<p>随着基础设施需求的上升，像 Crusoe Energy Systems 这样的人工智能初创公司正在利用大规模的信贷额度，PitchBook 报道。上个月，Crusoe 从 Brookfield Asset Management BAM 筹集了 7.5 亿美元的信贷额度，以扩展其数据中心并从 Nvidia Corp. NVDA 采购更多的图形处理单元。</p>
<p>这一交易反映了风险融资中的一个更广泛的趋势。根据 PitchBook 的数据，人工智能和机器学习初创公司迄今已获得了超出其规模的风险债务，占美国和欧洲 300 亿美元融资总额的三分之一以上。这一比例较 2024 年显著上升，当时此类公司吸引了 24.9%（即 229 亿美元）的总债务融资。</p>
<p><strong>不要错过：</strong></p>
<ul>
<li><strong>合格投资者可以以仅 $0.30 的价格认购 Mode Mobile 的 IPO 前股份</strong> <strong>—在这种类似 Uber 的颠覆进入公开市场之前，最多可获得 120% 的额外股份</strong></li>
<li><strong>拥有超过 10 万美元的可投资资产？免费与受托顾问匹配，了解如何最大化您的退休收益并节省税费——无费用，无义务。</strong></li>
</ul>
<h3>IPO 前优惠：以每股仅 $0.80 的价格成为 BOXABL 的早期股东，分享近 5 万亿美元的全球机会</h3>
<ul>
<li><strong>巨大的需求与颠覆潜力</strong> – Boxabl 已收到超过 190,000 套房屋的兴趣，定位为住房市场的主要颠覆者。</li>
<li><strong>革命性的制造方法</strong> – 受亨利·福特的流水线启发，Boxabl 的可折叠微型住宅旨在实现高效生产，使得拥有住房变得更加可及。</li>
<li><strong>实惠的投资机会</strong> – 房屋定价为 60,000 美元，Boxabl 正在筹集 10 亿美元以扩大生产，为投资者提供了拥有其成长股份的机会。</li>
</ul>
<p><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2024/10/22181427/Paolo-and-Gali.jpg/query-YXV0bz13ZWJwJmRwcj0yJm9wdGltaXplPW1lZGl1bSZ3aWR0aD0yMzA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2024/10/22181427/Paolo-and-Gali.jpg/query-YXV0bz13ZWJwJmRwcj0yJm9wdGltaXplPW1lZGl1bSZ3aWR0aD0yMzA"/></p>
<p><strong>股价：</strong>$0.80</p>
<p><strong>最低投资：</strong>$1,000</p>
<p><strong>估值：</strong>$35 亿</p>
<h2>为什么初创公司更早转向债务</h2>
<p>根据 PitchBook 的数据，转向债务融资的趋势是由于计算成本上升和人工智能早期阶段估值过高所驱动的。</p>
<p>“有些公司在启动时就获得了这些大额种子轮融资，” 硅谷银行早期初创公司董事总经理 Bo Ren 对 PitchBook 说。“但随后由于无法满足风险投资的预期，A 轮估值出现下滑。”</p>
<p>Ren 表示，许多人工智能初创公司在生命周期的早期就转向风险债务，因为它们难以维持由其虚高早期估值设定的增长目标。</p>
<p>Ren 还提到基础设施成本是一个关键因素：“考虑到计算成本，这就像汽油价格一样，持续上涨。这是许多风险债务谈判开始的地方，” 她告诉 PitchBook。</p>
<p>PitchBook 的数据显示，人工智能初创公司的中位数融资前估值今年迄今已上升至 2500 万美元，较 2024 年的 1500 万美元有所增加。</p>
<p><strong>趋势：被评为《时代》最佳发明，并获得 5000 多名用户支持，Kara 的空气转水装置减少塑料和成本——您可以以每股仅 $6.37 投资</strong></p>
<h2>大额债务交易由 GPU 支持</h2>
<p>几家人工智能基础设施初创公司最近筹集了重大风险债务交易，以购买高性能芯片。</p>
<p>Lambda Labs 还筹集了 5 亿美元的特殊融资工具，以其已拥有的 GPU 作为抵押，扩大其芯片库存。</p>
<p>GPU 云服务提供商 CoreWeave CRWE 最近上市，筹集了 23 亿美元的债务，条件类似，PitchBook 报道。该贷款由公司持有的 Nvidia GPU 库存作为支持。</p>
<h2>一些贷方持谨慎态度</h2>
<p>“这些芯片的有效使用寿命有多长？如果是 10 年甚至 7 年，那就有意义，” CIBC 创新银行执行董事兼联席负责人 Paul McKinlay 对 PitchBook 说。“但如果是 2 年，那就变得更具挑战性。”</p>
<h2>风险债务的快速扩张</h2>
<p>PitchBook 报道，2024 年风险债务的总部署达到了 533 亿美元，比 2023 年增长了 94.5%。这一增长主要是由于后期阶段的初创公司在风险投资轮放缓的情况下保持估值。</p>
<p>在 2025 年，人工智能正在推动下一波风险债务需求——现在扩展到早期阶段的公司。</p>
<p><em><strong>图片来源：Shutterstock</strong></em></p>

英伟达

<p>人工智能军备竞赛加剧，初创公司借款数十亿购买英伟达 GPU</p>

<p>Amid rising infrastructure demands, AI startups like Crusoe Energy Systems are tapping large-scale credit lines, PitchBook reported. Crusoe last month raised a $750 million credit facility from Brookfield Asset Management BAM to expand its data centers and acquire more graphics processing units from Nvidia Corp. NVDA.</p>
<div class="lb-trans"><p>随着基础设施需求的上升，像 Crusoe Energy Systems 这样的人工智能初创公司正在利用大规模的信贷额度，PitchBook 报道。上个月，Crusoe 从 Brookfield Asset Management BAM 筹集了 7.5 亿美元的信贷额度，以扩展其数据中心并从 Nvidia Corp. NVDA 采购更多的图形处理单元。</p>
</div><p>That deal reflects a broader trend in venture financing. AI and machine learning startups have secured an outsized share of venture debt so far, accounting for more than a third of the $30 billion deployed across the U.S. and Europe, according to PitchBook. That marks a significant increase from 2024, when such companies attracted 24.9%, or $22.9 billion, of total debt funding.</p>
<div class="lb-trans"><p>这一交易反映了风险融资中的一个更广泛的趋势。根据 PitchBook 的数据，人工智能和机器学习初创公司迄今已获得了超出其规模的风险债务，占美国和欧洲 300 亿美元融资总额的三分之一以上。这一比例较 2024 年显著上升，当时此类公司吸引了 24.9%（即 229 亿美元）的总债务融资。</p>
</div><p><strong>Don't Miss:</strong></p>
<div class="lb-trans"><p><strong>不要错过：</strong></p>
</div><ul>
<li><strong>Accredited investors can claim pre-IPO shares of Mode Mobile for just $0.30</strong> <strong>—with up to 120% bonus shares—before this Uber-style disruption hits the public markets</strong></li>
<li><strong>$100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation.</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>合格投资者可以以仅 $0.30 的价格认购 Mode Mobile 的 IPO 前股份</strong> <strong>—在这种类似 Uber 的颠覆进入公开市场之前，最多可获得 120% 的额外股份</strong></li>
<li><strong>拥有超过 10 万美元的可投资资产？免费与受托顾问匹配，了解如何最大化您的退休收益并节省税费——无费用，无义务。</strong></li>
</ul>
</div><h3>Pre-IPO Offer: Get A Piece Of A Nearly $5T Global Opportunity By Joining BOXABL As An Early Shareholder At Just $0.80/Share</h3>
<div class="lb-trans"><h3>IPO 前优惠：以每股仅 $0.80 的价格成为 BOXABL 的早期股东，分享近 5 万亿美元的全球机会</h3>
</div><ul>
<li><strong>Massive Demand &amp; Disruptive Potential</strong> – Boxabl has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market.</li>
<li><strong>Revolutionary Manufacturing Approach</strong> – Inspired by Henry Ford’s assembly line, Boxabl’s foldable tiny homes are designed for high-efficiency production, making homeownership more accessible.</li>
<li><strong>Affordable Investment Opportunity</strong> – With homes priced at $60,000, Boxabl is raising $1 billion to scale production, offering investors a chance to own a stake in its growth.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>巨大的需求与颠覆潜力</strong> – Boxabl 已收到超过 190,000 套房屋的兴趣，定位为住房市场的主要颠覆者。</li>
<li><strong>革命性的制造方法</strong> – 受亨利·福特的流水线启发，Boxabl 的可折叠微型住宅旨在实现高效生产，使得拥有住房变得更加可及。</li>
<li><strong>实惠的投资机会</strong> – 房屋定价为 60,000 美元，Boxabl 正在筹集 10 亿美元以扩大生产，为投资者提供了拥有其成长股份的机会。</li>
</ul>
</div><p><img src="https://imageproxy.pbkrs.com/https://cdnwp-s3.benzinga.com/wp-content/uploads/2024/10/22181427/Paolo-and-Gali.jpg/query-YXV0bz13ZWJwJmRwcj0yJm9wdGltaXplPW1lZGl1bSZ3aWR0aD0yMzA" alt="" original-src="https://cdnwp-s3.benzinga.com/wp-content/uploads/2024/10/22181427/Paolo-and-Gali.jpg?optimize=medium&amp;dpr=2&amp;auto=webp&amp;width=230"/></p>
<p><strong>Share Price:</strong>$0.80</p>
<div class="lb-trans"><p><strong>股价：</strong>$0.80</p>
</div><p><strong>Min. Investment:</strong>$1,000</p>
<div class="lb-trans"><p><strong>最低投资：</strong>$1,000</p>
</div><p><strong>Valuation:</strong>$3.5B</p>
<div class="lb-trans"><p><strong>估值：</strong>$35 亿</p>
</div><h2>Why Startups Are Turning to Debt Sooner</h2>
<div class="lb-trans"><h2>为什么初创公司更早转向债务</h2>
</div><p>According to PitchBook, the shift toward debt financing is being driven by rising compute costs and high early-stage valuations in AI.</p>
<div class="lb-trans"><p>根据 PitchBook 的数据，转向债务融资的趋势是由于计算成本上升和人工智能早期阶段估值过高所驱动的。</p>
</div><p>&#34;There are companies coming out of the gate with these large chunky seed rounds,&#34; Silicon Valley Bank Managing Director, Early-Stage Startups Bo Ren told PitchBook. &#34;But then there's a Series A valuation drop-off because they can't live up to the VC expectations.&#34;</p>
<div class="lb-trans"><p>“有些公司在启动时就获得了这些大额种子轮融资，” 硅谷银行早期初创公司董事总经理 Bo Ren 对 PitchBook 说。“但随后由于无法满足风险投资的预期，A 轮估值出现下滑。”</p>
</div><p>Ren said that many AI startups are turning to venture debt earlier in their lifecycle as they struggle to maintain growth targets set by their inflated early valuations.</p>
<div class="lb-trans"><p>Ren 表示，许多人工智能初创公司在生命周期的早期就转向风险债务，因为它们难以维持由其虚高早期估值设定的增长目标。</p>
</div><p>Ren also cited infrastructure costs as a key factor: &#34;Given the cost of compute, it's very much like the price of gas, it just keeps going up and up. That's where a lot of the venture debt conversations start,&#34; she told Pitchbook.</p>
<div class="lb-trans"><p>Ren 还提到基础设施成本是一个关键因素：“考虑到计算成本，这就像汽油价格一样，持续上涨。这是许多风险债务谈判开始的地方，” 她告诉 PitchBook。</p>
</div><p>PitchBook data shows that the median pre-money valuation for AI startups has climbed to $25 million so far this year, up from $15 million in 2024.</p>
<div class="lb-trans"><p>PitchBook 的数据显示，人工智能初创公司的中位数融资前估值今年迄今已上升至 2500 万美元，较 2024 年的 1500 万美元有所增加。</p>
</div><p><strong>Trending: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — And You Can Invest At Just $6.37/Share</strong></p>
<div class="lb-trans"><p><strong>趋势：被评为《时代》最佳发明，并获得 5000 多名用户支持，Kara 的空气转水装置减少塑料和成本——您可以以每股仅 $6.37 投资</strong></p>
</div><h2>Large Debt Deals Backed by GPUs</h2>
<div class="lb-trans"><h2>大额债务交易由 GPU 支持</h2>
</div><p>Several AI infrastructure startups have recently raised major venture debt deals to purchase high-performance chips.</p>
<div class="lb-trans"><p>几家人工智能基础设施初创公司最近筹集了重大风险债务交易，以购买高性能芯片。</p>
</div><p>Lambda Labs also raised a $500 million special-purpose financing vehicle, collateralized by GPUs it already owned, to expand its chip inventory.</p>
<div class="lb-trans"><p>Lambda Labs 还筹集了 5 亿美元的特殊融资工具，以其已拥有的 GPU 作为抵押，扩大其芯片库存。</p>
</div><p>GPU cloud provider CoreWeave CRWE, which recently went public, raised $2.3 billion in debt with similar terms, PitchBook reported. The loan was backed by the company's Nvidia GPU stockpile.</p>
<div class="lb-trans"><p>GPU 云服务提供商 CoreWeave CRWE 最近上市，筹集了 23 亿美元的债务，条件类似，PitchBook 报道。该贷款由公司持有的 Nvidia GPU 库存作为支持。</p>
</div><h2>Some Lenders Are Cautious</h2>
<div class="lb-trans"><h2>一些贷方持谨慎态度</h2>
</div><p>&#34;How long is the useful life of those chips? If it's 10 years or even seven years, that makes sense,&#34; CIBC Innovation Banking Executive Managing Director and Co-Head Paul McKinlay told PitchBook. &#34;But if it's two years, that starts to become a tougher proposition.&#34;</p>
<div class="lb-trans"><p>“这些芯片的有效使用寿命有多长？如果是 10 年甚至 7 年，那就有意义，” CIBC 创新银行执行董事兼联席负责人 Paul McKinlay 对 PitchBook 说。“但如果是 2 年，那就变得更具挑战性。”</p>
</div><h2>Venture Debt's Rapid Expansion</h2>
<div class="lb-trans"><h2>风险债务的快速扩张</h2>
</div><p>PitchBook reported that total venture debt deployment reached $53.3 billion in 2024, a 94.5% increase from 2023. That growth was primarily fueled by later-stage startups preserving valuations amid slowing VC rounds.</p>
<div class="lb-trans"><p>PitchBook 报道，2024 年风险债务的总部署达到了 533 亿美元，比 2023 年增长了 94.5%。这一增长主要是由于后期阶段的初创公司在风险投资轮放缓的情况下保持估值。</p>
</div><p>In 2025, AI is driving the next wave of venture debt demand—now extending to earlier-stage companies.</p>
<div class="lb-trans"><p>在 2025 年，人工智能正在推动下一波风险债务需求——现在扩展到早期阶段的公司。</p>
</div><p><em><strong>Image: Shutterstock</strong></em></p>
<div class="lb-trans"><p><em><strong>图片来源：Shutterstock</strong></em></p>
</div>

AI Arms Race Heats Up As Startups Borrow Billions To Buy Nvidia GPUs

- AI 初创公司如 Crusoe Energy Systems 正在利用大规模信贷额度。  
- Crusoe 上月从 Brookfield Asset Management 筹集了 7.5 亿美元的信贷，以扩展数据中心。  
- AI 初创公司在风险债务中占比超过三分之一，显示出融资趋势的变化。  

随着初创公司借款数十亿美元购买 NVIDIA GPU，人工智能军备竞赛愈演愈烈