solution specializing in large-scale private deployments and on-demand GPU compute.

The transaction reflects USD.AI's commitment to financing sovereign, large-scale AI compute infrastructure across Europe, supporting one of the region's fastest-growing AI cloud providers as it scales to meet enterprise demand. Since launching in September 2025, USD.AI's debt instruments have traded more than $18 billion in volume, establishing the platform as the benchmark for GPU-backed financing at scale.

"GPUs produce contracted, dollar-denominated cashflows, yet most lenders still can't underwrite them," said Conor Moore, Chief Operating Officer and Co-Founder of Permian Labs, developer of USD.AI. "USD.AI exists to ensure operators like NexGen can access the capital they need to build out European sovereign AI, without diluting equity."

The facility is structured as non-recourse, non-dilutive, and off-balance-sheet, secured exclusively by the GPUs and the contractual cashflows they generate. This structure isolates the financing from NexGen Cloud's corporate balance sheet.

"Europe's AI future depends on sovereign infrastructure built at scale, and that requires capital structures that match the asset," said Chris Starkey, Chief Executive Officer of NexGen Cloud. "USD.AI's facility lets us move fast, preserve equity, and put more NVIDIA B200 and NVIDIA B300 GPUs on the ground where European enterprises need them most. This is exactly the kind of partnership that accelerates our path to becoming Europe's leading AI cloud and it's just the beginning of our continued European expansion. Later this year, we will be deploying 4,500 NVIDIA B300 GPUs in our new EU2 data centre in Finland, with an additional 56MW of capacity to follow in 2027."