Like every GPU cloud, Yotta Data Services buys chips from Nvidia. Unlike most other clouds, the chip giant may be helping the Indian AI cloud-service provider scramble to raise money for those chips. 

On 11 September, Yotta told Nvidia it wanted 80,000 GPUs in two tranches—a $12 billion order, the company’s third in seven months.

In February, it had ordered 20,736 Blackwell UltraBlackwell UltraAn upgraded, mid-cycle refinement of the initial Blackwell or B200 chip chips. By August, that had grown to 50,000 Vera RubinVera RubinThe next architectural leap after the Blackwell generation built on TSMC’s 3nm process nodes chips. That’s some intensive retail therapy for a company that made $108 million in revenue in FY25 and is carrying about $1.1 billionAnalytics India MagazineYotta Files for Nasdaq Listing, Eyes $463 Mn in IPO Proceeds in net debt. 

Where is the money for this coming from?

For starters, The Ken has learned that Yotta is set to join Nvidia’s AI Compute Partnership. Nvidia has essentially agreed to rent Yotta’s unused GPUs at a set rate, guaranteeing that Yotta will have a revenue one way or another and making it easier for the company to finance its purchase.

The financing itself is more dispersed. The company is planning a public listing by Q1 FY28, with a target to raise $1.5 billion at a valuation of $6 billion. Among other things, the money, according to founder Sunil Gupta, will be used to buy more GPUs (again) and repay debt, which is expected to touch $1.4 billion by the end of FY27. Another chunk, though, will come from HNIs and family offices (around $150 million) and Abu Dhabi’s sovereign wealth fund Mubadala (which is mulling a pre-IPO stake).

Similarly, data-centre company AM Intelligence—started by the Greenko Group’s founders—has claimed to order 9,000 Vera Rubin chips for $1.5 billion in September. The cost is equal to its entire land and construction budget combined and is expected to be funded by Japanese bank loans.