Argentum AI in talks for $5 billion AI chip financing, sources say

Super Micro-backed cloud computing firm Argentum AI is in talks to secure a $5 billion financing deal for AI chips with a major private credit firm, Reuters reported on October 27, citing two people familiar with the matter. The deal is not closed, and the lender and final terms were not disclosed.

What the money would fund

One of the people said the money would pay for additional chips for the data center Argentum secured in Poland with DL Invest Group, and that the debt is meant for chips leased to customers that do not have investment-grade ratings. The same source said Argentum has secured more than $12 billion in contracted revenue.

Neocloud financing is tightening

The talks come as financing for neoclouds, which rent out AI computing power to other companies, has tightened. Elon Musk wrote on X on Sunday that debt markets have almost entirely shut off access to money for companies without substantial revenue independent of AI data centers, and predicted that more than 200 neoclouds will see “guppy-level death and consolidation”. By contrast, SpaceX secured $40 billion of debt for chips with an affiliate of Apollo Global Management on Monday, which Musk credited to its investment-grade rating and its Starlink and launch revenue; Nebius last week secured a $3.5 billion financing facility from Citi to fund data centers and GPU purchases.

Argentum, led by founder and CEO Andrew Sobko, is a Chicago-based startup founded in 2025 that describes itself as an independent, institutional-grade AI cloud platform deploying large-scale GPU infrastructure for enterprise AI. In May it signed a roughly $2.5 billion deal with cloud gaming firm Boosteroid and DL Invest for a 300-megawatt data center.