AM Intelligence orders 20,000 more Nvidia Rubin GPUs

WIRE · NEOCLOUDS · INDIA · Data as at 5 Oct 2026

AM Intelligence, the AI cloud set up by the founders of Indian power group Greenko, has placed two more binding orders for about 20,000 Nvidia Rubin GPUs. They go into about 70 megawatts of halls in India and Malaysia, with delivery due in the second quarter of 2027. On the neoclouds layer, that is a purchase, not a rental. The company has not named who will rent the new capacity.

What happened

On 5 October 2026, AM Intelligence (AMI) said it had signed two "firm and binding" orders for Nvidia's next chip platform, to be installed as Vera Rubin NVL72 racks. This follows a first order for 9,000 Rubin GPUs on 25 August for a 30 MW hall in Hyderabad, due in the first quarter of 2027.

The facts as reported:

AMI says it plans another 300 MW over the next 15 months, at more than $20 billion of spending. It calls the three orders the first slice of a 400 MW pipeline across India, the US, Europe and Malaysia.

Why cash cares

A neocloud makes money one way. A customer rents GPU hours, and the bill clears. Buying the chips is the cost side. It is the biggest cheque the business writes, and it goes out before any hour is sold.

That is why the order and the rental sit on different clocks. A binding order means the seller is close to its money. Nvidia and the companies that build and ship the racks get paid as systems land, due in the second quarter of 2027. AMI gets paid later, and only if a renter signs.

To size the bet, here is our own arithmetic, not a disclosed figure. If the reported $4 billion is right, the new order works out to about $200,000 per GPU, rack system included. The $6 billion committed for the first 100 MW is about $60 million per megawatt. The roughly $500 million spent so far is about 8 percent of that.

Now the revenue side. Nebius said in August that its large second-quarter deals earned $20 million to $25 million per megawatt a year (via FinanceFeeds). At that rate, 100 MW fully rented would bring in $2.0 to $2.5 billion a year. So the $6 billion is roughly two and a half to three years of revenue, before power, staff and interest. That math only starts when the halls are full. AMI has not said what it charges.

Figure — Order bind. Orders signed (5 Oct) → a named renter signs for the 70 MW (stuck step) → systems land and hours bill from Q2 2027.

Context: the first order had a buyer

Context, not today's order. When AMI placed its first 9,000-GPU order in August, Greenko founder Mahesh Kolli told Bloomberg that the initial capacity had already been bought by a US customer. He would not name it, citing a non-disclosure agreement. The new release makes no such claim for the 70 MW in India and Malaysia. It says the halls will serve cloud providers, companies and AI developers.

Power is the part AMI does control. Mint reports the GPUs will run on clean power and storage from AM Green and Greenko, owned by the same founders. That shortens the hardest queue for a new hall. It does not find a renter.

The second-order read

Who gets paid. Nvidia and the rack and server chain, first. A binding order turns into their revenue as the systems ship. Greenko and AM Green sell the power, but that cash moves inside one group.

Who pays. AMI, up front. About $6 billion for the first 100 MW, with about $500 million out the door so far (Mint, one person aware).

Who waits. AMI and whoever lends against the halls. Their money comes back only as GPU hours bill. Today, the new 70 MW has no named customer.

Stuck step. A signed renter for the 70 MW. Then two halls in two countries have to be built, cooled and switched on by the second quarter of 2027. Until both happen, no hour has been billed.

Two cautions

The $4 billion comes from two people who spoke to Mint, not from AMI or Nvidia. Treat it as reported, not confirmed.

The rent comparison uses Nebius's numbers, not AMI's. A new entrant with no track record may have to price lower to win its first big renter. The two and a half to three years is a way to size the bet, not a forecast.

What would change the view

• AMI names a renter, or says how much of the 70 MW is already under contract.
• The contract terms show prepayment or take-or-pay, which would pull cash forward.
• Delivery slips past the second quarter of 2027, which pushes back the first bill.
• AMI raises debt or equity against the halls, which shows what lenders think of the offtake.

What to watch

• A customer announcement for the India and Malaysia halls.
• The Hyderabad hall going live with its first 9,000 GPUs, due in the first quarter of 2027.
• Funding news for the $20 billion plan for the next 300 MW.
• Rubin shipment timing from Nvidia for 2027.

Read: Neoclouds, What Is a Neocloud?, What Is a Take-or-Pay GPU Contract?, and Who Finances GPU Clusters.

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Sources: AM Intelligence release (Business Wire), 5 Oct 2026 — two binding orders, ~20,000 Rubin GPUs, ~70 MW, Q2 2027, 29,000 GPUs / ~100 MW, $6B committed, 300 MW and $20B+ plan, ~400 MW pipeline; Mint, 5 Oct 2026 — ~$4B order value and ~$500M deployed (people aware); power from AM Green and Greenko; HinduBusinessLine, 5 Oct 2026 — 70 MW, Q2 2027, $6B for first 100 MW; Moneycontrol, 5 Oct 2026 — 300 MW over 15 months, $20B+; Bloomberg via Yahoo Finance, 25 Aug 2026 — first 9,000-GPU order; Kolli on an unnamed US customer; Moneycontrol, 25 Aug 2026 — 30 MW Hyderabad, Q1 2027 delivery; FinanceFeeds, 2 Oct 2026 — Nebius $20–25M per MW on large Q2 deals (12 Aug letter); CoreWeave ~$40M per MW on short deals (17 Sep). Per-GPU, per-megawatt and payback sizing is our arithmetic. Not investment advice. Do your own research.