InfraCompute / Deals
Lambda: investment-grade fixed-rate DDTL
GPU-backed loan for Lambda, US$1.01bn, 1 October 2026.
Key terms
- Borrower or issuer
- Lambda
- Date
- 1 October 2026
- Structure
- GPU-backed loan
- Amount
- US$1.01bn
- Pricing
- 6.78%
- Tenor
- c.6 yrs; final maturity by 30 May 2033; each tranche amortises after GPU tranche stabilises
What’s notable
A US$1.01bn fixed-rate delayed-draw loan at 6.78%, placed with insurers and fixed income investors, with JPMorgan as sole coordinating lead arranger. It is secured on more than 30,000 NVIDIA GB300 and VR200 GPUs and take-or-pay contracts with two hyperscale investment-grade customers, with lender step-in rights and final maturity by May 2033. It shows insurance money funding GPUs at a fixed rate once the contracts are investment grade.
Recorded terms
- Lender type
- Bank loansNo funder named; bank arranger: J.P. Morgan (sole coordinating lead arranger)
- Tenor
- c.6 yrs; final maturity by 30 May 2033; each tranche amortises after GPU tranche stabilises
- Security
- 30,000+ NVIDIA GB300 and VR200 GPUs at Seattle, Kansas City and Dallas DCs; take-or-pay capacity contracts; lender step-in rights
- Lenders and arrangers
- Insurance companies and fixed income investors (oversubscribed); J.P. Morgan sole coordinating lead arranger; Dell Marketing (fixed-price GPU supply)
- Tenant or offtaker
- Two hyperscale investment-grade customers (unnamed; Bloomberg/TechCrunch reported Lambda chips to be leased to Microsoft)
Similar financings
Same structure, other borrowers, closest in date.
More from Lambda
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Sources
- Lambda October 2026 fixed-rate facility announcementSource date: 1 October 2026
- Morningstar DBRS Lambda Compute I rating reportSource date: 2 October 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
