Wasabi Technologies has secured a $250 million credit facility led by Bain Capital's Private Credit Group. U.S. Private Credit Investments, a division of BTG Pactual Global Alternatives, joined as a lender alongside Neuberger Specialty Finance, Energy Impact Partners and Aksia. The financing extends Wasabi's runway to invest in cloud storage infrastructure and global expansion at a moment when AI workloads are driving an unusually steep curve in storage demand.
Wasabi positioned the facility as a deliberately debt-financed move in what it describes as a more selective lending market. The company has done two larger funding events in the past 18 months: an acquisition of Lyve Cloud from Seagate Technology, then a $70m equity round led by L2 Point Management with participation from Everpure (formerly Pure Storage), valuing the business at $1.8 billion. Total funding now stands at over $700 million.
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. We're investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.
The product positioning hasn't shifted. Wasabi's pitch, and where it has won, remains the absence of egress and API request fees, a flat predictable price, and 16 storage regions across more than 100 countries. Customers cited include Cornell University and Liverpool Football Club. The company has added Wasabi Fire, an NVMe-based storage class aimed specifically at compute-intensive AI and ML training workloads, on top of its existing Hot Cloud Storage line.
Wasabi's growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost-effective cloud storage. The company is delivering innovative and secure data infrastructure at a time when data is becoming increasingly critical to how enterprises operate, make decisions, and adopt technologies such as AI.
The deeper signal sits in the financing structure. Hyperscaler storage volumes scale with their compute footprints, so AI demand pulls them higher by default; pure-play storage providers benefit only if buyers actively prefer to move data outside the hyperscaler walls. Egress economics, a long-standing complaint about AWS, Azure and Google Cloud Storage, have been the central wedge for that argument. A $250m credit facility on top of recent equity backing suggests institutional investors see that wedge widening as AI inference workloads, which re-read large data sets repeatedly, run into the bills.
Lincoln International acted as Wasabi's exclusive financial advisor and placement agent.
