Argentum AI is in talks to secure $5 billion from a major private credit firm to buy AI chips, two people familiar with the discussions told Reuters in a report published on 27 October. The Chicago-based company rents out AI computing power and is backed by server maker Super Micro Computer. The proposed financing would pay for additional chips at a data centre Argentum secured with DL Invest Group in Poland.
Key points
- The $5 billion under discussion would finance chips for leases to customers without investment-grade ratings.
- Argentum signed a roughly $2.5 billion deal in May with Boosteroid and DL Invest Group for a 300-megawatt Polish data centre.
- One person familiar with the financing talks put Argentum’s contracted revenue at more than $12 billion.
- SpaceX secured $40 billion of chip debt, while Nebius secured a $3.5 billion facility for data centres and GPUs.
Polish site puts chips at the centre
The planned borrowing is for chips that Argentum would lease to customers lacking investment-grade ratings, one person familiar with the talks told Reuters. The same person said Argentum had secured more than $12 billion in contracted revenue. Both figures concern the business behind the financing discussions: one is the proposed amount of debt for hardware, while the other is the person’s account of revenue under contract.
Argentum signed a roughly $2.5 billion deal in May with cloud gaming company Boosteroid and DL Invest Group for a 300-megawatt data centre. The proposed $5 billion financing is intended to add chips to the Polish site, rather than fund the earlier data-centre deal.
Argentum is led by founder and chief executive Andrew Sobko and was founded in 2025. Its business is to deploy GPU infrastructure for AI customers. The hardware purchase described by the person familiar with the talks would serve customers below investment grade, the credit category named in the proposed financing.
Argentum had sought deployment financing in May
At the time of its May Polish data-centre agreement, Argentum said it was discussing ways to pay for later projects with US finance firms and deal advisers, Reuters reported. The current discussions concern a major private credit firm and a proposed debt package for additional chips. The earlier statement concerned financing structures more broadly for the company’s planned deployments.
Financing for neoclouds — companies that rent AI computing capacity to other businesses — has tightened. The structure being discussed for Argentum centres on chips leased to customers without investment-grade ratings. That customer category is a specific feature of the proposed borrowing, alongside the Polish site and the amount Argentum is seeking.
SpaceX and Nebius secure separate facilities
Other AI infrastructure companies have arranged debt for hardware and capacity. SpaceX secured $40 billion of chip debt with an affiliate of Apollo Global Management on 26 October. Elon Musk attributed its access to financing to SpaceX’s investment-grade rating and revenue from Starlink and launches.
Nebius, an AI cloud services company, secured a $3.5 billion facility from Citi to continue developing data centres and buying GPUs. The two financings cover different borrowers and uses: the SpaceX debt is for chips, while the Nebius facility also funds data-centre development.
Musk wrote on X on 25 October that debt markets had almost entirely shut off access to companies without substantial revenue independent of AI data centres. He predicted consolidation among more than 200 neoclouds. Super Micro shares were up around 7% midway through trading on 27 October after the Argentum financing report, GuruFocus reported.
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