Bloomberg reported on 28 October 2026 that Zankore, an Indonesian AI infrastructure platform backed by Nvidia, is syndicating a $3.1 billion loan to the broader market, according to people familiar with the matter. Bloomberg said the deal adds to a flurry of financing for Asia’s AI buildout.
The loan itself is not new: Zankore signed it on 9 September with five underwriting banks. What Bloomberg reports now is the next step, offering pieces of the loan to a wider group of lenders.
Short explainer · AI credit brief
A vertical news Short narrated from the published headlines and opening lines of this piece and three related FourWeekMBA pieces on AI chip financing.
Business Pill · GPUs
An evergreen Business Engineer explainer on why AI runs on GPUs. It teaches the general idea only and does not discuss Zankore, Nvidia’s credit support or loans.
The key insight: As we read it, the new step is who holds the risk: five banks underwrote the $3.1 billion loan in September, and Bloomberg now reports it is being offered to a wider group of lenders, with Nvidia’s revenue-sharing and credit support attached.
According to an excerpt of the Bloomberg article, the loan runs five years, funds the purchase of graphics processing units for Zankore’s new AI factory, and pays an interest margin of 330 basis points over the Secured Overnight Financing Rate. We could read only that excerpt and the headline; the rest of the article is behind Bloomberg’s paywall.
When the loan was signed in September, Bloomberg reported that Citigroup, ING, Natixis, Qatar National Bank and United Overseas Bank underwrote it, and that Citigroup was the sole debt adviser. Reuters described the facility as up to $3.1 billion.
How Zankore has financed its Indonesian AI build, as reported: launch with Indosat, Ooredoo, Nokia and Nvidia on 6 August (Reuters); a $3.1B GPU loan underwritten by five banks with Nvidia credit support on 9 September (Bloomberg); syndication to the broader market on 28 October, five years at 330 basis points over SOFR (Bloomberg excerpt, people familiar); about 200 MW targeted for the first half of 2027 (Reuters). Sources: Reuters; Bloomberg.
How Nvidia Backs the Deal
Bloomberg reported in September that the financing includes a revenue-sharing and credit-support model from Nvidia, which it said eases lenders’ concerns about repayment and credit risk.
Zankore’s chairman, Vikram Sinha, told Bloomberg: “Nvidia is helping us to make it financeable.” Bloomberg said Nvidia launched the model in July to help partners widen access to data centre capacity and support smaller AI companies.
Reuters reported that Qatar’s Ooredoo is Zankore’s founding shareholder and lead investor, with a 49% stake, and that the platform is being developed with Indosat Ooredoo Hutchison, Nokia and Nvidia.
What the Money Builds
Zankore’s planned capacity as reported: an initial 100 MW build and a 1 GW expansion plan (Bloomberg, 9 Sep), about 200 MW targeted for the first half of 2027 (Reuters, 9 Sep), and the 28 Oct loan terms of 330 basis points over SOFR for five years (Bloomberg excerpt, people familiar). Icons are 100 MW each. Sources: Bloomberg; Reuters.
Bloomberg said the proceeds will buy and deploy Nvidia GPUs in an AI factory that starts at 100 megawatts and is planned to expand to 1 gigawatt.
Reuters reported that Zankore is building an initial 100 megawatts of Nvidia AI infrastructure to sell cloud services to AI-native companies, and that it targets about 200 megawatts of initial capacity in the first half of 2027.
Bloomberg wrote in September that bank-led GPU deals have been scarce in Asia, where uncertainty over chips’ residual value and the US-China tech rivalry are obstacles.
As we read it, Nvidia is doing more than selling chips here: Bloomberg reported that its revenue-sharing and credit-support model eases lenders’ concerns about repayment and credit risk, and Zankore’s chairman said “Nvidia is helping us to make it financeable.”
As we read it, syndication is a test of demand for this kind of credit: Bloomberg wrote in September that bank-led GPU deals have been scarce in Asia because of uncertainty over chips’ residual value and the US-China tech rivalry.
The sources give a margin, 330 basis points over SOFR for five years per the Bloomberg excerpt, but no figure for Nvidia’s credit support or for how the $3.1 billion splits across the 100 MW start and the later phases.
Zankore chairman Vikram Sinha, to Bloomberg, 9 September 2026
“Nvidia is helping us to make it financeable”
Three Implications
FOR LENDERS Bloomberg reported in September that GPU financing is emerging as a new frontier for AI lenders as banks and private credit move beyond data centers into hardware.
FOR NVIDIA Bloomberg reported that Nvidia launched the revenue-sharing and credit-support model in July to help partners widen data centre access and support smaller AI players.
FOR SOUTHEAST ASIA’S AI BUILD Reuters reported that Zankore targets about 200 megawatts of initial capacity in the first half of 2027 and 1 gigawatt of Nvidia AI factory capacity.
The framework puts 2026 compute capex at about $1.04 trillion across hyperscalers, neoclouds, China and sovereigns, “the first trillion-dollar year of compute capex in human history.”
Bloomberg reports Zankore’s $3.1 billion GPU loan is now being syndicated to a wider group of lenders. The framework was written before this deal and does not discuss Zankore.
What Is Not Established
We have not read the full 28 October Bloomberg article, so we cannot report which lenders are being invited, the commitment deadline or any change to the September terms. Zankore has not published a statement on the syndication that we found.
The sources do not put a dollar figure on Nvidia’s credit support or its revenue share, and they do not say how the $3.1 billion splits between the first 100 megawatts and later phases.
This Week In The AI Supercycle
Execution Fault Lines, Concentrated Demand, and Geopolitical Firewalls
This week’s issue: the AI build is not short of demand for its parts. It is short of cheap money, and its end revenue rests on a narrow base of large, often venture-funded buyers.
Bloomberg reports that Zankore, with Nvidia credit support behind it, is now offering its $3.1 billion GPU loan to a wider group of lenders, a five-year loan at 330 basis points over SOFR, according to the excerpt we read.
A note on sourcing. The 28 October syndication, the five-year term and the 330 basis-point margin come from Bloomberg, citing people familiar with the matter; we read the headline, Bloomberg’s post and an excerpt, not the full article. The September loan terms, the underwriting banks and Nvidia’s credit support come from Bloomberg’s 9 September report as syndicated by The Edge Malaysia; the Ooredoo stake and capacity targets come from Reuters. Zankore has not commented on the syndication in any statement we found.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
