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InfraCompute Tools · Bond protections
What protects the holders of neocloud and data centre bonds.
The CoreWeave senior notes and the data centre project bonds behind Applied Digital, Cipher, TeraWulf and Core Scientific campuses, side by side: the protections that matter in a liability management exercise, and the lease terms that carry a project bond, each quoted from the indenture filed on SEC EDGAR.
- Filed indentures
- 9
- Notes compared
- $18.5bn
- Protections
- 13
- Quotations checked
- 85
At a glance
Two kinds of bond
The corporate notes are unsecured and sit beside, not above, the GPU financing SPVs. The project bonds share one form: a special purpose issuer, a first lien on one campus and its lease, 75% votes for the collateral, a debt service reserve and a single-trigger change of control. Where they differ is the lease protection, the backstop and the sweep.
The scorecard
Six protections, nine bonds
| Notes | Security | Collateral release | Change of control | The lease | Reserve | Cash sweep |
|---|---|---|---|---|---|---|
| CoreWeave 9.25% 2030 $2,000m · 27 May 2025 | Unsecured | Not applicable: unsecured | 101%, only with a ratings downgrade | Not applicable | None | None |
| CoreWeave 9.625% 2032 $1,250m · 18 June 2026 | Unsecured | Not applicable: unsecured | 101%, only with a ratings downgrade | Not applicable | None | None |
| APLD ComputeCo 9.25% 2030 $2,350m · 20 November 2025 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it; 75% of holders to waive | $177m | 50% of excess cash flow offered to holders twice a year |
| APLD ComputeCo 2 6.75% 2031 $2,150m · 10 March 2026 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it; 75% of holders to waive | $148m | No excess cash flow offer |
| APLD ComputeCo 3 7.000% 2031 $1,590m · 16 June 2026 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it; 75% of holders to waive | $81m | No excess cash flow offer |
| Cipher Compute 7.125% 2030 $1,400m · 13 November 2025 | Secured on the project | 75% of holders | 101% on any change of control | Only with 75% of holders | $210m at issue, then $110m plus interest | 50% of excess cash flow offered to holders twice a year |
| WULF Compute 7.75% 2030 $3,200m · 23 October 2025 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it; 75% of holders to waive | $447m at issue, then $265m | 50% of excess cash flow offered to holders twice a year |
| Flash Compute 7.25% 2030 $1,300m · 29 December 2025 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it; 75% of holders to change that covenant | $149m at issue, then $90m plus interest | 50% of excess cash flow offered to holders twice a year |
| Core Scientific Finance I 7.75% 2031 $3,300m · 6 May 2026 | Secured on the project | 75% of holders | 101% on any change of control | No materially adverse change, as the issuer judges it | Construction interest less project revenue ($343m estimate) | No excess cash flow offer |
Subscribers see all 13 protections with the filed wording and what lender and sponsor counsel say about each.
Method
Indentures are the exhibits filed on SEC EDGAR as at 28 October 2026. Every quotation is checked against the filed document before it is published, and the build stops on any that has not been. The short position beside each quotation is a plain summary of it; supplemental indentures and the collateral, lease and support agreements can change the picture. Nothing here comments on the credit of any issuer. General information drawn from public filings. It is not legal advice on any transaction, and using this page does not create a lawyer-client relationship. Views are personal.
