Exclusive: GPU Cloud Provider GMI Raises $668 Million From Nvidia and Others

GMI Cloud, a five-year-old provider of Nvidia chip servers to enterprises, said Wednesday it raised $668 million in equity and debt financing. The new fundraise indicates Nvidia is continuing to help smaller, upstart cloud providers, especially those that plan to boost Nvidia in more ways than one.

GMI, which stands for general machine intelligence, is one of seven cloud providers that are building facilities entirely based on Nvidia’s specifications, meaning they use Nvidia’s full stack of hardware and software. It’s also a participant in Nvidia’s AI compute partnership, a new program in which Nvidia provides credit support for new facilities in exchange for taking a cut of the eventual cloud revenues those facilities generate.

ARCHIV, a new AI and robotics investment firm, led the $223 million equity portion of the GMI funding round, in which Nvidia also participated. Taiwanese bank CTBC led the $445 million credit facility. The company did not disclose a valuation, but said it has more than $600 million in annualized revenue under contract.

The new funds will help GMI Cloud grow its AI capacity in both the U.S. and Asia. Just under 30% of GMI Cloud’s revenue currently comes from Chinese customers, but that will fall to closer to 10% next year, said CEO Alex Yeh, whose family is involved in the Taiwanese semiconductor industry. Large U.S.-based customers include OpenRouter, Fireworks AI and Higgsfield. Yeh said GMI Cloud is now processing one trillion AI inference tokens per day, 20 times higher than six months ago.