Wasabi Technologies has closed a $250 million credit facility led by Bain Capital's Private Credit Group, with participation from BTG Pactual Global Alternatives, Neuberger Specialty Finance, Energy Impact Partners, and Aksia. The financing brings Wasabi's total capital raised past $700 million and will fund expansion of its 16-region storage network and continued platform investment.
The structure of the deal reflects the maturity of Wasabi's business model. Cloud storage at scale generates consistent, predictable I/O demand — the kind of revenue profile that debt markets understand. AI inference workloads in particular produce sustained throughput requirements that behave more like utility consumption than speculative product bets. That makes a credit facility a more natural fit than another equity round, and signals that Wasabi's growth is increasingly infrastructure-grade rather than venture-grade.
"This is a more selective private lending market, but we've built a strong, disciplined business that continues to attract support from leading financial institutions," said Michael Bayer, EVP and Chief Financial Officer at Wasabi Technologies. "We're investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage."
Wasabi positions itself as the largest pure-play independent alternative to hyperscaler storage, built on a pricing model with no egress fees or API request charges. Following last year's acquisition of Seagate's Lyve Cloud and a $70 million equity round that valued the company at $1.8 billion, the $250 million credit facility extends runway for infrastructure buildout across its 100-plus country footprint.
Customers including Cornell University and Liverpool Football Club use Wasabi's Hot Cloud Storage for compliance and operational data. The company's growth thesis depends on data gravity: as AI training and inference workloads accumulate datasets in particular regions, the cost of moving that data to a cheaper alternative at a later stage becomes prohibitive. Staying close to where the compute runs, at predictable prices, is Wasabi's structural argument against the hyperscalers.
