QumulusAI, a company building GPU-powered cloud infrastructure for artificial intelligence, has locked down a $500 million line of credit to finance its growing fleet of graphics processing units (GPUs).
The funding was arranged by Permian Labs and will be distributed through USD.AI, a blockchain-based credit protocol that connects crypto 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 its approved GPU deployments, giving the company faster access to capital than traditional credit routes like bank loans or venture debt, the company said.
GPUs are the backbone of artificial intelligence (AI) infrastructure, as they can handle thousands of tasks at once 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 at a time when demand for computing power is skyrocketing, but capital for smaller operators remains tight. Much of the industry’s GPU supply is still cornered by tech giants like Google, Meta, and OpenAI in the race for the most advanced AI model.
Permian Labs, which developed the USD.AI framework, converts GPUs into warehouse receipt tokens, GWRT, which can be used as collateral on-chain.
“By leveraging the Permian Labs tokenization framework, we can scale faster and more flexibly, meeting the surge in demand for AI computing without the constraints of legacy funding,” said QumulusAI CEO Mike Maniscalco.
Bullish, whose parent company Bullish Global also owns CoinDesk, invested $4 million in USD.AI last month.
