QumulusAI, a company that builds GPU-powered cloud infrastructure for artificial intelligence, has secured a $500 million credit facility to fund its growing fleet of graphics processing units (GPUs).
The financing was arranged by Permian Labs and will be distributed via USD.AI, a blockchain-based credit protocol that connects cryptocurrency liquidity to real-world infrastructure, according to an announcement shared with CoinDesk.
The non-recourse facility will allow QumulusAI to borrow stablecoins against up to 70% of approved GPU deployments, giving the company faster access to capital compared to traditional credit methods such as bank loans or project debt, the company said.
GPUs are the backbone of artificial intelligence (AI) infrastructure, as they can handle thousands of tasks simultaneously and are essential for training and running large AI models. As demand for AI systems grows, so does the race to secure access to the chips that power them.
QumulusAI’s funding comes as demand for computing power rises, but the capital available to small operators remains limited. Much of the industry’s GPU supply is still cornered by tech giants like Google, Meta, and OpenAI in the race to have the most advanced AI model.
Permian Laboratories, which Developed USD.AI frameworkencodes GPUs in warehouse receipt tokens, GWRTs, which can be used as on-chain collateral.
“By leveraging Permian Labs’ proprietary coding framework, we can scale faster and more flexibly – meeting the increase in demand for AI computing without the constraints of legacy funding,” said Mike Maniscalco, CEO of QumulusAI.
Bullish, whose parent company Bullish Global also owns CoinDesk, last month Invested $4 million in USD.AI.
