For AI cloud operators
Financing for GPU servers, sized for neoclouds.
$1M to $5M per deployment, as full-stack ownership or a first-lien or second-lien loan.
Booking uses Calendly, a third-party scheduling service. Calendly’s privacy policy applies to the information you enter there.
You work directly with our Managing Partner, Marek Omilian, CFA, who makes credit decisions.
Built for deployments of $1M to $5M, a size few GPU lenders advertise1
That is a first cluster for a signed customer, or the next few nodes for an existing one.
HGX B300$572,364 per node
1 to 8 nodes
HGX H200$319,422 per node
3 to 15 nodes
8-GPU RTX PRO 6000 Server Edition$125,000 per node
8 to 40 nodes
Terms at a glance
October 2026
- Size
- Loans from about $1M. Full-stack ownership up to about $5M.
- Structures
- Full-stack ownership, first-lien loan or second-lien loan.
- Amount
- Loans use an advance rate set from the appraised orderly liquidation value of the servers.
- Tenor
- At or inside your customer contract, and inside the hardware’s useful life.
- Decision
- You work directly with our Managing Partner, who makes credit decisions.
Terms are set deal by deal. Nothing on this website is a commitment to lend or lease.
Three ways to finance the servers
The choice is who owns the servers and who carries their value after the contract. In full-stack ownership the fund owns them. In a first-lien or second-lien loan you own them, and we lend against them.
The fund buys and owns the servers. You run them for your customer.
- Your customer pays you a prepayment at signing, then monthly fees.
- You pay the data center for space and power.
- The fees go to the fund until it has recovered what it paid for the servers. Profits after that are shared with you.
- The fund holds title to the servers.
- Who owns the hardware
- The fund we manage buys the servers and holds title. You run them for your customer.
- How the fund is repaid
- Your customer’s prepayment and monthly fees, after data center costs, go to the fund until it has recovered what it paid for the servers. Profits after that are shared with you. At the end of the term the servers are re-leased or sold, or you can buy them out.
- Typical size
- Up to about $5M per deployment.
You own the servers. The fund lends against them and your customer contract.
- Your customer pays you monthly fees.
- You pay the data center for space and power.
- You pay the fund interest and principal every month.
- The fund holds a first lien on the servers and on the customer contract assigned to it.
- Who owns the hardware
- You do. The fund holds a first lien on the servers and on the customer contract assigned to it.
- How the fund is repaid
- Monthly interest and principal, repaid inside your customer contract term.
- Typical size
- From about $1M per deployment.
A junior loan behind your senior lender, smaller and priced higher.
- Your customer pays you monthly fees.
- You pay the data center for space and power.
- You pay your senior lender first, then pay the fund from the cash that is left.
- Your senior lender holds the first lien on the servers; the fund holds a second lien.
- Who owns the hardware
- You do. Your senior lender holds the first lien; the fund holds a second lien behind it.
- How the fund is repaid
- From your cash after senior debt service. Priced higher than a first-lien loan, for the junior position.
- Typical size
- Smaller than the senior loan, from about $1M.
The structures side by side
| Feature | Full-stack ownership | First-lien loan | Second-lien loan |
|---|---|---|---|
| Title to the servers | The fund we manage | You | You |
| Lien and security | The fund owns the servers. Where available, personal or company guarantees. | A first lien on the servers and an assignment of the customer contract. | A second lien on the servers, behind your senior lender. |
| How the amount is set | The fund pays for the whole node. You put in no capital for the hardware. | An advance rate set from the appraised orderly liquidation value. It moves with the contract and the age of the node. | A smaller amount behind the senior loan, sized from the same appraisal. |
| Payments | Your customer’s prepayment and monthly fees, after data center costs, go to the fund until it has recovered what it paid for the servers. Profits after that are shared with you. | Monthly interest and principal. | Monthly interest and principal, paid from cash left after senior debt service. |
| What it costs you | A share of profits, after the fund has recovered what it paid for the servers. | Interest, set by your customer’s credit, the contract term, the prepayment and the hardware. | Interest above the senior loan’s rate, for the junior position. |
| Tenor | The term of your customer contract. | At or inside the term of your customer contract, and inside the hardware’s useful life. | At or inside the term of your customer contract, and inside the hardware’s useful life. |
| Residual value and re-leasing risk | Carried by the fund. | Carried by you. | Carried by you. |
| End of term | The servers are re-leased, sold, or bought by you under a salvage buyout option. | The loan is repaid inside the contract. The servers are yours, free of our lien. | The loan is repaid and our lien is released. |
| Typical size | Up to about $5M | From about $1M | From about $1M, usually smaller than a first-lien loan |
We do not publish rates or advance rates, because they move with the customer’s credit, the contract and the hardware. If a deployment fits, we send indicative terms in writing after the appraisal.
Financing is subject to our due diligence, credit approval, available capital and signed final agreements. Nothing on this website is a commitment to lend or lease.
What we finance
8-GPU NVIDIA servers bought for a customer contract. We finance the whole node, because the 8-GPU server is the unit that gets bought, racked, rented and financed.
- New deployments
- A cluster for a customer contract you have signed.
- Expansions
- More nodes for an existing customer, or a new customer at an existing site.
- Where
- A data center with signed power and colocation, in a jurisdiction where the servers could be repossessed and re-leased. Tell us the country and the facility.
Platforms in our deal flow
NVIDIA HGX B3003
Blackwell Ultra. Eight SXM GPUs on one baseboard. Air-cooled and liquid-cooled systems both exist.
NVIDIA HGX B200
Blackwell. Eight SXM GPUs on one baseboard.
NVIDIA HGX H200
Hopper. Eight SXM GPUs on one baseboard.
NVIDIA 8-GPU RTX PRO 6000 Server Edition
Blackwell. Eight passively cooled PCIe cards in one server, with no NVLink.
We underwrite all four the same way: at the node, on the contract rate and the price paid. Which GPU server pays back fastest
What we look for
GPU financing is approved on the contract, not on the hardware. GPUs lose value every year, and the customer contract is what repays the capital. These are the checks, in the order we work through them.4
| What we check | The question behind it | Typical red flag |
|---|---|---|
| Customer credit | Can the customer pay for the whole term? | Unrated startup, no financials, no parent guarantee |
| Contract term versus financing term | Does the financing end before the contract does? | Financing outlasts the contract |
| Take-or-pay and termination | What happens if the customer walks? | Termination for convenience, usage-based billing |
| Prepayment | How much cash is already in hand? | None, or refundable on demand |
| Node generation, age and spec | Will the node still earn at the end of the financing? | Older node, mixed spec, thin networking |
| Location and maintenance | Can we repossess, re-lease and keep it running? | Hard-to-enforce jurisdiction, no OEM warranty or spares |
| Operating record | Has this team run GPUs for a customer before? | No uptime history, no SLA reports |
| Power and colocation | Is the power signed, sized and as long as the financing? | Letter of intent only, or shorter than the financing |
| Structure | Does the financing repay inside the contract? | Balloon payment, no reserve, no cash sweep |
The three mistakes that end most deals
The financing runs longer than the contract.
We would then be underwriting a renewal. A large issuer can get that done. Most operators cannot.
There is no power agreement.
A customer contract without signed power is a promise to deliver capacity you cannot yet run.
One customer for everything.
That works when the customer is investment grade and on take-or-pay terms. It does not work when the customer is a thin-balance-sheet startup with a right to terminate.
Ready to apply
Put these nine items in one folder before the first call. The application form asks where your customer contract, power and servers stand. The folder holds the documents behind those answers.
The one thing to do this month
Write down the end dates of your customer contract, your power agreement and your colocation agreement.
The financing should end on or before the earliest of the three. If it does not, extend the weakest agreement or shorten the request.
End dates, in months from today
The financing runs 6 months past the colocation agreement. Extend that agreement, or shorten the request to 30 months.
An example to start from. Set each end date to match your own agreements.
From first call to monthly reporting
Eight steps. Timing depends on diligence and documentation.
Step 1: Intro call
Twenty minutes with our Managing Partner on the customer, the hardware and the site. We tell you whether the deployment may fit, and which structure could suit it.
Step 2: Data pack
You send the folder: contract, prepayment terms, power and colocation agreements, hardware quote, operating record and the one-page summary.
Step 3: Appraisal
The servers are valued before terms are set: fair market value, orderly liquidation value and going-concern value.
Step 4: Indicative terms
Structure, amount, tenor and payments in writing, sized on the contract rate and the appraisal.
Step 5: Approval
Our Managing Partner makes the credit decision, against the fund’s investment criteria.
Step 6: Documents
We document the lease or loan, perfect our title or lien, and confirm insurance on the servers.
Step 7: Funding
The fund buys the servers or advances the loan, once the documents are signed and their conditions are met.
Step 8: Monthly reporting
You report each month on payments, utilization and hardware condition. We track them for the life of the financing.
Run your numbers
Estimate payback for an 8-GPU node from your contract rate, term, prepayment and data center costs. With the base-case inputs, the calculator reproduces the figures in our payback analysis.
Run your numbersMonths to pay back one 8-GPU node5
HGX B300$4.58 per GPU-hour
27 months
HGX H200$3.10 per GPU-hour
22 months
RTX PRO 6000$1.39 per GPU-hour
22 months
Questions operators ask
What size of deployment do you finance?
$1M to $5M per deployment. Loans start at about $1M, and full-stack ownership goes up to about $5M. In whole 8-GPU nodes that is 1 to 8 HGX B300 nodes, 3 to 15 HGX H200 nodes or 8 to 40 RTX PRO 6000 nodes, at the node costs used in our payback analysis.
Which structure fits my deployment?
It depends on which risks you want to keep. With a loan you own the servers, so you keep their residual value, the obsolescence and re-leasing risk after the contract ends, and a fixed payment whether the GPUs are busy or idle.
With full-stack ownership the fund owns the servers and carries those risks, and it is repaid from the cash the servers generate. A second-lien loan fits when a senior lender already finances most of the cost.
Do I need a signed customer contract?
The customer contract is what repays the financing, so we read it before anything else. If yours is not signed yet, tell us where it stands, who the customer is and when you expect to sign.
Can a first-time operator be financed?
Possibly. We would then look for protection elsewhere: a stronger customer, a larger prepayment or a smaller advance. Tell us what you have run before, even at a smaller scale.
How long can the financing run?
At or inside the term of your customer contract, and no longer than your power and colocation agreements. Take the end dates of all three: the financing should end on or before the earliest.
We underwrite a six-year useful life, with lower rental rates assumed at re-lease, and the financing stays inside it. Actual life may be shorter.
How is the amount set?
For a loan, the advance rate is set from the appraised orderly liquidation value of the servers, and it moves with the quality of the contract and the age of the node. In full-stack ownership the fund pays for the whole node. See how we underwrite.
Our Managing Partner also leads GPU Appraisals, an affiliated appraisal practice, and that experience informs how we assess utilization, residual values and collateral. Because GPU Appraisals is affiliated with us, its valuations of equipment we own or finance are not independent. See conflicts of interest.
Do you finance used or older GPUs?
Tell us about them: the generation, age, exact spec and where they run. An older node earns less, so it supports a shorter term.
What does the financing cost?
Pricing is set deal by deal. For a loan it depends on your customer’s credit, the contract term, the prepayment and the hardware, and a second-lien loan is priced above the senior loan. In full-stack ownership the fund shares profits with you after it has recovered what it paid for the servers. If a deployment fits, we send indicative terms in writing after the appraisal.
What happens at the end of the contract?
In full-stack ownership the servers are re-leased, sold, or bought by you under a salvage buyout option. A loan is repaid inside the contract, so at the end the servers are yours, free of our lien.
How long does it take?
Timing depends on diligence and documentation. You work directly with our Managing Partner, who makes credit decisions. A complete folder, with the nine items under Ready to apply, is the best place to start.
Does an inquiry commit either of us?
No. Financing is subject to our due diligence, credit approval, available capital and signed final agreements. Nothing on this website is a commitment to lend or lease.
Apply for financing
Tell us about the customer, the hardware and the site. If you would rather talk first, book a call or write to our Managing Partner directly.
Thank you
We have received your inquiry. This acknowledgement is not an approval or a commitment to provide financing.
We read every inquiry and reply by email.
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Financing is subject to our due diligence, credit approval, available capital and signed final agreements. Nothing on this website is a commitment to lend or lease.
Quoted for market context. These companies are not affiliated with GPU Capital and do not endorse it.