Business · Datacenter Dynamics
QumulusAI lands $45m in convertible notes for AI cloud expansion
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AI cloud startup QumulusAI has secured a $45 million convertible note facility.
Key facts
- The land is being leased from the city for around $20,000 annually for the next 10 years, as agreed in August 2024
- The new convertible note facility builds on a $500m blockchain-backed facility secured by QumulusAI in October 2025
- AI cloud startup QumulusAI has secured a $45 million convertible note facility
- ATW Partners is behind the funding, with $15m already provided
Summary
ATW Partners is behind the funding, with $15m already provided. According to Qumulus, the capital will be used to support the procurement of GPUs and data center infrastructure, enabling the company to pursue its 2026 deployment roadmap. The company aims to deploy more than 21,000 Nvidia Blackwell GPUs throughout this year. “In a market where enterprises are tired of reactive procurement and broker-driven delays, the financial flexibility that ATW Partners has provided is a genuine competitive advantage – one that is enabling them to transform how enterprises access the GPU-powered cloud infrastructure they need for production AI,” said Patrick Gahan, SVP of capital markets, QumulusAI.