Argentum AI wants to borrow $5 billion to buy more chips. The cloud computing startup is in talks with a major private credit firm for the deal, Reuters reported, citing two people familiar with the matter.
For a company founded in 2025, that is a big ask. It is also a revealing one, because of who the chips are reportedly meant to serve.
What Argentum is reportedly negotiating
According to one of the people Reuters spoke with, the money would fund additional chips for the data center Argentum secured in Poland with DL Invest Group.
The same person said the debt is intended for chips leased to customers that lack investment-grade ratings.
Argentum’s counterweight to that risk is its order book. The company has secured more than $12 billion in contracted revenue, the person said.
The talks are ongoing, and no deal has been confirmed. The private credit firm involved was not named.
The Poland project and the neocloud playbook
Argentum is a Chicago-based AI cloud startup, the type of company the industry now calls a neocloud. Think of it as a landlord for computing power: it buys expensive GPUs, racks them in data centers, and leases the capacity to companies training and running AI models.
The Poland facility is central to Argentum’s plans. In May 2026, the company signed a $2.5 billion deal for a 300-megawatt AI data center in Bielsko-Biała, Poland, in an agreement involving Boosteroid and DL Invest Group.
The site is designed to host thousands of GPUs, including Nvidia’s GB300 systems. It ranks among the larger independent AI infrastructure projects in Europe.
The company’s approach has been to lock down power and physical infrastructure first, then procure hardware. The reported $5 billion financing would be the hardware half of that sequence.
Argentum also has a partnership with Super Micro Computer focused on large-scale GPU deployments for enterprise AI applications. CEO Andrew Sobko leads the company.
A crowded field competing for the same capital
Argentum is not the only neocloud shopping for debt. Rival Nebius recently secured a $3.5 billion financing facility from Citi, just before Argentum’s talks came to light.
The most notable part of the reported deal is its willingness to finance chips for non-investment-grade customers. Private credit firms have grown into a major source of funding for capital-heavy businesses that banks may view cautiously. A $5 billion commitment tied to GPU leases would underline how far that appetite now extends into AI hardware.
GPUs depreciate as newer generations arrive, so the collateral backing this debt loses value over time. Customer credit quality is the other variable. Contracts with weaker counterparties are only as good as those companies’ ability to keep paying.
There is also a geographic angle. A large independent AI build in Poland gives European customers another source of GPU capacity outside the hyperscalers.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.