AMD has agreed to guarantee a $300 million loan arranged by Goldman Sachs for cloud computing startup Crusoe. The financing will allow Crusoe to purchase and deploy AMD’s AI chips in a new data center in Ohio. The loan is secured by AMD’s chips and related equipment, and Crusoe was able to lock in an interest rate of about 6%, which is lower than typical market rates thanks to AMD’s backing. If Crusoe struggles to attract enough customers, AMD has committed to lease back the chips itself, reducing the startup’s risk exposure.
This move is strategically significant. For AMD, it’s a way to push its AI accelerators into the market and compete more directly with Nvidia, which has used similar financing tactics to expand its footprint.
For Crusoe, the guarantee provides capital to scale its data center capacity without bearing the full financial risk. For the broader AI ecosystem, it signals not only the growing demand for specialized chips but also the creative financing models being used to accelerate deployment in an increasingly competitive landscape.
Notably, this is part of a broader trend rather than a one-off. AMD’s $300 million loan guarantee for Crusoe is explicitly described as mirroring Nvidia’s playbook. Nvidia has previously used similar financing strategies to support cloud providers and startups building “GPU rental” services, essentially helping them acquire Nvidia chips while reducing upfront risk. The idea is that by guaranteeing loans or offering leaseback provisions, chipmakers can accelerate adoption of their hardware, even if the startups themselves don’t yet have stable customer demand.
So while AMD’s move with Crusoe is notable, it’s not unprecedented. Nvidia pioneered this approach, and AMD is now adopting it to compete in the AI infrastructure race. The trend reflects how semiconductor companies are evolving from pure hardware suppliers into financial enablers, using guarantees and creative financing to push their chips into data centers faster.
Nvidia has repeatedly supported cloud providers and AI startups by structuring loan guarantees, leasebacks, and vendor financing to help them acquire its GPUs. For example, in 2023 and 2024, Nvidia backed financing deals for smaller cloud companies that wanted to build GPU clusters but lacked the capital to purchase chips outright. These arrangements often included provisions where Nvidia would lease back the hardware if demand fell short, ensuring the startup wasn’t left with stranded assets.
AMD’s $300M guarantee for Crusoe is essentially a competitive response to Nvidia’s strategy. Both companies recognize that AI chips are expensive and scarce, and startups often can’t raise enough capital quickly. By stepping in as guarantors, chipmakers accelerate adoption of their hardware, lock in long-term customers, and expand their footprint in the AI data center market.
So, this is a trend wherein semiconductor companies are increasingly acting not just as suppliers, but as financial enablers. They’re using guarantees, leasebacks, and creative financing to push their chips into data centers faster, especially as competition for AI infrastructure heats up.
Timeline of Chipmaker Loan Guarantees & Financing Deals
| Year | Company | Partner/Startup | Deal Structure | Strategic Purpose |
|---|---|---|---|---|
| 2025 (Oct) | Nvidia | OpenAI | Considered guaranteeing part of OpenAI’s loans for data center construction; structured as lease of up to 5M Nvidia chips valued at ~$350B, with Nvidia potentially backstopping debt obligations. | Accelerate OpenAI’s AI infrastructure buildout while securing massive GPU deployment commitments. |
| 2026 (Feb) | Nvidia | Indian VC firms & startups | Partnered with Peak XV, Elevation Capital, Nexus, Accel India, etc., to co-fund AI startups and data centers using Nvidia Blackwell Ultra chips. | Expand Nvidia’s footprint in India’s sovereign AI push and $200B data center investment wave. |
| 2026 (Feb) | AMD | Crusoe | Guaranteed $300M loan arranged by Goldman Sachs, collateralized by AMD AI chips; interest ~6%; leaseback clause where AMD rents chips if Crusoe fails to attract customers. | Push AMD accelerators into data centers, directly competing with Nvidia’s financing tactics. |
Key Takeaways
Nvidia pioneered this model: It began offering guarantees and leasebacks to reduce risk for partners like OpenAI, ensuring GPU adoption even when startups lacked upfront capital.
AMD followed suit: Its Crusoe deal is a direct competitive response, showing this is now a trend across chipmakers.
Global expansion: Nvidia is extending the model to India, combining financing with venture capital partnerships to scale AI infrastructure.
Strategic shift: Chipmakers are no longer just hardware suppliers—they’re acting as financial enablers, underwriting risk to accelerate AI ecosystem growth.
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