GMI Cloud just raised $668 million to buy and rent out more Nvidia GPUs.
The Mountain View company announced the raise on Wednesday. It breaks down to $223 million in Series B equity plus a $445 million credit facility, with Taiwanese bank CTBC leading the debt side. ARCHIV, a newly formed San Francisco firm focused on AI and robotics investing, also put money into the round. GMI says contracted revenue - deals already signed with customers - has passed $600 million.
That contracted-revenue number is the real story here. It means GMI isn't raising money to chase hypothetical demand; it already has customers lined up to pay for the GPU capacity this cash will buy. That puts GMI in the same lane as CoreWeave and Lambda, the other Nvidia-backed cloud-GPU rental firms that rent out chips AI labs can't get fast enough from the big three cloud providers.
One footnote: two-thirds of this money is debt, not equity, meaning GMI is betting borrowed cash that AI companies keep paying to rent GPUs. It is the same leveraged playbook as its rivals - fine in a boom, less fun if demand cools before the loans are paid off.