ZanKore secures USD $3.1 billion loan for AI build

ZanKore has signed a senior term loan facility of up to USD $3.1 billion to fund AI computing infrastructure in Indonesia and Southeast Asia, in what it described as one of Asia's largest AI infrastructure financings.

The funding will support the acquisition and deployment of NVIDIA GPU infrastructure as ZanKore builds an initial 100 MW of AI infrastructure in Indonesia. The project is part of a broader plan to develop an AI cloud platform for customers across the region.

ZanKore plans to offer NVIDIA-based cloud services to AI-native companies, enterprises, start-ups, developers and institutions in Indonesia and Southeast Asia. It is using a revenue-sharing and credit-support model designed to tie infrastructure deployment to customer demand.

The platform will use NVIDIA's full-stack AI computing technologies and include GPU clusters for AI training and inference. It is intended to support workloads including model training, fine-tuning, large-scale inference and agentic AI applications.

The financing follows the launch of ZanKore with Ooredoo Group, Indosat Ooredoo Hutchison, NVIDIA and Nokia. At launch, the venture outlined plans to build an AI infrastructure platform targeting 1 GW of NVIDIA DSX AI Factory capacity and about 200 MW of initial capacity in the first half of 2027.

Citi acted as exclusive debt adviser on the USD $3.1 billion senior term loan facility. Citi, ING, Natixis CIB, Qatar National Bank Group and United Overseas Bank served as senior mandated lead arrangers, underwriters and bookrunners.

The lender group pointed to growing investor interest in AI infrastructure as demand for computing capacity rises across Asia. The syndicated financing also shows how banks are beginning to treat large-scale GPU deployments as a distinct area for project finance and structured lending.

Indonesia has been pushing to expand local digital infrastructure, and AI computing is emerging as a strategic area as businesses seek training and inference capacity closer to domestic users and data. ZanKore said its cloud platform is intended to help build that domestic base while also serving broader Southeast Asian demand.

Vikram Sinha, Director and Chairman, ZanKore, framed the investment as a regional infrastructure play.

"AI is creating a defining opportunity for Indonesia and Southeast Asia. The question is no longer simply whether the region will use AI, but whether we build the infrastructure that enables us to participate meaningfully in creating its future. With NVIDIA's support, ZanKore is building the advanced AI computing foundation needed to help turn that opportunity into reality," said Sinha.

Bank backing

Backers of the transaction said the size of the loan reflected both the capital intensity of AI infrastructure and expectations of sustained demand for GPU access. The structure is designed to give ZanKore funding for deployment while matching expansion with commercial take-up.

"This landmark financing demonstrates the scale of capital and collaboration required to build the next generation of AI infrastructure. Citi is proud to have been given the opportunity to support Indosat Ooredoo Hutchison across both the establishment of ZanKore and this financing, reflecting our ability to connect strategic advice with capital at scale," said Kaustubh Kulkarni, Head of Investment Banking, Asia Pacific, Citi.

"ING is delighted to have partnered with ZanKore and its shareholders on this pioneering transaction, marking a significant milestone in the financing of AI compute infrastructure within the APAC syndicated loan market. Given the substantial capital demands associated with AI compute and GPU deployments, we are proud to have applied our deep sector knowledge to develop a sustainable and replicable financing solution that can underpin ZanKore's long-term growth and expansion plans," said Uday Sareen, Head of Wholesale Banking, Asia Pacific, ING.

"AI Compute is a new asset class that requires innovative financial solutions, such as this landmark financing for ZanKore. We'd like to thank Indosat Ooredoo Hutchison for their trust in our expertise and strong track record, and to congratulate all the sponsors on setting a benchmark for future GPU financing projects in Asia Pacific," said Olivier Menard, Head of Global Trade, Asia Pacific, Natixis CIB.

Other lenders linked the project to Southeast Asia's broader digital development and the need for larger pools of computing infrastructure in the region.

"This financing reflects the scale of investment and international collaboration required to build the advanced computing capacity that will support Southeast Asia's next phase of digital growth. Beyond meeting rising demand for AI compute, infrastructure of this scale can enable businesses to develop and deploy new technologies, accelerate innovation and unlock broader economic opportunities across the region. QNB Group is proud to contribute to this significant transaction, which demonstrates the strength of our cross-border capabilities and the value of combining our international network with deep local market expertise. By bringing together our teams in Singapore and Indonesia, we are helping to connect capital with strategically important opportunities while supporting Indonesia's ambition to become a leading regional hub for AI infrastructure," said Khalid A. Al-Sada, Senior Executive Vice President, Group Corporate and Institutional Banking, QNB.

"The AI economy will be shaped not only by breakthroughs in technology, but by the infrastructure that enables innovation at scale. ZanKore's ambition to establish one of Asia's largest AI computing platforms marks a significant milestone for ASEAN's digital future. Through this landmark financing, alongside a strong ecosystem of sponsors, technology partners and financial institutions, UOB is supporting that ambition by combining capital, expertise and our regional network to advance critical AI infrastructure, accelerate AI adoption across industries, and strengthen ASEAN's position in the global AI economy," said Samuel Tan, Managing Director and Head of Group Investment Banking, UOB.