Zankore Reportedly Syndicates $3.1B GPU Loan at 330 bp Over SOFR
Bloomberg reports Indonesia's NVIDIA-backed Zankore is syndicating a five-year loan that rests on a six-year NVIDIA contract. Collateral, new lenders and the closing date are unconfirmed.
2 min readAI-assisted
A ZanKore data hall, from the company's launch release. The photo does not show the AI factory financed by the loan, whose first 100 MW has not been built.
Image: ZanKore
Source · Press image from the ZanKore newsroom, used for news reporting.
Zankore, the NVIDIA-backed Indonesian AI infrastructure company, began syndicating a US$3.1 billion GPU loan to the wider lending market on Oct. 28, Bloomberg reported, citing people familiar with the matter.
The five-year loan pays 330 basis points over the Secured Overnight Financing Rate, the people said. It funds GPUs for Zankore's first AI factory. United Overseas Bank and Citigroup are among the five original underwriters marketing the deal, and other banks are invited to join in the senior phase as underwriters or bookrunners. Citigroup and UOB declined to comment and Zankore did not respond, according to the report as carried by The Edge Malaysia.
Zankore signed the facility on Sept. 9 with Citigroup, ING, Natixis, Qatar National Bank and UOB as underwriters, with Citigroup as sole debt adviser, according to a Zankore statement cited by The Edge Malaysia. The new fact is the move from a five-bank underwriting to a market-wide sale.
How NVIDIA Backs the Loan
NVIDIA is Zankore's shareholder, its GPU supplier and its credit backstop. Bloomberg's sources said the financing rests on a six-year contract with NVIDIA that includes revenue sharing and credit support, and that the arrangement covers any unsold compute capacity from an initial 100 MW. US fintech companies are the offtakers buying GPU capacity from Zankore, the people said. Neither the contract nor the offtake terms has been published.
Bloomberg's sources say a six-year NVIDIA contract with revenue sharing and credit support underpins the loan; the terms have not been published.
Illustration (AI-generated)
For lenders, that structure targets the main worry in GPU finance: what the chips are worth if demand falls short. The Edge Malaysia noted that bank-led GPU deals have been scarce in Asia because of uncertainty over residual chip values and US-China technology rivalry. The Next Web reported on Sept. 9 that it remains unclear what exactly secures the loan.
The proceeds buy NVIDIA GPUs for an AI factory that starts at 100 MW and is meant to grow to 1 GW, according to Bloomberg's Sept. 9 report. The Next Web, which covered the signing, said Zankore plans around 200 MW in the first half of 2027 and 1 GW of what NVIDIA calls DSX AI Factory capacity over three years. It also said the first 100 MW had not yet been built. None of the reports gives a site, a grid connection date or a power source, so the load this adds to Indonesia's grid is not yet known.
Zankore launched in August. Indosat Ooredoo Hutchison, Ooredoo Group, Nokia and NVIDIA are its backers, The Next Web said.
Where It Sits Among Asia-Pacific Financings
The syndication lands in a run of large debt deals for the region. Bloomberg's report points to Blackstone-owned AirTrunk's A$4.25 billion green loan for a Sydney campus, which Voltgrid covered, and to Stack Infrastructure's search for an A$8.6 billion facility for Melbourne. Zankore's loan differs in what it finances: chips rather than buildings.
What Is Not Confirmed Yet
The Oct. 28 terms come from unnamed sources. Zankore has not commented, and no list of lenders beyond the original five has been published. The collateral package, the final pricing after syndication and the closing date are all unknown.
