Neoclouds Sharon AI and Lambda have separately announced GPU-secured debt funding rounds.

Australia's Sharon AI has secured a $365m senior secured, GPU-backed SPV debt at a fixed price of 9.95 percent.

The funding is secured by Sharon AI's GPUs and associated cash flows, and is the company's first in an expected series of GPU financings to support its planned deployment of 68,000 Nvidia GPUs by mid-2027.

The debt brings Sharon AI's total raised through debt and equity to $2.6bn during the past 10 months.

“As demand for sovereign and secure, trusted AI infrastructure continues to outpace available supply globally, and particularly across Australia, New Zealand and the broader Asia-Pacific, access to scalable debt capital is an important enabler of our growth,” said James Manning, co-founder and CEO of Sharon AI.

“This facility demonstrates how we expect to access debt markets to fund our GPU deployments, leveraging our book of quality customer offtake now standing at a TCV of over $8.8bn. This is designed to enhance return on equity and ultimately drive increased long-term shareholder value. With a strong balance sheet, growing contracted capacity pipeline and a disciplined approach to capital allocation, we believe we are well positioned to continue scaling our AI platform across the Asia-Pacific region.”

Jarden Australia acted as sole financial advisor and arranger.

Sharon AI recently signed an agreement to lease capacity from GreenSquare's data center in Sydney, where it plans to deploy 8,200 Nvidia Blackwell Ultra GPUs.

Lambda, meanwhile, has secured $1bn in senior secured fixed-rate financing.

The funding is an investment-grade, delayed-draw term loan that was marketed to insurance companies and fixed-income investors. It will be used to fund the purchasing and development of GPU cloud infrastructure needed for three customer deployments that Lambda is contracted to support.

The loan has a 6.78 percent fixed interest rate.

It is Lambda's second institutional credit facility following the $926 million facility secured in August 2026.

“The capital in this offering underwrites infrastructure in decades, not quarters, and has funded us as a private company on the strength of our customer contracts,” said Michel Combes, CEO of Lambda. “Building on our investment-grade Term Loan B and bank lending facility, this is the third new credit market Lambda has opened in the last 18 months. Our progression into deeper and more diversified pools of capital is the market's verdict on the durability of our contracts and the scalability of our business.”

J.P. Morgan acted as sole coordinating lead arranger, structuring agent, and bookrunner.

GPU-backed loans are growing in popularity but are still a relatively new concept. Hardware historically depreciates in value over time, making it an unreliable asset to secure debt with. However, with demand for AI continuing, even older hardware is retaining its value for longer, and GPUs, alongside large customer commitments, are increasingly being turned to back up debt. Other neoclouds to have secured similar loans include CoreWeave and Nscale.