UAE-based AI infrastructure firm Core42 has secured USD 550 million through two structured trade finance facilities from HSBC, earmarked for accelerating its AI cloud and compute deployments across the US and Europe.
The non-equity dilutive financing was split across two tranches – USD 240 million completed in February 2026 and USD 310 million closed in May 2026. The capital will fund large-scale capacity buildouts tied to long-term contracted demand, enabling faster time-to-market for Core42's growing international footprint.
The company's European operations are anchored by its Dublin headquarters, with active deployments underway in Italy and France and local governance partners across key markets.
Core42 is a G42 company backed by Sheikh Tahnoun bin Zayed Al Nahyan. It was established in October 2023 through the merger of G42 Cloud, Inception, and Injazat, and has since positioned itself as a leading provider of full-stack AI infrastructure.
Gulf Economist Staff Writer