Lenders for neocloud GPU deployments under $20 million
Who lends into GPU deals under $20M, from public deals and published minimum tickets.
Updated October 10, 2026.
- Public onchain GPU loans at or under $20M
- 12
- $200K to $16.4M, USD.AI
- Directory firms publishing a minimum ticket at or under $20M
- 10
- Of 136 GPU lenders on gpulenders.com
- Financing requests to us since January 2026
- 134
- $4.3B in all; median $25-50M
The smallest public GPU financings
Every public GPU loan, lease or facility of $100M or less in our trackers, smallest first. Lenders here: USD.AI, Tech Finance Co. (TFC), GAIB, Wingspire Equipment Finance, Bank of America, Sandton Capital.
| Amount | Borrower | Lender | Structure | Terms | Date | Source |
|---|---|---|---|---|---|---|
| $200K | Undisclosed (attested loan 008) | USD.AI | GPU-backed loan (onchain) | 15%, 80% LTV, RTX PRO 6000, To Mar 2029 | Mar 20, 2026 | USD.AI / The Network Firm LLP |
| $230K | Undisclosed (attested loan 007) | USD.AI | GPU-backed loan (onchain) | 13.5%, 75% LTV, RTX PRO 6000, To Mar 2029 | Mar 9, 2026 | USD.AI / The Network Firm LLP |
| $310K | Undisclosed (attested loan 003) | USD.AI | GPU-backed loan (onchain) | 13.5%, 75% LTV, RTX PRO 6000, To Feb 2029 | Feb 7, 2026 | USD.AI / The Network Firm LLP |
| $530K | Undisclosed (attested loan 001) | USD.AI | GPU-backed loan (onchain) | 12%, 56.7% LTV, H200, To Aug 2028 | Mar 11, 2026 | USD.AI / The Network Firm LLP |
| $620K | Undisclosed (first USD.AI financing) | USD.AI | GPU-backed loan (onchain) | - | Jul 1, 2025 | USD.AI |
| $2.3M | Undisclosed (attested loan 004) | USD.AI | GPU-backed loan (onchain) | 15%, 70% LTV, B200, To Jan 2029 | Jan 28, 2026 | USD.AI / The Network Firm LLP |
| $4.3M | QumulusAI (draw 1) | USD.AI | GPU-backed loan (onchain) | 12%, 70% LTV, B300 + RTX PRO 6000, About 3 years (to Feb 2029) | Feb 13, 2026 | SEC EDGAR |
| $7.5M | Corvex | USD.AI | GPU-backed loan (onchain) | 10%, B200, 3 years, amortizing (to Sep 2029) | Aug 3, 2026 | SEC EDGAR |
| $9.8M | Undisclosed (attested loan 006) | USD.AI | GPU-backed loan (onchain) | 11.5%, 62.2% LTV, B200 + H200, To Feb 2029 | Mar 4, 2026 | USD.AI / The Network Firm LLP |
| $11.3M | Undisclosed (attested loan 011) | USD.AI | GPU-backed loan (onchain) | 11.5%, 80% LTV, B200, To Feb 2029 | Apr 29, 2026 | USD.AI / The Network Firm LLP |
| $15.3M | QumulusAI (draw 3) | USD.AI | GPU-backed loan (onchain) | 15%, 80% LTV, B300 | Jul 13, 2026 | USD.AI |
| $16.4M | QumulusAI (draw 2) | USD.AI | GPU-backed loan (onchain) | 12%, 80% LTV, H200, About 3 years (to Apr 2029) | Apr 17, 2026 | SEC EDGAR |
| $26M | QumulusAI | Tech Finance Co. (TFC) | master lease, three-year leases with purchase option | - | May 1, 2026 | QumulusAI (press release) |
| $26.8M | Crucible Capital | USD.AI | GPU-backed loan (onchain) | 10%, 70% LTV, B300, 3 years (to Apr 2029) | Apr 6, 2026 | USD.AI |
| $30M | Siam.AI | GAIB | GPU-backed loan (onchain) | - | Sep 22, 2025 | Chainwire (company release) |
| $34.1M | NexGen Cloud | USD.AI | GPU-backed loan (onchain) | 12%, 79.7% LTV, B200, 3 years (to Apr 2029) | Jun 25, 2026 | NexGen Cloud (PR Newswire release) |
| $54.4M | Hydra Host | USD.AI | GPU-backed loan (onchain) | 10% once deployed, B300 | Jul 20, 2026 | USD.AI |
| $65M | Undisclosed AI infrastructure company | Wingspire Equipment Finance | equipment financing | - | Jun 1, 2025 | Business Wire (Wingspire) |
| $74M | Vultr | Bank of America | Equipment lease | - | Jun 23, 2025 | Business Wire / Vultr |
| $76.6M | Nscale | Sandton Capital | Term loan | 13.0% to 15.0%, initially PIK; per tranche; repaid in full October 2025 from Series B | Jun 1, 2023 | SEC / Nscale |
| $98.1M | Duos Edge AI | USD.AI | GPU-backed loan (onchain) | 12%, 68.8% LTV, B300, 3 years | Jun 5, 2026 | SEC EDGAR |
What the data shows
In public deals, every GPU loan at or under $20M we found was an onchain loan: 12 loans from $200K to $16.4M (USD.AI), at published rates and loan-to-value. The smallest other public GPU deal is $26M (Tech Finance Co. (TFC)).
The banks and private credit funds behind the largest GPU loans rarely lead deals under $20M. Below are the lenders named in the smallest public GPU financings (up to $100M), with their terms and sources, and the lenders with a public GPU deal that publish a minimum ticket at or under $20M.
Of the 134 financing requests to us since January 2026 ($4.3B in all), the median is $25-50M; many are smaller.
Public GPU lenders with a published minimum at or under $20M
Firms with a public GPU or AI data center financing in the GPU Financing Tracker whose own published range starts at or below $20M.
| Lender | Type | Published ticket | Products | Public GPU deals |
|---|---|---|---|---|
| Sandton Capital Partners | Private credit / direct lender | $5 million to $150 millionSandton Capital Partners (website) | Senior secured loans, Term loans, Bridge loans, Mezzanine | Nscale $76.6M (2023) |
| Upper90 | Private credit / direct lender | $5-25M initial credit facilities, scalable to $250M+Upper90 (website) | Venture debt, Asset-based revolvers | Crusoe $225M (2025); Crusoe $200M (2023) |
What small-ticket GPU loans look like
USD.AI, the largest onchain GPU lender in our tracker, publishes its loan terms:
- Rate card
- 7% to 9% when the offtaker is rated investment grade or the borrower holds a customer default insurance policy on the contract; 10% to 12% for non-investment-grade multi-year offtake; 12% to 15% for on-demand or spot rental. Fixed at origination. USD.AI
- Loan terms
- Up to 80% of verified acquisition cost, at least 20% borrower equity, three years straight-line (up to five to match an offtake contract). Property insurance for flood, fire and theft required at close. USD.AI
- Covenants
- Minimum DSCR 1.15x, tested quarterly against trailing offtake receipts (two consecutive quarters below it open a 30-day cure requiring a partial prepayment); three-month debt service reserve funded from borrower equity before any loan capital is released; loan proceeds held in escrow at Wilmington Trust until the hardware is verified on site. USD.AI
For how these terms compare with bank-led facilities, see GPU loan spreads and rates and covenants in GPU facilities.
The rest of the market, in counts
The gpulenders.com directory profiles 136 firms that finance GPU servers. By ticket band (the firm’s published range, or the smallest public deal it did alone): Under $10M 9, $10M-$50M 3, $50M-$250M 6, $250M+ 10; 108 publish no range and have no solo public deal.
Of the 10 that publish a minimum at or under $20M: 5 equipment lessor, 2 specialty finance, 1 bank, 1 gpu-native lender, 1 private credit. Most are not named in any public GPU deal, so we do not list them here.
Used GPUs: none of the lenders named on this page states a used or secondary GPU program in a public source we found. The public small loans above are secured on B200, B300, H200, RTX PRO 6000 GPUs.
Operators and lenders
Raising under $20M?
Search 136 GPU lenders by ticket, product and GPU on gpulenders.com.
Lending at this size?
We screen GPU financing requests before they reach funders. 134 requests since January 2026, with a median of $25-50M.
Sources and method
Show the method and sources
- Deals: the GPU Financing Tracker, the onchain GPU financing tracker (drawn, committed or deployed loans only, not framework ceilings) and the public deals table on gpulenders.com. Each row links its source.
- Named lenders: a firm is named only when a public GPU deal names it. Published tickets come from the firm’s own website, as shown on its Lender Directory profile.
- Counts: the gpulenders.com directory, by firm type and ticket band; no firm is identified.
- Our pipeline: the public aggregate behind deals we have seen, requests since January 2026. The representative deals there mix fields from different real requests, so we quote only the aggregate (count, volume and median size) here.
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?
- Banks financing and leasing GPUs
Which banks are leasing GPUs, and how big is the market?
Get access to deals
Lenders, lessors and investors: tell us what you finance, including the ticket size, and we will set up an intake call before sharing deals.
Prefer email? hello@amcompute.com
Questions
- Which lenders finance neocloud GPU deployments under $20 million?
- In public deals: USD.AI has funded 12 GPU loans between $200K and $16.4M, at fixed rates with published loan-to-value. Sandton Capital Partners ($5 million to $150 million) and Upper90 ($5-25M initial credit facilities, scalable to $250M+) publish minimum tickets at or under $20M and have public GPU deals. Most small GPU financings are private: in the gpulenders.com directory, 10 firms publish a minimum ticket at or under $20M; the most common type is equipment lessor (5 firms).
- Who lends to small GPU cloud providers?
- In public GPU deals of $100M or less, the lenders are USD.AI, Tech Finance Co. (TFC), GAIB, Wingspire Equipment Finance, Bank of America, Sandton Capital. Each deal is listed on this page with its terms and source. Operators can search 136 GPU lenders by ticket, product and GPU at gpulenders.com/lenders.
- Do lenders finance used GPUs?
- None of the lenders named here states a used or secondary GPU program in a public source we found. The public small-ticket loans on this page are secured on B200, B300, H200, RTX PRO 6000 GPUs.