GLX
Connecting institutional capital to compute
GLX connects institutional capital with scored, monitored GPU financings originated through USD.AI.
Originated Deal Flow
Every financing is originated through USD.AI and structured the same way before it reaches GLX.
One Credit Package
Every loan carries the same credit package and structure, whoever holds it.
Diligence Done
Compute IQ scores every deal against published underwriting standards on a 100-point scale that sets its price and rate.
Sized to Your Mandate
Positions in seasoned, performing financings, from single loans to portions of larger facilities.
How GLX connects the system
- Active loansLoading live data
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- Loan and escrow backingLoading live data
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- Blended interest rateLoading live data
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Originate GPU loans without building a GPU team
Programmatic, unbiased underwriting
Every financing on GLX is originated through USD.AI and scored by Compute IQ against published underwriting standards, so each credit is assessed the same way.
First-priority lien on ring-fenced collateral
A bankruptcy-remote SPV holds the GPUs, contracts and revenue accounts.
The lender group holds a first-priority perfected security interest over them and a pledge of 100% of the SPV's equity.
Repaid from contracted offtake revenue
Contracted revenue from the offtaker, the customer buying the compute, is the primary repayment source.
Funds release only after independent verification of installed hardware.
DSCR tested on cash collected
Each loan is tested quarterly against a minimum debt service coverage ratio on cash received, backed by real-time telemetry on uptime and server health.
Seasoned financings recycle capital
Once a financing is seasoned and performing, it may be sold to an institutional buyer through GLX, and the capital returns to fund new financings.
Track record
Experience running GPU deployments
Customer
Who buys the compute
Contract
Term, price and payment
- Loan size
- Interest rate
- Structure
First-priority lien
Perfected security interest over the assets
Equity pledge
100% of the SPV's equity
- GPUs
- Contracts
- Revenue accounts
Offtaker
The customer buying the compute
Cash received
Revenue collected for the quarter
Telemetry
Uptime and server health in real time
Seasoned financing
Performing on its schedule
Institutional buyer
Holds the financing
New financings
Funded by the capital returned
Loan terms**
- Loan-to-value
- up to 80%
- Facility size
- ~$20–$150M
- Term
- 3–5 years
- Lender IRR
- 10–15%
- Average DSCR
- ~1.25x
Recent transactions
- Coming Soon
$105.8M
GPU financing
216 × B300
Originated through USD.AI · Placed through GLX
- Undisclosed borrower
$128.9M
GPU financing
32 × GB200 NVL72
Originated through USD.AI · Placed through GLX
- Duos
$98.1M
GPU financing
288 × B300
Originated through USD.AI · Placed through GLX
$54.4M
GPU financing
130 × B300
Originated through USD.AI · Placed through GLX
Questions from institutional capital
GLX works with private credit funds and banks with an asset-backed or infrastructure mandate, fintech and exchange balance sheets, and syndicate lenders. Fintech and exchange balance sheets use it to put stablecoin reserves into standardized, monitored, asset-backed credit. Syndicate lenders use it to take a place in larger facilities. Specific opportunities are shared with qualified institutional counterparties under NDA.
GLX financings typically range from $20 million to $150 million. USD.AI serves the Compute Middle Market, the GPU cloud operators between startups and hyperscalers, with standardized underwriting and structures that also support larger facilities. Larger financings can be offered as syndicate positions.
Every financing clears ownership, document, lien and sanctions checks before closing. Borrowers provide a corporate org chart with beneficial owners of 10% or more, financial statements and evidence of equity contribution. They also provide the executed GPU purchase order, colocation agreement and offtake agreement. Diligence includes UCC, lien and judgment searches, AML/KYC and OFAC sanctions screening. Financings are made only where hardware title is perfectable and security interests are reliably enforceable. See the underwriting and risk standards.
GLX supports both primary and secondary issuances. Primary issuances enable active capital allocators to have hands-on involvement in loan execution. Secondary issuances use USD.AI's season-and-sell program to deliver performing loans to institutional capital allocators.
Senior secured priority liens over assets, contracts and bank accounts, together with step-in rights to the colocation facility, provide a variety of workout solutions for lender syndicate members.
GLX financings are repaid from customer offtake contracts. Fixed and floating rates are available, with pricing informed by the operator's credit profile, the offtake contract and the loan-to-value ratio. Loans amortize straight-line over 3–5 years and are prepayable without penalty.
