Argentum AI in Talks for $5 Billion Financing to Buy AI Chips
Key Facts
Argentum AI is in talks with a major private credit firm to secure $5 billion in financing to buy artificial intelligence chips, according to two people familiar with the matter cited by Reuters on October 27, 2026. The financing is intended to buy additional chips for a data center the company secured in Poland in partnership with DL Invest Group. Argentum would lease the computing capacity provided by the chips to customers without investment-grade credit ratings. One of the sources said the company had secured more than $12 billion in contracted revenue. That puts the financing request in the context of an announced infrastructure expansion, with the plan relying on asset financing to serve customers with higher credit risk.
The financing under discussion carries implications beyond the company’s chip-buying needs for its business model: it needs substantial capital to acquire equipment before leasing computing capacity to customers. According to the Reuters report, the proposed debt is earmarked for chips Argentum would lease to customers without investment-grade ratings, making the link between the financing and contracts and expected revenue a central part of the deal structure. One source said contracted revenue had exceeded $12 billion as of October 27, but the report did not specify the duration or terms of those contracts. It also gave no details on the financing rate, maturity or related collateral. Talks over the $5 billion amount are ongoing, with no announcement that an agreement has been completed.
Argentum’s plan comes amid tighter financing for neocloud companies, which lease AI computing capacity to other companies, according to Reuters. That tightening highlights companies’ need to secure financing for chip purchases before they begin collecting revenue from leasing them. On May 15, Argentum announced an agreement with Positron and DL Invest Group for a 300-megawatt data center in Europe, valued at about $2.5 billion. The Poland facility tied to the financing talks is part of its expansion in this type of infrastructure. In May, the company said it was working with U.S. financial institutions and global investment banks to arrange large-scale financing for hyperscale infrastructure projects.
The expansion of financing tied to AI infrastructure reflects broader efforts to bring financial institutions into funding computing capacity. In August, Nvidia said it had reached agreements with 6 financial institutions on financing platforms aimed at raising more than $500 billion in external capital for AI infrastructure. At the time, the company did not disclose the financial terms of the agreements, each institution’s commitments or the planned financing deployment schedule. By contrast, October reports showed pressure on credit for companies in the sector: CoreWeave bonds fell to distressed levels, while its debt stood at about $50 billion, according to LSEG data. The cost of insuring its debt against default rose to about 1,200 basis points, and yields on some of its bonds reached nearly 15%–16% during the week of the report.
Reuters quoted James Martin, SMBC’s chief U.S. credit strategist, as saying investors prefer financing high-yield data centers for projects closer to completion and less exposed to obstacles before operations begin. That preference makes a project’s location and stage of progress important in assessing financing, while the report on Argentum’s talks did not specify when the Poland facility would be completed or begin operating. Founded in 2025, Argentum is headquartered in Chicago and led by founder and CEO Andrew Sobko. In the market, Super Micro Computer shares closed at $32.69 on October 26, according to EL7 data; those data do not include verified details on the stock’s trading range during the session. The evidence did not provide a timetable for resolving the financing talks, while the company had said in May that it was working with financial institutions to arrange financing for its projects.