2026년 2월 13일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Private credit is not waiting on the sidelines of the AI buildout. Nscale has lined up a $1.4 billion delayed-draw term loan from lenders including Pacific Investment Management Co. and Blue Owl Capital Inc., capital that will be used to purchase Nvidia Corp. graphics processing units and lease them to customers in Europe. The structure underscores how asset-backed lending tied directly to AI infrastructure demand could be becoming a preferred way to finance chip capacity without forcing operators to commit all the capital upfront.
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The path to this financing was not frictionless. Nscale engaged Goldman Sachs Group Inc. (NYSE:GS) in March 2025 to market the deal, but investor appetite was initially tepid, in part because the company had only been operating for a few months and was largely associated with ByteDance in discussions. Since then, the company appears to have expanded its profile, partnering with Microsoft Corp., hiring executives from Palantir Technologies Inc. (NASDAQ:PLTR) and JPMorgan Chase & Co. (NYSE:JPM), and entering talks to raise another $2 billion in equity. It has previously worked with ByteDance and Microsoft (NASDAQ:MSFT), suggesting a broader commercial footprint than earlier investor perceptions may have implied.
For Nvidia (NASDAQ:NVDA) investors, the structure mirrors other recent transactions where private capital is deployed to acquire GPUs and lease them back to AI operators. Over the past 12 months, similar arrangements have emerged, including a deal between Elon Musk's xAI and Valor Equity Partners used to buy Nvidia GPUs and lease them to the startup. Pimco and Blue Owl have also teamed up before, most recently backing Meta Platforms Inc.'s $30 billion data center financing in Louisiana, indicating that large private credit players could be positioning themselves as recurring financiers of the capital-intensive AI expansion.
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