Analysis · Structuring · 4 min read
Pooled or single-contract? Two ways to build a GPU facility
A GPU facility can finance a book of customer contracts or a single one. CoreWeave has done both, and the pricing shows what each design costs.
- 01DDTL 2.0 pooled contracts into three tiers priced at SOFR + 6.00%, 6.50% and 13.00%.
- 02DDTL 4.0 financed one investment-grade contract at SOFR + 2.25%.
- 03DDTL 5.5 pools diverse contracts at 5.50%, with a test on projected contract value.
A pooled facility lets the borrower add new customer contracts to one loan as it signs them. A single-contract facility finances one contract, one cluster and one borrower. The first gives flexibility. The second gives clarity, and usually a lower price.
How the pool works
CoreWeave's US$7.5bn DDTL 2.0 in May 2024 financed GPUs serving many contracts through one borrower. Each draw was priced by the credit of the contract it funded: SOFR + 6.00% for specified investment-grade customers, 6.50% for other investment-grade customers and 13.00% for non-investment-grade customers. Coverage tests ran pool by pool, and the facility capped non-investment-grade collateral and revenue. Contracts under US$75m sat outside the eligibility criteria, subject to a US$350m cap.
Pooled facility: CoreWeave DDTL 2.0
The single-contract alternative
CoreWeave's DDTL 4.0 in March 2026 took the opposite approach. One borrower holds the GPUs, one master services agreement with an investment-grade customer and the site leases. CoreWeave gives only a limited guarantee. The margin was SOFR + 2.25%, the tightest in the public market.
Pools are back, with new tests
DDTL 5.5 in August 2026 returned to a pool: diverse contracts averaging about three years, priced at SOFR + 5.50% with a full parent guarantee. Because the loan can outlast individual contracts, it allows re-leasing but traps cash if projected contract value falls below 2.40x of the loans.
Questions for the next term sheet
- Which contracts are eligible for the pool, and who decides when a new one is added?
- Are concentration limits set by customer, rating or industry?
- What happens to the pool's pricing when an investment-grade customer is downgraded?
- Would carving the strongest contract into its own facility cut the overall cost of debt?
For in-house counsel
Take it to the documents
The filed wording behind this piece, for the lender’s or the borrower’s side. Previews are open; the full text is free with InfraCompute Weekly.
- GPU loan summariesFiled GPU credit agreements side by side: advance rates, covenants and the collateral package.
- Financing clause libraryCash traps, coverage ratios, cures, step-in and GPU security, quoted from credit agreements and indentures.
- Issues list: GPU credit agreementBuild it from the lender’s or the borrower’s side, with where filed deals land.
- The legal desk for in-house counselContract library, issues lists, checklists and English law notes.
Sources
- CoreWeave DDTL 2.0: Blackstone release: blackstone.com
- CoreWeave DDTL 4.0: pulse2.com
- CoreWeave DDTL 5.5: CoreWeave release: investors.coreweave.com
