Analysis · Markets · 5 min read
GPU financing outside the US: Iceland, the Nordics, Europe, the Gulf and Asia-Pacific
The largest GPU loans finance US campuses, but the market outside the US is growing quickly. Iceland and the Nordics lead on count. The Gulf and Australia lead on size.
- 01Macquarie, Victory Park and Goldman Sachs have financed GPU fleets in Iceland for Fluidstack, Crusoe and Nscale.
- 02Firmus in Australia (up to US$10bn) and HUMAIN in Saudi Arabia (US$5.34bn) are among the largest facilities outside the US.
- 03Cross-border security packages, such as Nscale Iceland's English, Irish and Icelandic security, are becoming standard.
Of the 31 public GPU-backed loans signed since August 2023, thirteen finance compute outside the US or come from lenders outside it. They show a market that is spreading geographically, and a set of legal questions that US-only deals do not raise.
Iceland and the Nordics
Iceland has become a hub for GPU lending: Macquarie for Fluidstack in 2025 and Nscale in 2026, Victory Park for Crusoe in 2025 and a Goldman Sachs-led US$509m facility for Crusoe launched in September 2026. Nscale's first facility financed its Glomfjord site in Norway, and NexGen Cloud financed B200 GPUs in Sweden. Renewable power and natural cooling make the region attractive for large clusters.
Europe, the Gulf and Asia-Pacific
In France, Mistral AI raised a reported 830m loan from a club of French and Japanese banks against about 13,800 GB300 GPUs and a 44MW site. In Saudi Arabia, Goldman Sachs is arranging US$5.34bn for HUMAIN's data centres and GPUs. In Australia, Firmus signed a facility of up to US$10bn with Blackstone and Coatue, drawn against executed customer contracts, and Sharon AI moved from an on-chain framework to a US$356m Goldman Sachs loan. Taiwan's CTBC lent US$445m to GMI Cloud.
Public GPU-backed loans outside the US
| Date | Borrower and market | Size | Lenders | Notes |
|---|---|---|---|---|
| Apr 2025 | Fluidstack · Iceland | n/d | Macquarie | NVIDIA GPUs in Iceland |
| Jun 2025 | Nscale Glomfjord · Norway | US$105m | Macquarie | 7.50% plus return-based payments; English and Norwegian security |
| Aug 2025 | Crusoe · Iceland | US$175m | Victory Park | GB200 capacity at atNorth ICE02 |
| Jan 2026 | Sharon AI · Australia and Asia-Pacific | Up to US$500m, uncommitted | USD.AI | Tokenised GPU collateral |
| Feb 2026 | Firmus · Australia | Up to US$10bn | Blackstone, Coatue | Drawn against executed long-term customer contracts |
| Feb 2026 | Nscale · Europe | US$1.4bn | Goldman Sachs; Pimco, Blue Owl and others | SOFR + 5.00%, stepping to 5.25% |
| Mar 2026 | Mistral AI · France | 830m (reported) | French and Japanese bank club | About 13,800 GB300 GPUs and a 44MW site |
| May 2026 | HUMAIN · Saudi Arabia | US$5.34bn | Goldman Sachs arranging | Data centres and GPUs |
| Jun 2026 | NexGen Cloud · Sweden | US$34m | USD.AI | B200 GPUs and contracted cash flows |
| Jul 2026 | Nscale · Iceland | US$332m | Macquarie | SOFR + 5.50% plus return-based payments; English, Irish and Icelandic security |
| Sep 2026 | Crusoe · Iceland | US$509m (launch) | Goldman Sachs | Talk SOFR + 4.75% to 5.00%, OID 98.5 |
| Sep 2026 | GMI Cloud · Taiwanese lender | US$445m | CTBC | NVIDIA senior for its revenue share |
| Oct 2026 | Sharon AI · Australia | US$356m | Goldman Sachs | 9.95% fixed |
Margins are wider, for now
The non-US deals with disclosed pricing sit at the upper end of the market: SOFR + 5.00% to 5.50% for Nscale in Europe and Iceland, plus return-based payments in the Macquarie deals, and talk of 4.75% to 5.00% for Crusoe. That reflects customer credit and sponsor maturity as much as geography. None of these deals has the single investment-grade contract behind the 2.25% to 2.50% US loans.
The cross-border questions
A GPU fleet in Iceland, owned by a group with UK and US entities and financed by international lenders, needs security that works in each place. Nscale's Iceland loan takes English, Irish and Icelandic law security, and its Glomfjord loan takes English and Norwegian security.
- Where are the GPUs, the borrower, the accounts and the customer contract, and which law governs security over each?
- Can security over GPUs be registered in the host country, and does local law recognise a floating charge or equivalent?
- Do export controls restrict moving the GPUs out of the country on enforcement?
- How do local data centre landlords and grid operators fit into the direct agreement?
For in-house counsel
Take it to the documents
The filed wording behind this piece, for the lender’s or the borrower’s side. Previews are open; the full text is free with InfraCompute Weekly.
- GPU loan summariesFiled GPU credit agreements side by side: advance rates, covenants and the collateral package.
- Financing clause libraryCash traps, coverage ratios, cures, step-in and GPU security, quoted from credit agreements and indentures.
- Issues list: GPU credit agreementBuild it from the lender’s or the borrower’s side, with where filed deals land.
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Sources
- Nscale SEC filing, September 2026: sec.gov
- Firmus: datacenterdynamics.com
- HUMAIN: sharikatmubasher.com
- Mistral AI: sifted.eu
- Crusoe Iceland 2025: pulse2.com
- Crusoe Iceland 2026 launch terms: octus.com
- Fluidstack and Macquarie: 01net.it
- Nscale Europe: bloomberg.com
- GMI Cloud: pulse2.com
