Zankore secures $3.1B loan for Southeast Asia's largest AI infrastructure hub
In brief
- Zankore closed $3.1B senior term loan on September 9, backed by Citigroup, ING, Natixis, Qatar National Bank, and UOB.
- Ooredoo Group holds 49% stake with ~$800M commitment; consortium includes Indosat Ooredoo Hutchison, NVIDIA, and Nokia.
- Initial deployment targets 100 MW in Indonesia; longer-term goal of 1 GW across Southeast Asia.
- Deal ranks among Asia's largest AI infrastructure financings ever assembled.
The Financing Structure
Zankore's lending syndicate includes Citigroup, ING, Natixis, Qatar National Bank, and United Overseas Bank — a consortium that reflects both global and regional financial commitments to Southeast Asia's AI buildout. Ooredoo Group, the Qatari telecommunications conglomerate, holds a 49% stake and has committed approximately $800 million to the venture. The remaining backers are Indosat Ooredoo Hutchison, NVIDIA, and Nokia.
The deal's structure matters. Rather than diluting early shareholders with additional equity, Zankore opted for a senior term loan — a choice that preserves ownership concentration while securing capital for infrastructure deployment.
Deployment Timeline and Scale
The loan proceeds will fund cutting-edge NVIDIA GPUs specifically to build what the platform calls NVIDIA DSX AI Factory capacity. The initial deployment targets 100 MW of AI infrastructure in Indonesia, with a first-phase operational goal of roughly 200 MW. The longer-term ambition is significantly larger: 1 GW of AI compute capacity spread across Southeast Asia.
Filling a Regional Gap
Zankore is designed to fill the gap in hyperscale AI infrastructure across Southeast Asia. The platform targets what it calls "AI-native entities" — a category encompassing large language model developers and enterprises running inference workloads at scale. Ooredoo and Indosat Ooredoo Hutchison bring existing network infrastructure, land, power procurement relationships, and regulatory navigation experience to the venture, assets that accelerate buildout beyond pure capital.
Indonesia is not currently subject to the same GPU export restrictions that affect China, though the regulatory landscape remains fluid. Zankore's rapid assembly of this financing — from non-existence to $3.1 billion in two months — signals how aggressively regional players are moving to capture AI infrastructure demand before capacity constraints tighten further.
Frequently asked questions
What is Zankore?
Zankore is an Indonesian AI compute platform launched in August 2024 designed to provide hyperscale AI infrastructure across Southeast Asia. It targets AI-native entities including large language model developers and enterprises running inference workloads at scale.
Who owns Zankore?
Ooredoo Group, a Qatari telecommunications conglomerate, holds a 49% stake and committed approximately $800 million. The remaining consortium includes Indosat Ooredoo Hutchison, NVIDIA, and Nokia.
What will the $3.1B loan fund?
The loan proceeds will fund the purchase of NVIDIA GPUs to build NVIDIA DSX AI Factory capacity. Initial deployment targets 100 MW in Indonesia with longer-term goals of 1 GW across Southeast Asia.
