Banks financing and leasing GPUs (2026)
Which banks lend against and lease GPUs, from public deals and FDIC lease books.
Updated October 10, 2026. FDIC lease books as of Q2 2026.
- Public GPU leases, sale-leasebacks and vendor financing
- $8.5B
- 7 deals; $6.8B in 2026
- All public GPU-backed debt, loans and leases
- $66.8B
- $48.4B in 2026
- US bank business and equipment leases, Q2 2026
- $104B
- All equipment, not only GPUs; 672 banks report lease receivables
Banks in public GPU leases
| Date | Lessee | Amount | Structure | Banks (lead first) | Collateral | Source |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | DigitalOcean | $725M | Equipment finance (lease) facility with MUFG Americas Capital Leasing & Finance as lessor; advances up to 90% of equipment cost; $300M accordion | MUFG, Axos (participant), BMO (participant), Wells Fargo (participant), PNC (participant) | Leased data center equipment (GPUs, CPUs and other equipment); parent and subsidiary guaranty | SEC |
| Jun 23, 2025 | Vultr | $74M | Capital expenditure lease financing | Bank of America | leased equipment | Business Wire / Vultr |
What the data shows
MUFG and Bank of America have led public GPU equipment leases, as lessor or lead lender; Wells Fargo, PNC, Axos and BMO joined as arrangers, rent assignees or participants. 25 banks have lent to or arranged GPU-backed financings.
Most bank money in GPUs is lending, not leasing: delayed draw term loans and GPU-backed facilities secured on the GPUs and the customer contracts they serve. Goldman Sachs, JPMorgan and MUFG appear in the most GPU-backed deals.
Leasing is smaller and newer. Public GPU equipment leases, sale-leasebacks and vendor financing add up to $8.5B across 7 deals, most of it from non-banks (Apollo for xAI, Dell Financial Services for Nscale). The bank-led leases are smaller equipment finance facilities to GPU clouds.
Every bank in a public GPU or AI data center financing (38)
Most GPU-backed deals first (closed deals; the bank may have lent, arranged or held a participation). US lease book is the business and equipment lease receivables (FDIC RC-C item 10.b, or item 10 where the bank reports no split) of the bank or its group’s US bank on its latest Call Report; a dash means no FDIC-insured US bank with lease receivables, as for most foreign and investment banks.
| Bank | Deals | As lead | GPU-backed | GPU leases | Latest deal | US business leases (FDIC) |
|---|---|---|---|---|---|---|
| Goldman Sachs | 20 | 17 | 8 | - | Sharon AI $356M GPU-backed facility, Oct 1, 2026 | - |
| JPMorgan | 21 | 20 | 7 | - | Lambda $1B DDTL, Oct 1, 2026 | $105MJPMorgan Chase Bank, #82 |
| MUFG | 13 | 10 | 7 | 1 | DigitalOcean $725M equipment lease, Sep 10, 2026 | - |
| Morgan Stanley | 19 | 16 | 5 | - | Lambda $926M term loan, Aug 27, 2026 | - |
| Credit Agricole | 8 | 0 | 4 | - | Nscale $1.9B DDTL, Aug 31, 2026 | - |
| Wells Fargo | 8 | 1 | 3 | 1 | DigitalOcean $725M equipment lease, Sep 10, 2026 | $15.7BWells Fargo Bank, #2 |
| Deutsche Bank | 7 | 2 | 2 | - | Nscale $1.9B DDTL, Aug 31, 2026 | - |
| SMBC | 7 | 1 | 2 | - | Nscale $1.9B DDTL, Aug 31, 2026 | - |
| Citi | 6 | 1 | 2 | - | Zankore $3.1B term loan, Sep 9, 2026 | $72MCitibank, #102 |
| Bank of America | 4 | 3 | 2 | 1 | Nebius $775M GPU-backed facility, Jul 17, 2026 | $16.1BBank of America, #1 |
| ABN AMRO | 3 | 2 | 2 | - | Nebius $775M GPU-backed facility, Jul 17, 2026 | - |
| Citizens Bank | 2 | 0 | 2 | - | Nscale $1.9B DDTL, Aug 31, 2026 | $1.06BCitizens Bank, #19 |
| ING | 2 | 1 | 2 | - | Zankore $3.1B term loan, Sep 9, 2026 | - |
| PNC | 2 | 0 | 2 | 1 | DigitalOcean $725M equipment lease, Sep 10, 2026 | $7.12BPNC Bank, #3 |
| Mizuho | 3 | 0 | 1 | - | Nscale $1.9B DDTL, Aug 31, 2026 | - |
| Societe Generale | 3 | 0 | 1 | - | Vantage Data Centers (Stargate) $38B construction loan, Nov 2025 | - |
| RBC | 2 | 0 | 1 | - | Nscale $1.9B DDTL, Aug 31, 2026 | $4.08BCity National Bank, #7 |
| Axos | 1 | 0 | 1 | 1 | DigitalOcean $725M equipment lease, Sep 10, 2026 | $919MAxos Bank, #20 |
| BBVA | 1 | 0 | 1 | - | CoreWeave $2.6B DDTL, Jul 31, 2025 | - |
| BMO | 1 | 0 | 1 | 1 | DigitalOcean $725M equipment lease, Sep 10, 2026 | $760MBMO Bank, #23 |
| CTBC | 1 | 1 | 1 | - | GMI Cloud $445M GPU-backed facility, Sep 30, 2026 | - |
| HSBC | 1 | 1 | 1 | - | Nebius $775M GPU-backed facility, Jul 17, 2026 | - |
| Natixis | 1 | 1 | 1 | - | Zankore $3.1B term loan, Sep 9, 2026 | - |
| Qatar National Bank | 1 | 1 | 1 | - | Zankore $3.1B term loan, Sep 9, 2026 | - |
| UOB | 1 | 1 | 1 | - | Zankore $3.1B term loan, Sep 9, 2026 | - |
| KeyBank | 2 | 0 | - | - | Nscale $770M revolver, May 8, 2026 | $2BKeyBank, #11 |
| Nordea | 2 | 1 | - | - | Nscale $790M project finance, Jul 7, 2026 | - |
| Barclays | 1 | 0 | - | - | CoreWeave $650M revolver, Oct 11, 2024 | - |
| BNP Paribas | 1 | 0 | - | - | Vantage Data Centers (Stargate) $38B construction loan, Nov 2025 | - |
| Canaccord Genuity | 1 | 1 | - | - | Sharon AI $100M convertible notes, Dec 22, 2025 | - |
| Danske Bank | 1 | 0 | - | - | Verda (formerly DataCrunch) Undisclosed other, Sep 1, 2025 | - |
| DNB | 1 | 1 | - | - | Nscale $790M project finance, Jul 7, 2026 | - |
| First National Bank of Omaha | 1 | 1 | - | - | Applied Digital $350M revolver, May 29, 2026 | $61.7MFirst National Bank of Omaha, #107 |
| Jefferies | 1 | 0 | - | - | CoreWeave $650M revolver, Oct 11, 2024 | - |
| Norion Bank | 1 | 0 | - | - | Verda (formerly DataCrunch) Undisclosed other, Sep 1, 2025 | - |
| SEB | 1 | 1 | - | - | Nscale $790M project finance, Jul 7, 2026 | - |
| State Bank of India | 1 | 1 | - | - | Yotta Data Services $163M term loan, Feb 11, 2024 | - |
| TD | 1 | 0 | - | - | Nscale $770M revolver, May 8, 2026 | $4.7BTD Bank, #5 |
The largest US bank lease books, and who is in GPUs
The 25 largest FDIC-insured lessors by business and equipment lease receivables at Q2 2026, from the bank equipment leasing ranking. The last column names the bank’s group in a public GPU deal.
| # | Bank | Lease receivables | Year on year | In a public GPU deal |
|---|---|---|---|---|
| 1 | Bank of AmericaCharlotte, NC | $16.1B | -1% | Yes: 4 deals, latest Nebius |
| 2 | Wells Fargo BankSioux Falls, SD | $15.7B | -2% | Yes: 8 deals, latest DigitalOcean |
| 3 | PNC BankWilmington, DE | $7.12B | +1% | Yes: 2 deals, latest DigitalOcean |
| 4 | The Huntington National BankColumbus, OH | $5.71B | +2% | - |
| 5 | TD BankWilmington, DE | $4.7B | +9% | Yes: 1 deal, latest Nscale |
| 6 | U.S. BankCincinnati, OH | $4.5B | +5% | - |
| 7 | City National BankLos Angeles, CA | $4.08B | +5% | Yes: 2 deals, latest Nscale |
| 8 | Fifth Third BankCincinnati, OH | $3.42B | -13% | - |
| 9 | EverBankJacksonville, FL | $3.4B | +9% | - |
| 10 | M&T BankBuffalo, NY | $2.79B | +2% | - |
| 11 | KeyBankCleveland, OH | $2B | -19% | Yes: 2 deals, latest Nscale |
| 12 | First-Citizens Bank & Trust CompanyRaleigh, NC | $1.96B | -3% | - |
| 13 | Flagstar BankHicksville, NY | $1.75B | -6% | - |
| 14 | First Horizon BankMemphis, TN | $1.47B | -1% | - |
| 15 | Regions BankBirmingham, AL | $1.33B | -20% | - |
| 16 | Pinnacle BankNashville, TN | $1.2B | +36% | - |
| 17 | Truist BankCharlotte, NC | $1.13B | -28% | - |
| 18 | Hancock Whitney BankGulfport, MS | $1.07B | +14% | - |
| 19 | Citizens BankProvidence, RI | $1.06B | +6% | Yes: 2 deals, latest Nscale |
| 20 | Axos BankSan Diego, CA | $919M | +263% | Yes: 1 deal, latest DigitalOcean |
| 21 | Commerce BankKansas City, MO | $880M | +2% | - |
| 22 | First National Bank of PennsylvaniaGreenville, PA | $802M | +4% | - |
| 23 | BMO BankChicago, IL | $760M | -19% | Yes: 1 deal, latest DigitalOcean |
| 24 | Atlantic Union BankRichmond City, VA | $736M | +27% | - |
| 25 | Valley National BankPassaic, NJ | $734M | +2% | - |
Market size: what our data measures
Public GPU leasing: $8.5B. The sum of every public GPU equipment lease, sale-leaseback and vendor financing in the GPU Financing Tracker since 2024 (7 deals, new money only), $6.8B of it in 2026. It is a floor: private leases are not disclosed.
All public GPU-backed debt: $66.8B. Loans and leases secured on GPUs, since 2023 (running total).
US bank leasing: $120.7B. Lease financing receivables at 672 FDIC-insured banks at Q2 2026 ($104B business and equipment leases, $13.8B consumer leases), from Call Report schedule RC-C. It covers every kind of leased equipment; the Call Report does not break out GPUs or servers, and non-bank lessors are not in it.
Market research reports that size “GPU as a service” measure cloud rental revenue, not financing. We do not know of a public source that sizes GPU leasing as finance.
Sources and method
Show the method and sources
- Banks and deals: every lender the GPU Financing Tracker classes as a bank, with its role as the source gives it. GPU-backed means secured on GPUs or financed compute equipment; GPU leases are equipment leases, sale-leasebacks and vendor financing.
- Lease books: FDIC BankFind and FFIEC Call Report data as of Q2 2026 (RC-C item 10.b where the bank reports the split, else item 10). Matched to the tracker bank through its Lender Directory profile, or through the FDIC holding company for global groups. A global bank's figure is its US insured bank's book, not the group's.
- Banks with no FDIC-insured US bank, or one with no lease receivables, show no lease book.
- A bank named in a deal may have lent through its investment bank or a fund; the tracker credits the group.
Related
- GPU-backed debt raised in 2026
How much debt has been raised for AI data centers and GPUs?
- Largest GPU-backed loans
What are the largest GPU-backed loans?
- Recent GPU financing deals
What are the most recent GPU financing deals?
- GPU loan spreads and interest rates
What spreads and interest rates do GPU-backed loans price at?
- Covenants in GPU financing facilities
What covenants are common in GPU financing facilities?
- Lenders for GPU deals under $20 million
Which lenders finance neocloud GPU deployments under $20 million?
Cite this
Suggested citation
American Compute, Banks financing and leasing GPUs, October 2026, https://www.amcompute.com/gpu-debt/banks-leasing-gpus
Free to use with attribution.
Discuss a transaction
A bank or lessor looking at GPU equipment? Tell us what you finance and we will come back with the deals that fit.
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Questions
- Which banks are leasing GPUs?
- In public deals, MUFG and Bank of America have led public GPU equipment leases, as lessor or lead lender; Wells Fargo, PNC, Axos and BMO joined as arrangers, rent assignees or participants. The bank deals: DigitalOcean ($725M equipment lease, Sep 10, 2026); Vultr ($74M equipment lease, Jun 23, 2025). Many more banks lend to or arrange GPU-backed delayed draw term loans and facilities: 25 in all, led by Goldman Sachs, JPMorgan, MUFG, Morgan Stanley.
- What is the GPU leasing market size?
- No public source measures GPU leasing on its own. What our data supports: public GPU equipment leases, sale-leasebacks and vendor financing total $8.5B across 7 deals since 2024 ($6.8B in 2026), within $66.8B of all public GPU-backed debt. For scale, US banks held $120.7B of lease financing receivables at Q2 2026, $104B of it business and equipment leases, across every kind of equipment.
- Which banks lend the most against GPUs?
- By public GPU-backed deals: Goldman Sachs (8), JPMorgan (7), MUFG (7), Morgan Stanley (5), Credit Agricole (4). Counts are closed deals in which the bank is named as lead, arranger or participant in the GPU Financing Tracker; launched and reported-only deals are left out.