The Crypto Miner Turned GPU Startup That Just Got Nvidia to Write It a Check
A five-year-old startup that started as a Bitcoin mining operation just raised $668 million with Nvidia as an investor — and it's now processing a trillion AI tokens a day, 20 times more than six months ago.
Five years ago, GMI Cloud's founder was running a Bitcoin mining operation in Taiwan. On Wednesday, his GPU cloud startup announced $668 million in new financing, with Nvidia itself as one of the investors.
| Metric | Figure |
|---|---|
| Total raised | $668 million |
| Equity (Series B) | $223 million |
| Credit facility | $445 million |
| Contracted annualized revenue | $600M+ |
| Daily AI inference tokens processed | 1 trillion |
Nvidia's money, and its fingerprints, are everywhere
The $223 million equity portion was led by ARCHIV, a newly formed AI and robotics investment firm, with Nvidia participating alongside it. A separate $445 million credit facility was arranged by Taiwan's CTBC Bank — described elsewhere as one of the first GPU-backed syndicated loans of its kind in the Asia-Pacific region. GMI didn't disclose a valuation, but said contracted annualized revenue has topped $600 million, more than 9 times what it was at the end of 2025.
GMI is one of seven "Nvidia Cloud Partners" that build their data centers entirely to Nvidia's own hardware-and-software reference stack, and it's also enrolled in Nvidia's newer AI compute partnership program, under which Nvidia extends credit support for new facilities in exchange for a cut of the cloud revenue those facilities eventually generate. In plain terms: Nvidia is helping fund the buildout of a customer that buys its chips, runs its software, and then hands some of the resulting cloud revenue back.
From a crypto pivot to processing a trillion tokens a day
GMI — short for General Machine Intelligence — was born out of necessity. Founder and CEO Alex Yeh, whose family has ties to Taiwan's semiconductor industry, was running a Bitcoin mining business there in 2021 when China's crypto mining ban forced a pivot; he turned the operation into a GPU cloud business within 30 days. Five years later, GMI says it now processes about 1 trillion AI inference tokens per day, roughly 20 times the volume it handled just six months ago. Large U.S. customers include OpenRouter, Fireworks AI, and Higgsfield.
Walking back its China exposure
The raise comes as GMI is deliberately shrinking one part of its business: Chinese customers currently account for just under 30% of revenue, but Yeh said that share is expected to fall to closer to 10% within a year, as the new funding goes toward expanding capacity in the U.S. and the rest of Asia instead.
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