GMI Cloud, an Nvidia Reference Platform Cloud Partner, is seeking a $635 million loan in Taiwan backed by GPU customer contracts rather than equity. The deal mirrors a financing model CoreWeave pioneered in the US. GMI Cloud wants Taiwan's banks to lend it $635 million against the GPU contracts it already has signed, not against new stock. A five-year term loan tranche worth NT$13.9 billion has already launched into the syndication market. GMI Cloud is backed by Taiwan's GMI Technology and by Realtek Semiconductor, and it runs more than 30,000 Nvidia GPUs, spanning H100, H200 and Blackwell chips, across data centers in the US. Nvidia has designated GMI Cloud as one of six global Reference Platform Cloud Partners. CoreWeave closed an $8.5 billion delayed draw term loan facility in March, followed by a $3.1 billion facility. CoreWeave's total now stands past $21 billion, up from under $8 billion in 2024, when it had already borrowed nearly $8 billion to buy roughly 250,000 Nvidia chips.