Taiwan’s GMI Cloud Raises $668M, With Korean Capital Piling In

Megamoney has been pouring into neoclouds — the independent GPU clouds distinct from hyperscalers — over the past month. Nscale raised $3.36 billion, FluidStack raised $1.5 billion at an $18 billion valuation, and Finland’s Verda raised $189 million. Taiwan-based GMI Cloud just joined that wave — except this time, four Korean firms showed up on the cap table at once.

GMI Cloud said it has raised $668 million combining $223 million in equity and $445 million in credit, according to founder Alex Yeh on X. The equity round — a Series B — was led by newly formed AI and robotics investor ARCHIV, with participation from Nvidia, Redwood, Trend Micro, and South Korea’s DSC Investment, KB Investment, Kyobo Life, and KT Corporation. Taiwan’s CTBC Bank arranged the credit facility.

Yeh framed the company’s origin around a single question: who actually gets access to compute. Too often, he said, the answer was the few companies big enough to lock up capacity years in advance, while everyone else waited. “More than a quarter of expected data center capacity missed its completion date” last year, he noted, adding that “every cluster we’ve committed has come online on schedule” — a track record he credits to GMI’s deep ties to Taiwan’s AI supply chain. The company says its contracted annualized revenue has grown more than 9x since the end of 2025, and its platform now processes roughly 4 trillion tokens a week.

Yeh was running a Bitcoin mining operation in Taiwan in 2021 when China’s crypto mining ban forced a pivot — he turned it into a GPU cloud business in 30 days. He previously managed a $200 million portfolio at CDIB’s China Life private equity fund and worked as a partner at Infinity Ventures Crypto. GMI Cloud has run data centers in Taiwan since its founding and is one of a handful of Nvidia Reference Cloud Partners worldwide. This round comes two years after its $82 million Series A closed in October 2024.

The customer list is notable too. The announcement didn’t name names, but described “the lab behind the world’s most-used open-source AI agent,” “an inference platform serving developers worldwide,” “the router behind thousands of models,” “a studio making production AI,” and “a cybersecurity leader protecting millions of users” — descriptions that line up with open-source personal agent OpenClaw, inference platform Fireworks AI, model-routing service OpenRouter, video AI studio Higgsfield, and Trend Micro, which also invested in this round. GMI Cloud separately runs a joint venture with Trend Micro and Taiwan’s Wistron called Magna AI, building sovereign AI factories on Nvidia’s Vera Rubin NVL72 platform.

What stands out most about this round is the scale of Korean participation. Having DSC Investment, KB Investment, Kyobo Life, and KT Corporation all show up together is unusual for a Taiwanese startup raise. KT has been expanding its own AI infrastructure domestically — building the Gyeongbuk AI Cloud data center and signing a multibillion-dollar AI and cloud partnership with Microsoft — and DSC Investment has AI-sector experience, having previously backed Korean AI chip company FuriosaAI.

Competition among neoclouds already breaks down by weight class. The largest, CoreWeave, took a $2 billion investment from Nvidia toward a 5-gigawatt “AI factory” target by 2030 and has expanded its infrastructure contract with Meta to as much as $21 billion. Crusoe recently raised a $3.9 billion Series F at a $30.9 billion valuation, Nscale raised $3.36 billion in convertible notes, and FluidStack raised $1.5 billion at an $18 billion valuation. GMI Cloud’s closest regional peer is Permir, an Asia-Pacific neocloud that raised $505 million from Coatue, Nvidia, and others at a $5.5 billion valuation. Others have picked a different supply chain entirely, like TensorWave, which runs on AMD chips instead of Nvidia’s.