Named customer contract
GPU and associated customer cashflows
+225bp
01 / Financing terms · selected comparisons
GPU loan margins
Put a contractual margin beside the disclosed credit support, with dates and rate conventions visible.
225–750bpover SOFR
Disclosed floating margins on 11 GPU-secured facilities in the register. The 6 selected cases run 225–550bp.
11 disclosed margins · 6 selected cases highlighted · data cut 22 October 2026
Named customer contractIssuer describes IG offtakeSupport not established hereSelected case (filled)
Margins are contractual spreads over the stated SOFR convention, not all-in cost. Fees, floors, OID and hedging are excluded.
01
11 GPU-secured facilities in the register disclose a floating margin over SOFR, from 225 to 750bp. Each dot is one facility, placed by its disclosure date.
02
The 6 selected cases run 225 to 550bp. These are the facilities this page compares field by field, with sources, below.
03
Only 3 disclose the kind of support behind them. IREN (225bp) rests on a named customer contract; Nebius (250bp) and Lambda (300bp) describe investment-grade offtake. The other 8 have no support established in this view and span 225 to 750bp. No causal effect of support is estimated.
04
CoreWeave alone has 5 disclosed facility margins, from 225 to 550bp: DDTL 3.0 +400, DDTL 2.1 (incremental tranche) +425, DDTL 4.0 +225, DDTL 5.0 +450, DDTL 5.5 +550. Dates, tenors and structures differ across the series.
05
The highest disclosed margin is Nscale’s secured GPU facility at +750bp (Jun 2025). Open any dot for the record, its rate convention and its source.
Contractual floating margins
Basis points over the stated SOFR conventionTerms beside credit support.
6 selected cases
Selected cases6
Margin range225–550bp
Median350bp
Credit supportNamed customer contract 1Issuer describes IG offtake 2Support not established here 3
Issuer describes IG offtake
Deployed GPU infrastructure and contracted cashflows
+250bp
Issuer describes IG offtake
GPU servers; related infrastructure; contracted cashflows
+300bp
CoreWeaveDDTL 3.0
Support not established in this view
Parent guaranteed; distinct borrower/security arrangements
+400bp
CoreWeaveDDTL 5.0
Support not established in this view
Unconditional parent guarantee
+450bp
CoreWeaveDDTL 5.5
Support not established in this view
Unconditional parent guarantee
+550bp
IREN’s displayed 225bp is a selected disclosed pricing point. Its conditional pricing and fees need the full agreement. These cases differ in date, tenor, recourse, collateral and SOFR convention; no causal effect of investment-grade offtake is estimated.
| Selected financing | Margin | Rate convention | Disclosure date | Documented support | Pricing source |
|---|---|---|---|---|---|
| IREN · Microsoft DDTL floating tranche | +225bp | term SOFR | 2026-05-29 | Named customer contract | IREN Microsoft GPU financing Form 8-K ↗ |
| Nebius · First secured GPU facility | +250bp | SOFR convention undisclosed | 2026-07-17 | Issuer describes IG offtake | Nebius first secured debt financing ↗ |
| Lambda · Investment-grade rated TLB | +300bp | SOFR convention undisclosed | 2026-08-27 | Issuer describes IG offtake | Lambda closes $926m TLB ↗ |
| CoreWeave · DDTL 3.0 | +400bp | daily compounded SOFR | 2025-07-28 | Support not established in this view | CoreWeave DDTL3 Form 8-K ↗ |
| CoreWeave · DDTL 5.0 | +450bp | daily compounded SOFR | 2026-05-15 | Support not established in this view | CoreWeave DDTL5 Form 8-K ↗ |
| CoreWeave · DDTL 5.5 | +550bp | SOFR convention undisclosed | 2026-08-10 | Support not established in this view | CoreWeave closes $2.6bn DDTL5.5 ↗ |
The fixed-rate IREN private-placement notes and CoreWeave fixed drawings are excluded from these floating-margin bars. Margin is not coupon, yield or all-in financing cost. No missing support flag is evidence that a financing lacks support.
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