Financing benchmarks
Compare selected GPU margins, debt covenants, collateral buffers, contract horizons and historical bond coupons.
Disclosed GPU loan margins in the register run from 225 to 750bp over SOFR. Reported debt-service tests sit between 1.05 and 1.83x, and leverage tests at 65 to 70% where they are disclosed. In one selected disclosure, CoreWeave’s DDTL 5.5 runs about five years against customer contracts that average about three. Every figure below is a selected case with its basis attached.
Selected caseOther disclosed GPU margin
- IREN Microsoft DDTL floating tranche+225bp
- Nebius First secured GPU facility+250bp
- Lambda Investment-grade rated TLB+300bp
- CoreWeave DDTL 3.0+400bp
- CoreWeave DDTL 5.0+450bp
- CoreWeave DDTL 5.5+550bp
Put a contractual margin beside the disclosed credit support, with dates and rate conventions visible.
Explore →02DSCR & cash triggers1.05–1.83xreported DSCR levelsSeparate sizing, maintenance, cash trapping and amortisation. Their definitions matter as much as the number.
Explore →03LTV, LTC & reserves65–70%reported LTV / LTCCompare selected descriptions without treating a cost cap, value test and cash reserve as one ratio.
Explore →04Debt & contract horizons5y / 3ydebt against contractsSee where a disclosed contract horizon ends before the debt, and where the data cannot answer the question.
Explore →05Historical bond coupons3.9–6.1%fixed couponsInspect selected Amazon and Oracle tranches by approximate original horizon. Coupons are not current yields.
Explore →06What the register covers540financing observationsExplore the observation mix and the limits of the sample before drawing a market conclusion.
Explore →Three financings.
One view.
Put selected descriptions side by side and follow them back to the record.
Choose cases ↗Interactive toolHow much debt
can the fleet support?
Vary the advance rate, value decline and contract coverage in an original hypothetical model.
Model a scenario ↗