US-based AI-powered insurance technology company Reliance Global Group has entered into a non-binding Letter of Intent (LOI) to purchase an unnamed GPU cloud provider.

Revealed on October 22, Reliance plans to enter the AI cloud market and "scale rapidly" through investment in a company-owned GPU fleet. The company will, once the acquisition is completed, rebrand as GPU Exchange with the Nasdaq trading symbol of XGPU.

"The proposed acquisition provides an operating foundation for our entry into AI infrastructure, with a clear strategy to scale substantially," said Ezra Beyman, chairman and CEO of Reliance Global Group. "We believe this is the most significant step in the company's evolution to date. We are pursuing this acquisition with no outstanding debt, funding already in place, and no dilution to existing shareholders."

"Our focus is execution: acquiring and deploying GPUs, growing the customer base, and making it easier for hardware owners to earn revenue through the marketplace," said Judah Korman, COO of Reliance Global Group. "By combining our own GPU fleet with third-party capacity, we intend to scale supply rapidly and serve more customers through a single platform. GPU Exchange will bring these efforts together under one brand."

The unnamed business being acquired offers on-demand compute capacity for AI and enables third-party GPU owners to earn revenue by offering their hardware through its platform. Reliance will expand the capacity by acquiring additional GPUs.

The purchase price is payable entirely in cash. Under the LOI, $3.375m is payable at closing, consisting of $3m in cash and $375,000 funded into escrow. A further $375,000 is payable 12 months after closing.

The deal is currently expected to close in early November 2026.

Reliance seems to have been preparing for the move over the past few months, having announced it was debt-free as of October 5, 2026, and selling off its assets, including Altruis Benefit Consulting and Southwestern Montana Insurance Center. The company is listed on the Nasdaq stock exchange, but fell below the minimum price requirement earlier this year. In June 2026, its shares rose above $1, enabling it to regain compliance.

According to Reliance's annual report in March, the company has no data center properties but listed five office buildings, two of which presumably are no longer part of its footprint following the aforementioned asset sales. It also notes that the company relies on "information technology and third-party vendors."