Gorilla Technology raises $232M in bonds to fund AI infrastructure

Gorilla Technology Group Inc. (NASDAQ: GRRR) announced it has completed two bond financings raising aggregate gross proceeds of $232 million to support AI infrastructure programs in India, Indonesia, and Thailand, according to a company statement.

The most recent financing is being directed toward the NeutraDC Batam program in Indonesia, while the earlier financing supports Gorilla's equity contribution to the Yotta 2 program in India.

The NeutraDC Batam program is tied to a signed five-year AI compute infrastructure contract representing approximately $2.5 billion of expected revenue, including approximately $1.3 billion from its first phase. The initial deployment tranche is targeted for September 2026, with a second tranche targeted for December 2026. Remaining contracted capacity is expected to be delivered in the first half of 2027.

In India, the Yotta 1 program comprises 640 high-performance servers with 5,120 GPUs, expected to be built, shipped, and deployed by the end of August 2026. The program carries an expected revenue value of approximately $500 million over five years. The Yotta 2 program targets deployment of an additional 20,736 next-generation GPUs in Delhi, with an estimated project value of approximately $2.5 billion. Both programs are described as progressing ahead of internal schedules.

In Thailand, Gorilla is advancing a planned 200MW data-center campus in Korat. At full build-out, the campus is projected to support approximately 100,000 to 110,000 next-generation GPU equivalents. The company cited an illustrative gross revenue potential of $16 billion to $18 billion over five years, noting this figure represents potential rather than contracted revenue and remains subject to customer contracting, financing, and other variables.

The company said the latest bonds carry an initial conversion price of approximately $25.48 per ordinary share, representing a premium of approximately 52% to Gorilla's closing share price on July 14, 2026, subject to previously disclosed reset mechanisms.

Gorilla said it continues to pursue separate debt financing covering approximately 70% of expected infrastructure costs for the NeutraDC Batam program.

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