Zankore’s $3.1 billion Nvidia GPU loan is now going to the wider market

Zankore, the Indonesian AI infrastructure platform backed by Nvidia, is syndicating its $3.1 billion loan to the broader market, according to Bloomberg, which cites people familiar with the matter. Neither Zankore nor its lenders had confirmed the syndication in the sources we found.

A facility signed in September, now seeking more lenders

The loan itself is not new. Zankore announced in early September that it had signed a senior term loan facility of up to $3.1 billion, according to the company’s announcement as published by TelecomTV. Five banks acted as senior mandated lead arrangers, underwriters and bookrunners: Citi, ING, Natixis CIB, Qatar National Bank and United Overseas Bank. Citi was the exclusive debt adviser. The law firm Mayer Brown, which advised the lenders, described the money as supporting the purchase and deployment of Nvidia GPU infrastructure for Zankore’s AI cloud platform.

Syndication is the usual next step for a loan of this size: the underwriting banks sell parts of it to other lenders so that they do not carry all of it themselves. Bloomberg’s report places the Zankore deal in what it calls a flurry of financing for Asia’s AI buildout. The public summary does not say how many lenders are being approached, what the pricing is, or when the process is meant to close.

What the money is meant to build

Zankore launched on August 6, 2026, with Ooredoo Group, Indosat Ooredoo Hutchison, Nokia and Nvidia named as participants. The announcement does not break down who owns what. The company says it plans an initial 100 MW of Nvidia AI infrastructure. Its long-term target is 1 GW of Nvidia DSX AI Factory capacity, with about 200 MW expected in the first half of 2027.

The customers it names are AI companies, enterprises, startups, developers and institutions in Indonesia and Southeast Asia. Those customers would rent GPU clusters for training and inference. Zankore’s chairman, Vikram Sinha, said in the announcement that “AI is creating a defining opportunity for Indonesia and Southeast Asia.”

How it compares with other GPU debt

The analysis here is about who is lending against what. Our explainer on GPU-backed debt notes that a CoreWeave facility closed on March 31, 2026 was $8.5 billion. It was backed by GPUs and contracted Meta payments, rated A3 by Moody’s and priced at SOFR plus 2.25 points. A later CoreWeave facility tied to weaker customers was rated Ba2/BB+ and priced at SOFR plus 4.5 points. The explainer’s conclusion is that the customer’s credit, more than the chip, appears to set the price.

That matters for Zankore, because the sources we read do not name anchor customers or contracted usage. At $3.1 billion, the loan is well under half the size of the CoreWeave deal, yet it is aimed at capacity that, by the company’s own timetable, is still to be built. We also reported on SpaceX’s $40 billion Apollo lease, which shows GPU financing running on a different structure: a rent schedule rather than a syndicated term loan.

Independent reporting is more cautious than the lenders. The Next Web pointed out that the borrower is a very young company, that its first 100 MW has not been built, and that the interest rate, maturity and exact collateral have not been made public. We could not verify those details independently, and Bloomberg’s public summary does not address them either.

Who is affected, and what is still unknown

For lenders outside the original five banks, syndication would be an opening to take exposure to Southeast Asian AI compute, tied to a platform with Nvidia among its backers. Bloomberg’s summary does not say who is being approached. For businesses in Indonesia, the practical effect depends on the capacity actually arriving: the company’s own schedule points to the first half of 2027 for the first 200 MW. The sources do not give prices for the cloud services or a date when customers can start renting.

The syndication is Bloomberg’s report, based on unnamed sources, and it remains unconfirmed by the company. The loan’s existence, size, banks and purpose come from the company’s September announcement and from Mayer Brown. Anything on terms or investor appetite will need to come from a later disclosure.