Free report
The GPU Financing Handbook
How the 31 public GPU-backed loans signed since August 2023 are structured, priced and protected, built from credit agreements, rating releases and company filings.
For the next term sheet.
GPU lending has moved from private credit at SOFR + 8.75% to rated, bank-led project financings at 2.25%. The handbook shows what changed in the documents, deal by deal, so you can see what is market before you negotiate.
Key findings
What the deals show.
Drawn from credit agreements, rating releases and company filings. The full report sets out the sources for every figure.
- 01
The customer sets the price
Margins fell from SOFR + 8.75% in 2023 to 2.25% to 2.50% in 2026 where an investment-grade customer stands behind the contract.
- 02
The structure is project finance
Ring-fenced SPVs, draws tied to delivery and acceptance, direct agreements, controlled accounts, reserves and cash traps.
- 03
Loans are sized twice
An advance rate of 75% to 95% of cost and a sizing DSCR of 1.20x to 1.30x, whichever gives the smaller loan.
- 04
Three answers to obsolescence
Amortise within the contract, test against depreciated cost, or require contract value cover when the loan outlives the contracts.
- 05
Recourse is negotiable
From full parent guarantees to none, sometimes within one sponsor's own facilities.
GPU loan margins have halved as customer credit improved
Show the data table
| Date | Facility | Customer credit | Margin over SOFR | Note |
|---|---|---|---|---|
| Aug 2023 | CoreWeave DDTL 1.0 | Mixed or unrated customers | 8.75% | US$2.3bn; later repriced to 9.62% |
| May 2024 | CoreWeave DDTL 2.0, Specified IG tier | Investment-grade customer | 6% | US$7.5bn facility |
| May 2024 | CoreWeave DDTL 2.0, IG tier | Investment-grade customer | 6.5% | US$7.5bn facility |
| May 2024 | CoreWeave DDTL 2.0, non-IG tier | Non-investment-grade tier | 13% | US$7.5bn facility |
| Jul 2025 | CoreWeave DDTL 3.0 | Mixed or unrated customers | 4% | US$2.6bn; single contract, customer unrated |
| Sep 2025 | CoreWeave DDTL 2.1 tranche | Mixed or unrated customers | 4.25% | US$3.0bn |
| Feb 2026 | Nscale Europe GPU facility | Mixed or unrated customers | 5% | US$1.4bn; steps to 5.25% |
| Mar 2026 | CoreWeave DDTL 4.0 | Investment-grade customer | 2.25% | US$8.5bn; single strong contract |
| May 2026 | CoreWeave DDTL 5.0 | Mixed or unrated customers | 4.5% | US$3.1bn; multiple contracts |
| May 2026 | IREN Hardware 3 (Microsoft) | Investment-grade customer | 2.5% | DDTL; notes at 5.96% fixed |
| Jul 2026 | Nebius GPU term loan | Investment-grade customer | 2.5% | US$775m; IG customer |
| Jul 2026 | Nscale Iceland (Macquarie) | Mixed or unrated customers | 5.5% | US$332m; plus MOIC payments |
| Aug 2026 | CoreWeave DDTL 5.5 | Mixed or unrated customers | 5.5% | US$2.6bn |
| Aug 2026 | Nscale Ward County and North Carolina | Investment-grade customer | 2.375% | US$1.85bn and US$1.2bn; Microsoft / IG customer |
| Sep 2026 | Lambda term loan B | Investment-grade customer | 3% | US$926m; IG customer |
Inside the report
Read the terms.
Then see the structure.
25-page PDF, written for lenders, investors, sponsors and their advisers.
- 01
Six structure diagrams
CoreWeave DDTL 2.0 and 4.0, IREN Hardware 3, Nscale Ward County, Lambda Compute I and the xAI GPU lessor model.
- 02
Pricing and sizing charts
Margins by customer credit, advance rates and DSCR levels across the market.
- 03
Term-by-term benchmark
Twelve facilities compared on margin, recourse, sizing, covenants, cash traps and fixed-rate options.
- 04
Risk allocation table
Nine risks, how each deal allocates them and where to find the terms.
- 05
Term sheet checklist
24 questions for borrowers, lenders and their counsel.
- 06
Deal appendix
All 31 loans with size, pricing, collateral and a public source for each.
Questions
The short answers.
What is a GPU-backed loan?
A loan secured on GPU servers and the customer contracts they serve, usually made to a special purpose company that owns the hardware and nothing else, and repaid from the contract revenue.
How are GPU loans priced in 2026?
Facilities backed by an investment-grade customer contract priced at SOFR + 2.25% to 2.50% in 2026. Mixed or unrated contracts priced at SOFR + 4.00% to 5.50%, and non-investment-grade deals at about 9% to 10% fixed.
How much can be borrowed against GPUs?
The project-style deals cap debt at the lesser of 75% to 95% of cost and the amount that gives a sizing DSCR of 1.20x to 1.30x on contracted cash flows.
What is in the full handbook?
Six structure diagrams, four charts, a twelve-facility term benchmark, a risk allocation table, a 24-point term sheet checklist and an appendix of all 31 loans with sources.