SharonAI disclosed that two Australian subsidiaries signed a senior secured term loan facility of up to US$356 million on September 28, 2026. Proceeds fund GPUs, servers and related equipment at contracted data center facilities for a customer GPU compute contract. Facility A carries 7.25% rising to as much as 9.95%. Facility B carries a fixed 9.95%. [Source 1] [Source 2]
Evidence: SharonAI Holdings Form 8-K (Items 1.01, 2.03, 7.01) and press release (Exhibit 99.1); facility agreement dated September 28, 2026, release dated October 1, 2026.
On September 28, 2026, SAI AU No. 1 Pty Ltd and SAI AU No. 3 Pty Ltd, indirect subsidiaries of SharonAI Holdings, entered into a syndicated facility agreement for senior secured term loans of up to US$356 million. [Source 1]
| Term | Disclosed figure |
| --- | --- |
| Facility A | Up to US$150 million, 7.25% fixed cash interest initially, rising to as much as 9.95% on certain dates |
| Facility B | Up to US$206 million, 9.95% fixed |
| Maturity | 42 months from first use, repaid in one lump sum |
| Default interest | Additional 2.00% |
| Security | Substantially all borrower assets, shares, project accounts and material project contracts |
Source: Form 8-K, Item 1.01. [Source 1]
Proceeds will finance servers, CPUs, GPUs, networking, storage and related equipment "at contracted data center facilities," plus debt service reserves and costs, in support of a customer contract to provide GPU compute capacity. [Source 1]
SharonAI guarantees the loans, but that guarantee can be released. After Facility A is repaid, the financing becomes non-recourse to the parent, apart from a planned management and IP license arrangement. [Source 1]
SharonAI's release calls this its first GPU-backed facility and the first in an expected series supporting more than 68,000 NVIDIA GPUs deployed by mid-2027. It says it has raised over US$2.6 billion of debt and equity in the past 10 months and that its customer offtake book has a total contract value of over US$8.8 billion. Those are company figures we have not verified. The release names Goldman Sachs among the investors. [Source 2]
This is our analysis.
**A price signal for GPU capacity.** Lenders charging 7.25% to 9.95% on a 42-month loan secured by GPUs shows how GPU cloud providers are being financed. That cost of capital sits underneath the hourly or monthly GPU rates buyers see. Short maturities also show lenders want repayment well inside the expected useful life of the hardware.
**Contracted capacity, not open capacity.** The proceeds back a specific customer contract. They do not create GPU capacity available to other buyers.
**What to ask a neocloud provider.** Ask where the GPUs will sit, which colocation provider hosts them, and what happens to your service if the lender enforces on the equipment. Security over the GPUs and project contracts means the lenders, not just the provider, have a stake in your deployment.
The reviewed filings do not name the customer or the data center facilities, give the GPU count financed by this facility, state the contract term or value of the customer agreement, or say whether any amount has been drawn. The 68,000 GPU and US$8.8 billion figures are company claims without supporting detail in the reviewed sources.
CleanSpark's subsidiary CSDC Finance I LLC completed a $2.276 billion senior secured notes offering on September 25. The debt carries a 7.875% coupon, was issued at 98.5% of principal and matures October 1, 2031. The filing locates the financed facility in Sandersville, Georgia. [1]
Read the analysisSenate Republicans are considering taking up the Ratepayer Protection Act during the week of September 28, according to September 24 reporting by POLITICO, reproduced by The Politic Review. The report describes a possible floor move, not a confirmed passage vote. The Senate press gallery's posted schedule reviewed September 25 identifies a September 28 vote on college sports legislation, not a confirmed vote on this bill. [1, 2]
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