--- title: "Nvidia is co-signer and chipmaker as Zankore's $3.1 billion GPU loan prices near 7.3%" description: "The first public price print for an Nvidia-backed Asian AI factory lands this week at SOFR plus 330 basis points, with Nvidia on both sides of the credit: it backs the borrower and makes the collateral." publisher: "The Inference" section: "Data Center" published: 2026-10-28T16:21:14.019Z modified: 2026-10-28T16:21:14.019Z canonical: https://theinference.org/article/nvidia-is-co-signer-and-chipmaker-as-zankore-s-3-1-billion-gpu-loan-prices-near-7-3 language: en keywords: "GPU Debt, AI Financing, Nvidia, Data Centers, Bank Loans" --- # Nvidia is co-signer and chipmaker as Zankore's $3.1 billion GPU loan prices near 7.3% > The first public price print for an Nvidia-backed Asian AI factory lands this week at SOFR plus 330 basis points, with Nvidia on both sides of the credit: it backs the borrower and makes the collateral. Zankore, an Indonesian AI infrastructure platform backed by [Nvidia](https://theinference.org/markets/companies/nvidia), Indosat Ooredoo Hutchison and Ooredoo, signed a $3.1 billion loan in September to buy Nvidia GPUs for a new AI factory, and this morning [Bloomberg reports the loan is being taken to the broader bank market](https://www.bloomberg.com/news/articles/2026-10-28/nvidia-backed-firm-launches-3-1-billion-gpu-loan-into-market) [1]. United Overseas Bank and [Citigroup](https://theinference.org/markets/companies/citigroup) are among five original underwriters marketing it at 330 basis points over the Secured Overnight Financing Rate, five-year tenor [1]. Other banks are being invited to join the senior phase this week, so this is the window in which the market prices the deal [1]. That turns a financing seen only in private into a public price print. ## Nvidia is co-signer and chipmaker at once The complication sits in who stands where. Nvidia backs the borrower and makes the collateral: [its revenue-sharing and credit-support model, launched in July](https://sg.finance.yahoo.com/news/nvidia-backed-firm-indonesia-signs-024510999.html), eases lenders' repayment concerns [2]. "Nvidia is helping us to make it financeable," Zankore chairman Vikram Sinha said [2]. But credit support answers repayment, not what the GPUs fetch at auction in 2031 [2]. Bank-led GPU deals have been scarce in Asia precisely because the residual value of used chips is unpriceable and US-China rivalry adds geopolitical risk [2]. In effect, the 330 basis points is the fee lenders charge for carrying that residual-value risk, and the entity that made the collateral is also the reason the loan clears at all [2]. ## The same co-signer structure, priced elsewhere This is not a lone case. [Broadcom](https://theinference.org/markets/companies/broadcom) just gave "residual value support" to the banks and [Blackstone](https://theinference.org/markets/companies/blackstone) [lending $63 billion to buy its AI chips for Anthropic](https://finance.yahoo.com/technology/ai/articles/wall-street-banks-63-billion-143439167.html), a structure where $43.5 billion ranks first-lien [4]. Nvidia on both sides of Zankore's loan is the same mechanism: the chipmaker guarantees the machine it sells, so lenders fund the hardware without having an opinion on used-chip prices. ## What the print says about the price of AI money Read against pricing this desk has already recorded: [Lambda sold insurers $1.008 billion of GPU debt at 6.78%](https://theinference.org/article/lambda-sells-insurers-1-billion-of-gpu-debt-at-6-78-for-30-000-nvidia-chips) for 30,000 Nvidia chips (October 5, 2026) [5], [CoreWeave](https://theinference.org/markets/companies/coreweave) pays 5.9% on its secured A3 loan and 14% on its parent's unsecured notes (October 28, 2026) [6], and [BlackRock](https://theinference.org/markets/companies/blackrock)'s Rick Rieder said he would only buy AI debt that is secured and yields about 7% (October 27, 2026) [7]. An unrated Asian AI factory clearing at roughly 7.3%, assuming SOFR near 4%, sits just above Rieder's bar. Secured GPU money now prices between roughly 6% and 7.5%, and residual-value risk is what separates the top of that range from CoreWeave's 5.9% secured print. *Chart: **Zankore prints just above Rieder's 7% bar for secured AI debt** Bar chart of five GPU-related debt yields: Rieder bar about 7%, Lambda 6.78%, Zankore SOFR+330 about 7.3% highlighted, CoreWeave secured A3 5.9%, CoreWeave parent unsecured 14% in muted steel* *All-in yield or coupon, percent. Zankore is the margin over SOFR added to an assumed ~4% SOFR, hence an estimate; Rieder's bar is his stated ~7% requirement; CoreWeave parent notes are unsecured, not GPU-collateralized, and shown for contrast. [1][5][6][7]* The same Nvidia-and-sovereign template appeared one geography over this week: Firebird.ai, an Armenian-American AI infrastructure firm, [obtained export licenses for 45,000 Nvidia Grace Blackwell GPUs](https://oilprice.com/Energy/Energy-General/45000-Nvidia-Blackwell-GPUs-Cleared-for-Kazakhstan-Data-Center.html) for a data center built with Kazakhtelecom, Kazakhstan's national telecom operator, first phase due Q3 2027 and up to 500 megawatts planned [3]. Neoclouds, the smaller cloud providers renting AI compute instead of building for themselves, now have a public benchmark. Watch the syndication books this week: if the senior phase fills at 330, GPU-secured debt has a market price; if banks balk, the residual-value question was never answered, only deferred. ## Takeaway An Nvidia-backed Indonesian AI factory is syndicating a $3.1 billion GPU loan at SOFR plus 330, about 7.3% all-in, the first public price for chipmaker-guaranteed AI debt in Asia: Nvidia sits on both sides of the credit, backing the borrower and making the collateral. ## Sources 1. [Bloomberg, "Nvidia-Backed Firm Launches $3.1 Billion GPU Loan into Market", 28 October 2026](https://www.bloomberg.com/news/articles/2026-10-28/nvidia-backed-firm-launches-3-1-billion-gpu-loan-into-market) 2. [Yahoo Finance (Bloomberg), "Nvidia-backed firm in Indonesia signs US$3.1 bil GPU loan", 8 September 2026](https://sg.finance.yahoo.com/news/nvidia-backed-firm-indonesia-signs-024510999.html) 3. [OilPrice.com (Eurasianet), "45,000 Nvidia Blackwell GPUs Cleared for Kazakhstan Data Center", 28 October 2026](https://oilprice.com/Energy/Energy-General/45000-Nvidia-Blackwell-GPUs-Cleared-for-Kazakhstan-Data-Center.html) 4. [Yahoo Finance, "Wall Street Banks Provide $63 Billion To Finance Broadcom AI Chips For Anthropic", 27 October 2026](https://finance.yahoo.com/technology/ai/articles/wall-street-banks-63-billion-143439167.html) 5. [The Inference, "Lambda sells insurers $1 billion of GPU debt at 6.78% for 30,000 Nvidia chips", 5 October 2026](https://theinference.ai/article/lambda-sells-insurers-1-billion-of-gpu-debt-at-6-78-for-30-000-nvidia-chips) 6. [The Inference, "CoreWeave's $35.6 billion loan stack splits: an $8.5 billion A3 loan at 5.9%, parent unsecured notes at 14%", 28 October 2026](https://theinference.ai/article/coreweaves-35-6-billion-loan-stack-splits-an-8-5-billion-a3-loan-at-5-9-parent-unsecured-notes-at-14) 7. [The Inference, "BlackRock's bar for AI debt is 7% and secured; below it only Nvidia's balance sheet still works", 27 October 2026](https://theinference.ai/article/blackrocks-bar-for-ai-debt-is-7-and-secured-below-it-only-nvidias-balance-sheet-still-works) --- Nvidia is co-signer and chipmaker as Zankore's $3.1 billion GPU loan prices near 7.3% — The Inference. Canonical: https://theinference.org/article/nvidia-is-co-signer-and-chipmaker-as-zankore-s-3-1-billion-gpu-loan-prices-near-7-3