A new public database logs 46 GPU-backed debt deals from 23 named lenders since 2023. The median deal is $44.2 million, and 36 of the deals were announced in 2026.
NEW YORK, Nov. 12, 2026 /PRNewswire-PRWeb/ -- USD.AI, the platform financing the Compute Middle Market, today launched its public Compute Middle Market tracker, a free database of GPU-backed financings of $500 million or less. At launch, the tracker maps 46 publicly announced deals totaling $5.04 billion since January 2023, with the borrower, lenders, amount, hardware, structure, collateral and source for each.
The Compute Middle Market is the segment of GPU financing below hyperscaler scale. The tracker defines it as GPU-backed debt of $500 million or less, including loans, credit facilities, equipment financing and notes, that is secured by GPUs or AI accelerators or raised to buy them. Hyperscaler and multi-billion-dollar financings get most of the coverage. Deals in this range are reported across scattered press releases, filings and trade outlets, and until now there has been no single place to see them together.
According to the tracker, the segment is growing fast. Cumulative volume rose from $200 million at the end of 2023 to $1.48 billion at the end of 2025, then to $5.04 billion as of November 3, 2026. Of the 46 deals tracked, 36, worth $3.56 billion, were announced in 2026.
Other findings from the data:
- Lenders: By volume, the largest lead lenders are Macquarie ($1.05 billion), Upper90 ($825 million), Wingspire Equipment Finance ($568 million), CTBC Bank ($445 million) and Goldman Sachs ($356 million).
- Deal size: The median deal is $44.2 million. Deals range from $197,000 to $500 million.
- Hardware: 25 deals name NVIDIA Blackwell systems, 4 name Hopper, and 17 name other or unspecified hardware.
- Structure: 34 deals are loans or credit facilities, 10 are equipment financings or leases, and 2 are notes. In 34 of the 46 deals, the source states that the GPUs secure the debt.
Financings through USD.AI make up the largest share of the tracker by deal count, at 20 of the 46 deals, totaling $531.4 million. Each USD.AI facility is listed separately and checked against USD.AI's app and public disclosures. Other deals are added as they are announced.
Each row links to its source, such as a press release, SEC filing, company post or news report. The full methodology is published on the page. It covers which deals count, how amounts are recorded and how the chart credits each deal to a lender. The tracker excludes equity, unsecured and convertible debt, general corporate facilities, data center construction loans and deals with no disclosed amount. The full dataset can be downloaded as a CSV, and corrections can be sent to [email protected].
The Compute Middle Market tracker is available now at gpuloans.com/compute-middle-market.
About USD.AI
USD.AI is AI infrastructure financing for the Compute Middle Market, the GPU cloud operators between startups and hyperscalers. Operators finance new or deployed GPUs through USD.AI, and institutional capital holds the resulting GPU-backed loans through the GPU Loan Exchange (GLX), an institutional marketplace connecting that capital with qualified GPU financings. Every financing is structured the same way: a bankruptcy-remote special-purpose vehicle holds the GPUs, offtake contracts and revenue accounts, and capital is held in escrow until the servers are installed, burned in and independently verified. Compute IQ, USD.AI's agentic underwriting system, scores every deal against published underwriting standards. Borrowers get speed and certainty of execution. Lenders get secured exposure to income-producing compute. For more information, visit https://usd.ai.
Nothing in this release is financial advice.
Media Contact
Sarah Chung, USD.AI, 1 6468941203, [email protected], https://usd.ai/
SOURCE USD.AI
Share this article