HUMAIN and Infra Sign $667 Million AI Financing for GPUs and Power

Riyadh, Saudi Arabia — Saudi Arabia's National Infrastructure Fund (Infra) has agreed to lend HUMAIN, the artificial intelligence company of the Public Investment Fund, up to approximately $667 million (SAR 2.5 billion) through two facilities covering AI chips and the power infrastructure its data centers will draw on.

The smaller of the two, worth up to $293.3 million (SAR 1.1 billion), will pay for buying and installing graphics processing units (GPUs). The companies put that hardware at approximately 25 MW of IT load.

The larger facility, of up to $373.3 million (SAR 1.4 billion), goes into the grid rather than the server halls. It will fund substations, transmission infrastructure and grid connections for HUMAIN's AI data centers in the Kingdom, according to the joint announcement.

That grid work is sized for far more than the chips in the first facility. According to the two organizations, the substations and lines are meant to carry as much as 1 GW of IT capacity at data centers still to come, which they said would help prepare the ground for investment by developers, hyperscalers and institutional investors.

Both agreements were signed in Riyadh a day earlier. PIF Governor Yasir Al-Rumayyan was at the ceremony, along with Faisal bin Fadhil Alibrahim, who is Minister of Economy and Planning and also chairs Infra's board, and Abdulaziz Alarifi, who heads the National Development Fund as its Governor.

Alarifi's fund oversees the lender: Infra is a supervised entity of the National Development Fund and calls itself the Kingdom's lead development financing partner for infrastructure. It backs projects across all sectors, with its lending tied to Vision 2030 goals and the Saudi Green Initiative.

Infra has not announced any earlier transactions under its AI Data Center Financing Program, so the HUMAIN facilities are its first. They convert part of a January 2026 understanding into signed financing agreements. At Davos, the pair had announced a strategic financing framework whose terms, worth up to $1.2 billion (SAR 4.5 billion) and not binding, covered AI and digital infrastructure in the Kingdom.

HUMAIN said when it announced the Davos framework on January 21, during the World Economic Forum's Annual Meeting, that the terms were tied to its plans for as much as 250 MW of hyperscale AI data center capacity. The two also said they would look at setting up an investment platform for AI data centers, with both as anchors and room for institutional money from Saudi Arabia and abroad.

Infra's chief executive presented the new deals as a way to bring in other investors. Eng. Esmail bin Mohammed Alsallom, Chief Executive Officer of Infra, said: “Through these agreements, we aim to unlock investment well beyond Infra’s own commitment. Supporting HUMAIN’s computing deployment alongside essential power infrastructure helps prepare a broader pipeline of data center projects for investment. Our role is to strengthen project readiness and bankability, with commercial viability and economic value guiding how we deploy our capital. This partnership connects our priorities with commercial discipline, helping build a financing market that can attract a broader pool of private and institutional capital and sustain the local AI infrastructure growth.”

Tareq Amin, Chief Executive Officer of HUMAIN, stated: “AI infrastructure is becoming foundational to the next generation of computing, and scaling it requires both significant investment and the infrastructure to support it. These facilities with Infra will help accelerate the deployment of advanced computing capacity and the power infrastructure required to support it. At HUMAIN, we are focused on building and operating AI infrastructure at scale, while developing the technologies and platforms that enable organizations and customers globally to put AI to work.”

HUMAIN's shareholder base changed only a week before the signing. Aramco took 49% of the company when the deal closed on November 1, bringing AI assets plus approximately $2.6 billion (SAR 9.9 billion) in cash due this year, and PIF retained 51%. Launched by PIF in May 2025, HUMAIN has set a goal of 3 gigawatts of AI data center capacity by 2030.

Tenants for some of that capacity are starting to appear. Nebius, the Nasdaq-listed AI cloud company, agreed a preliminary framework with HUMAIN and DataVolt last month that could see it use up to 50 megawatts at their planned Oxagon campus in NEOM, phased in from the fourth quarter of 2027.

The two loans support different parts of HUMAIN’s AI expansion. The larger facility will finance substations, transmission lines and grid connections for future data centers, while the smaller one will fund the purchase and installation of AI chips. By financing the power infrastructure upfront, Infra aims to give commercial banks and institutional investors a clearer basis for assessing future data center projects.

The first signed deals are modest next to the January plans. The roughly 25 MW of IT load in the GPU facility is a tenth of the 250 MW of capacity named at Davos, and the two signed facilities total about 56% of the $1.2 billion (SAR 4.5 billion) framework, leaving up to approximately $533 million (SAR 2 billion) of those non-binding terms still to be turned into signed agreements.