SharonAI Holdings secures $356M GPU-backed debt facility

SharonAI Holdings has found a new way to pay for graphics chips: use the graphics chips as collateral.

The Nasdaq-listed Australian AI infrastructure provider, which trades under the ticker SHAZ, closed a US$356 million senior secured GPU-backed debt facility on October 1, 2026. Goldman Sachs and select large private credit funds took part in the deal.

The loan is secured by the GPUs themselves and by the cash flows from SharonAI’s customer contracts.

The terms of the deal

The facility carries a fixed interest rate of 9.95%, excluding fees.

SharonAI says the proceeds will fund compute infrastructure deployments tied to existing customer contracts.

The company’s customer offtake book is valued at over US$8.8 billion, and that pipeline of contracted revenue underpins the whole financing structure.

CEO James Manning framed the deal as proof that a high-quality offtake book can open doors in the debt markets. He also pointed to the return-on-equity benefit, since borrowing lets the company grow without spreading ownership thinner. Manning added that debt capital is central to expanding secure AI infrastructure while demand stays strong.

A fundraising streak that keeps going

This facility is the latest entry in a busy capital-raising calendar. SharonAI has raised over US$2.6 billion in institutional debt and equity over the past ten months.

The biggest single piece came in June 2026, when the company pulled in US$1.6 billion in one financing round. That package included approximately US$900 million in equity and warrants, plus US$700 million in convertible notes due 2032.

SharonAI plans to deploy more than 68,000 Nvidia GPUs by mid-2027, aiming for gigawatt-scale capacity across Australia, New Zealand and the broader Asia-Pacific region.

What this means

For SharonAI shareholders, the trade-off is straightforward. Debt at 9.95% is expensive, but it avoids the dilution that comes with issuing new stock.

The risk sits in the collateral itself. GPUs are not buildings: they age, and newer generations arrive on a regular cadence. The customer contracts help offset that risk, which is likely why lenders tied the facility to both the hardware and the revenue it produces.

For investors watching SharonAI, a few markers stand out. The first is execution: getting more than 68,000 GPUs installed and running by mid-2027 is a significant operational lift across multiple countries. The second is the capital stack. With secured debt, convertible notes due 2032 and equity all in the mix, the order in which claims get paid will matter if anything goes sideways. The third is the offtake book. At over US$8.8 billion, it is the foundation everything else rests on.