# QumulusAI Secures $45 Million Convertible Note for GPU Cloud Expansion

_Friday, April 24, 2026 at 2:05 PM EDT · AI, Startups · Latest · Tier 1 — Major_

![QumulusAI Secures $45 Million Convertible Note for GPU Cloud Expansion — Primary](https://media.datacenterdynamics.com/media/images/ATW.2e16d0ba.fill-1200x630.png)

AI cloud startup QumulusAI has secured a $45 million convertible note facility from ATW Partners, with $15 million already provided.

The company said the capital will support procurement of GPUs and data center infrastructure as it pursues a 2026 deployment roadmap. QumulusAI aims to deploy more than 21,000 Nvidia Blackwell GPUs this year.

The new facility follows a $500 million blockchain-backed arrangement secured in October 2025, arranged by Permian Labs and distributed via the USD.AI blockchain-based credit protocol. Founded in 2019, QumulusAI has secured colocation capacity in Atlanta, Kansas City, Philadelphia, Denver, and Brooklyn.

In February 2026, the company received approval for a modular data center in Denton, Texas, planned for around four acres near Western Boulevard and Jim Christal Road. The project, expected to offer around 20MW of capacity, will operate near the RD Wells substation on land leased from the city for approximately $20,000 annually over 10 years, as agreed in August 2024. QumulusAI plans to use mostly prefabricated data centers and targets a PUE of 1.1.

## Sources

- [Data Center Dynamics](https://www.datacenterdynamics.com/en/news/qumulusai-secures-45m-in-convertible-notes-for-ai-cloud-expansion/)

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Retrieved: 2026-04-24T21:00:39.531Z
Publisher: Tech & Business (techandbusiness.org)