QumulusAI, an organization constructing GPU-powered cloud infrastructure for synthetic intelligence, has locked in a $500 million credit score facility to fund its rising fleet of graphics processing models (GPUs).
The financing was organized by Permian Labs and might be distributed by way of USD.AI, a blockchain-based credit score protocol that connects crypto liquidity to real-world infrastructure, in keeping with an announcement shared with CoinDesk.
The non-recourse facility will permit QumulusAI to borrow stablecoins towards as much as 70% of its authorised GPU deployments, giving the corporate sooner entry to capital than conventional credit score routes like financial institution loans or enterprise debt, the corporate mentioned.
GPUs are the spine of synthetic intelligence (AI) infrastructure, as they’ll deal with hundreds of duties without delay and are important for coaching and working giant AI fashions. As demand for AI techniques grows, so does the race to safe entry to the chips that energy them.
QumulusAI’s funding comes as demand for computing energy soars, however capital for smaller operators stays tight. A lot of the trade’s GPU provide continues to be cornered by tech giants comparable to Google, Meta and OpenAI within the race for probably the most superior AI mannequin.
Permian Labs, which developed the USD.AI framework, tokenizes GPUs into warehouse receipt tokens, GWRTs, which can be utilized as collateral on-chain.
“By leveraging Permian Labs’ tokenization framework, we are able to scale sooner and extra flexibly – assembly the surge in AI compute demand with out the constraints of legacy financing,” mentioned QumulusAI CEO Mike Maniscalco.
Bullish, whose mother or father firm Bullish World can be the proprietor of CoinDesk, final month invested $4 million into USD.AI.
