Milan’s Domyn raises over $1bn Europe’s largest AI round, mostly in debt
Domyn has raised more than $1bn, which makes it one of the largest financings a European AI company has ever announced, yet only about a tenth of it is equity.
The Milan company took roughly $1.1bn in total, split about 10% equity and 90% debt, according to Sifted. That structure is the story, because it is what you raise when you are buying hardware rather than hiring researchers.
Mistral did the same thing on a smaller scale when it took $830m from seven banks to build its own data centre outside Paris. European AI companies have discovered that lenders will finance a building full of GPUs on terms no venture fund would offer for a model.
What Domyn is building is Colosseum, a supercomputer in southern Italy assembled with Nvidia and Vertiv. It runs 80 Nvidia GB200 NVL72 systems, close to 6,000 Grace Blackwell chips, drawing about 7MW and...
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