Super Micro-Backed Argentum AI Reportedly Seeks $5B Private Credit Loan for Poland Chips

Argentum AI, a Chicago-based AI cloud company backed by Super Micro Computer (SMCI), is reportedly in talks with a major private-credit firm for about $5 billion of financing to buy AI chips, according to people familiar with the matter. The talks are not final, and the lender was not named. The debt would fund GPUs for a data center in Poland that Argentum secured with DL Invest Group, and one source said the company has more than $12 billion in contracted revenue.

What is on the table

The proposed debt would pay for GPUs that Argentum leases to customers that do not carry investment-grade credit ratings, which is the riskier end of the neocloud market. No rate, maturity or other terms have been reported. Argentum has said it is working with U.S. financial institutions and investment banks on financing structures for future deployments.

The Poland project traces to a roughly $2.5 billion agreement Argentum announced with cloud gaming and GPU infrastructure company Boosteroid and European developer DL Invest Group, a long-term framework for 300 megawatts of AI data center capacity expected to support tens of thousands of GPUs, including future Nvidia GB300 systems. Argentum is led by founder and CEO Andrew Sobko.

How other AI-chip financings compare

Nebius said its facility is priced at Term SOFR plus 2.75% initially, rising to a maximum of 3.50%, and will fund data center development, GPU purchases and general corporate purposes. Its chief operating officer said the company has other capital sources lined up, including asset-backed financing tied to more than $40 billion of long-term customer contracts.

Musk's warning on neoclouds

The talks come as credit tightens for AI cloud providers. In a post on X on Sunday, Elon Musk said debt markets have almost entirely cut off money for companies without substantial revenue outside AI data centers, and predicted "guppy-level death and consolidation" among more than 200 neoclouds. Musk credited SpaceX's investment-grade rating and its Starlink and launch revenue for its financing. That contrast is the problem for Argentum, whose planned borrowing is backed by leases to customers without investment-grade ratings.

What to watch

For Super Micro, Argentum is both a backed company and, potentially, a buyer of AI infrastructure, so the outcome of the talks matters to how much capacity gets built. The risks are the cost and availability of the debt, the credit quality of Argentum's tenants, and whether the Poland site is delivered on schedule. The financing is still unconfirmed, and no terms have been disclosed.

Sources: Nebius, financing facility announcement (Oct. 22); Boosteroid, Argentum AI data center agreement. Other details are from people familiar with the talks and public reports. This is informational, not a recommendation to buy or sell.