Tools / Contract library
InfraCompute Tools · Contract library
The contracts behind the financings.
A GPU or data centre loan is only as good as the contracts it lends against. These are the customer contracts, data centre and chip leases, colocation agreements, power and construction contracts, recognition agreements and guarantees, and the platform equity and joint venture agreements behind the projects, filed on SEC EDGAR and read clause by clause in the filed wording: what each says on the points a lender or investor will ask about, and what to negotiate.
- Contracts
- 43
- Clauses
- 110
- Filed extracts
- 392
- Redaction marks in the filed copies
- 1,281
Find your clause
Start from your side of the deal
Data centre developer or operator
Leases, backstops, power, construction, development loans and JVs.
GPU cloud or neocloud
Customer contracts, colocation, chips, chip leases and your own revolver.
Lender
What you lend against, and what the borrower’s customer has borrowed itself.
Equity investor or sponsor
Platform equity, development JVs and the contracts the projects rest on.
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GPU capacity contracts
16 clauses
Customer termination rights
Can the customer walk away before the term ends?
Read the wording →3 contractsLate delivery: delay credits and the long-stop
What does the provider owe if the GPUs are late, and when can the customer cancel?
Read the wording →6 contractsAcceptance testing and when fees start
When does the service term, and the obligation to pay, start?
Read the wording →3 contractsCustomer default: fees for the rest of the term
If the provider terminates for the customer's breach, does the customer still owe the remaining fees?
Read the wording →3 contractsCustomer step-in on provider insolvency
Can the customer keep the GPUs running if the provider fails?
Read the wording →5 contractsAssignment to lenders and change of control
Can the provider charge the contract to its lenders, and what happens on a sale?
Read the wording →6 contractsLiability caps
How much can each side recover, and what sits outside the cap?
Read the wording →3 contractsService levels, hardware failure and fee abatement
What happens to the fees when the GPUs are down?
Read the wording →1 contractsLate chips: allocation, component constraints and delay relief
If the GPUs arrive late from NVIDIA or the server maker, who carries the delay?
Read the wording →1 contractsNext-generation chips and server substitution
Can the customer move to the next GPU generation, and can the provider swap servers?
Read the wording →4 contractsExport controls and sanctions in GPU capacity contracts
Who carries export control risk in a GPU capacity contract, and what happens if the rules change?
Read the wording →1 contractsCustomer contracts conditional on the provider’s financing
What does a customer agree to so the provider can finance the GPUs?
Read the wording →2 contractsFinancing cooperation, estoppels and payment directions
What must a GPU customer do to help its provider borrow against the contract?
Read the wording →2 contractsPay without set-off: the hell or high water clause
Can a GPU customer hold back fees because of a dispute under another contract with the provider?
Read the wording →1 contractsA licence, not a lease: title and no customer liens
Does a GPU customer that prepays get any interest in the servers?
Read the wording →2 contractsInsolvency termination, and the lender carve-out
Can a GPU customer terminate because its provider becomes insolvent or its lender enforces?
Read the wording →Data centre leases
10 clauses
Lease delivery dates and late delivery credits
What does the landlord owe if the data hall and power are late?
Read the wording →2 contractsTenant early termination and the termination fee
Can the tenant end the lease early, and what does it cost?
Read the wording →4 contractsPower: pass-through and the utility contract
Who pays for the electricity, and who holds the utility contract?
Read the wording →3 contractsMortgages, SNDAs and collateral assignment
How are the landlord's and the tenant's lenders protected?
Read the wording →1 contractsA GPU supplier guarantees the rent
Who stands behind a neocloud’s data centre rent, and can a chip supplier be the guarantor?
Read the wording →1 contractsThe anchor customer steps into the lease
If a neocloud tenant becomes insolvent, can its customer take over the data centre lease?
Read the wording →2 contractsLeasehold mortgages and lender cure rights
Can the tenant’s lenders take security over the lease, and what protects them if the tenant defaults?
Read the wording →2 contractsHow data centre rent is set: per kW, or a share of value
Is data centre rent priced on power, on land or on the value of what is built?
Read the wording →1 contractsDecommissioning, sinking funds and credit support
Who pays to clear the site at the end of a long ground lease, and how is that secured?
Read the wording →2 contractsChange of control and assignment of a data centre lease
Does a sale or IPO of the tenant need the landlord’s consent, and what test must an assignee meet?
Read the wording →Backstops and guarantees
11 clauses
Hyperscaler recognition agreements
What does the hyperscaler backstop actually commit to?
Read the wording →2 contractsSpringing and limited parent guarantees
When does the parent company stand behind its financing SPV?
Read the wording →2 contractsThe default trigger and the deadlines
When does the hyperscaler have to choose, and what happens if it says nothing?
Read the wording →2 contractsWhere the termination fee goes, and what the hyperscaler gets for it
If the hyperscaler lets the lease go, how does its money reach the landlord’s debt?
Read the wording →1 contractsThe hyperscaler pays the rent while it decides
On a payment default, can the hyperscaler keep the lease going without taking it over?
Read the wording →2 contractsWhen the hyperscaler takes over the lease
If the hyperscaler steps in as tenant, what does it take on, and can it get out?
Read the wording →1 contractsThe hyperscaler’s own equipment in the hall
If the hyperscaler owns servers in a neocloud’s space, how are they protected and removed?
Read the wording →1 contractsWhy the parent guarantee springs, and what makes it spring
Why would a parent guarantee only spring later, and which events should trigger it?
Read the wording →1 contractsA letter of credit behind the guarantee
What letter of credit does a landlord ask for alongside a parent guarantee?
Read the wording →2 contractsThe guarantee in the SPV’s bankruptcy
Does the guarantee hold if the SPV files, rejects the lease or has payments clawed back?
Read the wording →1 contractsThe remarketing guarantee when the customer walks
If the hyperscaler cancels a GPU tranche before acceptance, what does the parent cover?
Read the wording →AI lab credit agreements
6 clauses
Compute SPVs: ring-fencing the lab’s compute deals
Can an AI lab put its data centre and GPU commitments in special purpose vehicles outside its main loan?
Read the wording →1 contractsParent guarantees and security for compute deals
Will the AI lab’s own loan let it guarantee a data centre lease or a GPU financing?
Read the wording →1 contractsCross-default: compute debt left out
If an AI lab’s compute SPV defaults, does the lab’s main loan default too?
Read the wording →1 contractsThe liquidity covenant and the springing maturity
What financial covenant does an AI lab’s revolver carry, and what does it tell a counterparty?
Read the wording →1 contractsBorrowing against the lab’s own customer contracts
Can an AI lab raise debt against its own contracted revenue?
Read the wording →1 contractsSecurity falls away at investment grade
When does an AI lab’s secured revolver become unsecured, and what protects the lenders after that?
Read the wording →Neocloud corporate revolvers
5 clauses
GPU project SPVs outside the guarantor group
Can a neocloud keep its GPU project companies out of its corporate revolver?
Read the wording →1 contractsParent guarantees of GPU project debt
Will a neocloud’s revolver let the parent guarantee a GPU or data centre project loan?
Read the wording →1 contractsMoving customer contracts and GPUs into SPVs, and curing SPV defaults
Can a neocloud move signed customer contracts, GPUs and data centre leases into a project SPV, or put in cash to cure the SPV’s loan?
Read the wording →1 contractsThe leverage covenant and run-rate EBITDA from signed contracts
How does a neocloud’s revolver treat contracted GPU revenue that has not started yet?
Read the wording →1 contractsCross-default from GPU project loans, and notice of their amendments
If a neocloud’s GPU project loan defaults, does its corporate revolver default too?
Read the wording →Colocation and hosting
8 clauses
GPU lenders in a colocation facility
Can the GPU owner pledge the contract, and can its lenders get in to take the servers?
Read the wording →3 contractsGetting the servers out at the end
What happens to the GPUs when the colocation contract ends?
Read the wording →3 contractsPower: the commitment, the pass-through and the threshold
How much power is the provider committed to, and who pays for it?
Read the wording →3 contractsOutages: credits, chronic failure and termination
What does the customer get when power or cooling fails?
Read the wording →3 contractsSuspension and the provider’s default remedies
When can the provider switch off service or end the contract?
Read the wording →4 contractsSublicensing the space to a GPU cloud
Can the customer pass the space to a GPU cloud, and who keeps the risk?
Read the wording →2 contractsA licence, not a lease: the facility lender comes first
If the data centre’s own lender enforces, does the colocation contract survive?
Read the wording →2 contractsCasualty, force majeure and relocation
What if the facility is damaged, or the provider wants to move the customer?
Read the wording →Power
9 clauses
Minimum bills for data centre load
What does the data centre pay the utility if it uses less power than it contracted for?
Read the wording →1 contractsExit fees and collateral for a grid connection
What does it cost to walk away from a utility contract, and what security does the utility want?
Read the wording →3 contractsBehind-the-meter generation
Can the data centre run its own generation next to the grid connection, and on what terms?
Read the wording →1 contractsPerformance of on-site generation
What happens if rented turbines are late or do not produce the power promised?
Read the wording →1 contractsTerm, escalation and early termination of rented generation
Can the data centre get out of a turbine rental early, and what does it pay?
Read the wording →1 contractsWho owns the generation, and who can take it
Can the data centre’s lenders take security over rented generation, and who controls a change of owner?
Read the wording →1 contractsLender protections over the power contracts
What do data centre lenders require if the power supply contract is lost?
Read the wording →1 contractsSupplying power to the tenant without becoming a utility
Does a landlord that passes power through to its tenant risk regulation as a utility?
Read the wording →1 contractsBuying a data centre campus next to a power plant
What power rights move with a campus bought from a generator?
Read the wording →GPU supply and export controls
8 clauses
Funding the GPU purchase
What must happen before GPU lenders pay for the chips?
Read the wording →2 contractsThe GPU supplier contract inside the loan
How do GPU lenders protect themselves against a late or defaulting chip supplier?
Read the wording →1 contractsExport control covenants in a GPU loan
What export control promises do GPU lenders take, and how far do they reach?
Read the wording →2 contractsNon-cancellable orders, tied to the customer contract
Once a GPU cloud orders the servers, can it cancel if the customer contract falls through?
Read the wording →2 contractsDelivery by phase, and the delays the supplier is excused for
What delivery commitment does a server maker give for a GPU order, and what excuses a delay?
Read the wording →1 contractsWhen title passes, and the quarter-end shipping rule
When does a GPU buyer own the servers, and who carries them to the data centre?
Read the wording →2 contractsWarranty: repair, replace or a depreciated refund
If a GPU server fails, what does the server maker owe the buyer?
Read the wording →1 contractsCloud use, assignment and payment default
Can the buyer use the servers for a cloud service, move the contract to a financing vehicle, and what happens if it pays late?
Read the wording →Development loans
5 clauses
The lease-signing deadline
What happens to a development loan if the hyperscaler lease is not signed in time?
Read the wording →1 contractsRepaid when the lease is signed or the equity arrives
What forces a development loan to be repaid early?
Read the wording →2 contractsThe minimum return: a multiple on invested capital
How is a development lender paid if the loan is repaid quickly?
Read the wording →1 contractsRolling the loan to the next site
If the first project stalls, can the development loan move to another site?
Read the wording →1 contractsDefaults tied to the project documents
Which events outside the borrower’s control can put a development loan into default?
Read the wording →Platform preferred equity
7 clauses
Funding building by building
How does a preferred equity investor fund a data centre platform in stages?
Read the wording →1 contractsNew projects and the conditions to each funding
When must a platform investor fund a new data centre, and what must be true when it does?
Read the wording →1 contractsEmergency funding and the sponsor’s pipeline loan
Can the sponsor put money in, or take it out, between equity closings?
Read the wording →1 contractsInvestor consents and the transfer lock-up
What can a platform investor block, and when can it sell?
Read the wording →1 contractsDrag-along and tag-along
Can the sponsor force a platform investor into a sale, and can the investor join one?
Read the wording →1 contractsExclusivity and the investor’s termination fee
What does a platform investor pay if it fails to close?
Read the wording →1 contractsWarranty insurance, survival and the indemnity cap
How is a platform investor compensated for a breach of warranty?
Read the wording →Development joint ventures
6 clauses
Exclusivity over the sites and a 30 mile radius
What does a landowner give up when it signs a data centre development JV?
Read the wording →1 contractsWho pays the pursuit costs
Who funds diligence, power and leasing work before a data centre JV is formed?
Read the wording →1 contractsPre-development: power, leasing and financing
What must the capital partner do to get a site ready for a JV decision?
Read the wording →1 contractsThe go or no-go decision
How do a landowner and a capital partner decide whether to build a site together?
Read the wording →1 contractsForming the JV, or going it alone
What happens to the site after the go or no-go decision?
Read the wording →1 contractsTermination, change of control and survival
When can either side walk away from a development JV agreement?
Read the wording →Data centre construction
5 clauses
Delay damages in a data centre build
What does the contractor pay if a data hall is late, and is that the owner’s only remedy?
Read the wording →1 contractsTariffs, logistics and change orders
Who pays if new tariffs or delivery problems hit the equipment for the build?
Read the wording →1 contractsOwner-furnished equipment
If the owner buys the long-lead equipment itself, who carries defects and damage?
Read the wording →1 contractsSubstantial completion, retainage and lien waivers
When is the building done, and what does the owner hold back until it is?
Read the wording →1 contractsLender rights in the construction contract
Can the owner’s lenders and tenant take over the construction contract?
Read the wording →Long-lead equipment
4 clauses
Lending against long-lead equipment
How much will lenders advance against turbines or transformers before they are installed?
Read the wording →2 contractsTitle, storage and supplier consents
What makes equipment count as delivered collateral, and what do the supplier and warehouse sign?
Read the wording →1 contractsSelling equipment and value tests
What happens when equipment is sold, or its appraised value falls?
Read the wording →1 contractsLate or faulty equipment
What happens to the loan if financed equipment is not delivered on time, or fails its tests?
Read the wording →Compute equipment leases
10 clauses
A chip lease that is really a loan
Is a lease of AI chips a true lease or a secured financing, and why does it matter?
Read the wording →2 contractsHell or high water rent on chips
Can the lessee stop paying rent if the chips are late, faulty or lost?
Read the wording →1 contractsWhat a chip lessor needs from the data centre
Before leased chips go into a data centre, what must the site owner, operator and their lenders sign?
Read the wording →1 contractsIf the data centre’s landlord or tenant fails
What happens to leased chips if the data centre landlord goes bankrupt or the tenant defaults?
Read the wording →1 contractsLoss, damage and insurance of leased chips
Who bears the risk if leased chips are destroyed, who insures them and where do the proceeds go?
Read the wording →2 contractsDefault and repossession of leased chips
When can a chip lessor repossess, switch off or sell the equipment?
Read the wording →1 contractsBuying out leased chips to cure a default
Can the lessee stop a repossession by buying the chips, and at what price?
Read the wording →2 contractsReturning leased chips
In what condition must leased chips come back, and who stores them?
Read the wording →2 contractsSelling down a chip lease
Can the lessor sell or finance the lease, and who is it barred from selling to?
Read the wording →2 contractsVendor financing of GPU servers, and the bank loan that takes it out
How does GPU vendor financing work, and how does a project loan refinance it?
Read the wording →The contracts
What is quoted, and where it is filed
Every contract here is a public SEC exhibit. The redaction count is the number of [***] or [*] marks in the filed copy: the higher it is, the more of the commercial terms the filer kept back.
No contract matches. Try a shorter search.
43 filed contracts
| Contract | Type | Dated | Filed as | Redaction marks | Quoted in |
|---|---|---|---|---|---|
| CoreWeave–Microsoft master services agreement CoreWeave (provider) and Microsoft (customer) | GPU capacity contract | 22 February 2023 | CoreWeave S-1, Exhibit 10.23 | 5 | 5 clauses |
| CoreWeave–NVIDIA master services agreement CoreWeave (provider) and NVIDIA (customer) | GPU capacity contract | 10 April 2023 | CoreWeave S-4/A, Exhibit 10.31 | 47 | 1 clause |
| CoreWeave–Meta master services agreement CoreWeave (provider) and Meta Platforms (customer) | GPU capacity contract | 10 December 2023 | CoreWeave 8-K, Exhibit 10.1 | 24 | 3 clauses |
| CoreWeave–OpenAI master services agreement (bare metal) CoreWeave (provider) and OpenAI OpCo (customer) | GPU capacity contract | 7 March 2025 | CoreWeave S-1/A, Exhibit 10.24 | 46 | 3 clauses |
| IREN–Microsoft partner statement of work (Childress) IE US Hardware 3, an IREN subsidiary (supplier), and Microsoft (customer) | GPU capacity contract | 2 November 2025 | IREN 10-Q, Exhibit 10.3 | 82 | 5 clauses |
| Nscale–Microsoft partner statement of work (Narvik) Nscale Ventures Holdings Norway (supplier) and Microsoft Ireland Operations (customer) | GPU capacity contract | 2026 | Nscale S-1, Exhibit 10.19 | 71 | 5 clauses |
| Anthropic–Nscale order for GPU services (Vera Rubin NVL72), form filed with Nscale’s registration statement Nscale GPU MCC B1.1 LLC, an Nscale subsidiary (provider), and Anthropic PBC (customer) | GPU capacity contract | 2026 | Nscale S-1, Exhibit 10.25 | 101 | 11 clauses |
| Sharon AI master services agreement (8,208 B300 GPUs) SAI AU No.2, a Sharon AI subsidiary (provider), and SPOCHUB Solutions and ESDS Cloud FZ-LLC (customers) | GPU capacity contract | 31 March 2026 | Sharon AI 10-Q, Exhibit 10.17 | 40 | 6 clauses |
| Boost Run–Cohere service agreement (GB300 NVL72), drafted for the provider’s lenders Boost Run LLC (provider), with Boost Run Inc. as parent guarantor, and Cohere Inc. (customer) | GPU capacity contract | 30 September 2026 | Boost Run 8-K, Exhibit 10.1 | 10 | 6 clauses |
| Fermi 99-year ground lease with the Texas Tech University System for its Amarillo data centre and power campus The Texas Tech University System and Texas Tech University (landlord) and Fermi SPE, LLC (tenant) | Data centre lease | 14 May 2025 | Fermi S-11, Exhibit 10.9 | None | 4 clauses |
| Applied Digital–CoreWeave datacenter lease, Building 2 (Ellendale) APLD ELN-02 (landlord) and CoreWeave (tenant) | Data centre lease | 28 May 2025 | Applied Digital 8-K, Exhibit 10.1 | 136 | 4 clauses |
| Ionic Digital net lease of its Cedarvale campus (Barstow, Texas) to Nscale, 234 MW plus 89 MW expansion Ionic Digital Cedarvale LLC (landlord) and Nscale Ward County LLC (tenant), with a GPU supplier guaranty and an Nscale parent guaranty | Data centre lease | 14 October 2025 | Ionic Digital S-1, Exhibit 10.16 | 26 | 6 clauses |
| Assignment, assumption and consent, Building 3 lease (CoreWeave to its SPV) CoreWeave (assignor), CoreWeave Compute Acquisition Co. VIII (assignee) and APLD ELN-03 (landlord) | Data centre lease | 30 March 2026 | Applied Digital 8-K/A, Exhibit 10.3 | 1 | 2 clauses |
| Form of data center lease (Blackstone Digital Infrastructure Trust) Form between landlord and tenant, with the filer's notes on expected terms | Data centre lease | 29 April 2026 | Blackstone Digital Infrastructure Trust S-11/A, Exhibit 10.4 | 2 | 4 clauses |
| Supermicro–4701 Santa Fe master colocation services agreement (Vernon) 4701 Santa Fe, LLC (supplier) and Super Micro Computer (customer) | Colocation or hosting agreement | 14 June 2024 | Supermicro 8-K, Exhibit 10.1 | None | 8 clauses |
| Supermicro–4701 Santa Fe service order MCSA-001 (21 MW, Vernon) 4701 Santa Fe, LLC (supplier) and Super Micro Computer (customer) | Colocation or hosting agreement | 14 June 2024 | Supermicro 8-K, Exhibit 10.2 | None | 3 clauses |
| Supermicro–Lambda sublicense of the Vernon data halls Super Micro Computer (sublicensor) and Lambda (sublicensee) | Colocation or hosting agreement | 14 June 2024 | Supermicro 8-K, Exhibit 10.3 | None | 4 clauses |
| Enovum (WhiteFiber)–Nscale master services agreement (NC-1) Enovum NC-1 Bidco, a WhiteFiber subsidiary (provider), and Nscale Services US and Nscale Global Holdings (customer) | Colocation or hosting agreement | 22 November 2025 | WhiteFiber 10-K, Exhibit 10.29 | 20 | 8 clauses |
| Google recognition agreement, Lake Mariner Akela Data (TeraWulf, landlord), Fluidstack (tenant) and Google | Recognition agreement or guarantee | 13 August 2025 | TeraWulf 8-K, Exhibit 10.1 | 1 | 6 clauses |
| Amended and restated Google recognition agreement, Barber Lake Cipher Barber Lake (landlord), Fluidstack (tenant) and Google | Recognition agreement or guarantee | 20 November 2025 | Cipher Mining 8-K, Exhibit 10.1 | 12 | 4 clauses |
| CoreWeave springing guaranty of the Building 2 SPV lease CoreWeave (guarantor) to APLD ELN-02 (landlord) | Recognition agreement or guarantee | 30 March 2026 | Applied Digital 8-K/A, Exhibit 10.1 | 11 | 4 clauses |
| IREN limited parent guarantee (remarketing right) IREN Limited (guarantor) to the collateral agent for the IE US Hardware 3 lenders | Recognition agreement or guarantee | 29 May 2026 | IREN 10-K, Exhibit 10.38 | None | 3 clauses |
| AES Ohio Data Center Tariff (Sheet D23), in the 2027–2029 rate plan settlement The Dayton Power and Light Company, trading as AES Ohio (utility), for data centre customers; settlement filed with the Public Utilities Commission of Ohio | Utility data centre tariff | 21 July 2026 | DPL 8-K, Exhibit 10.1 | None | 3 clauses |
| Mobile Energy Rentals (Solaris)–CTC Property amended and restated master equipment rental agreement for behind-the-meter turbines Mobile Energy Rentals, a Solaris Energy Infrastructure subsidiary (lessor), and CTC Property LLC (data centre customer) | Power generation agreement | 28 April 2025 | Solaris Energy Infrastructure 10-Q, Exhibit 10.4 | 14 | 5 clauses |
| Galaxy Helios I credit agreement (Helios data centre, leased to CoreWeave) Galaxy Helios I LLC, a Galaxy Digital subsidiary (borrower), and its lenders | Credit agreement (power, chip or equipment terms) | 15 August 2025 | Galaxy Digital 8-K/A, Exhibit 10.1 | 164 | 3 clauses |
| Nscale Drift II senior facility agreement (GB200 NVL72 GPUs at Glomfjord, Norway), as amended and restated on 22 September 2025 Nscale Drift II Holdings Ltd (borrower), with Macquarie Bank Limited (London Branch) as agent, security agent and issuing bank; English law | Credit agreement (power, chip or equipment terms) | 22 September 2025 | Nscale S-1, Exhibit 10.12 | 18 | 3 clauses |
| Fermi turbine warehouse equipment supply loan (Siemens and GE gas turbines), MUFG as agent Fermi Turbine Warehouse LLC, a Fermi subsidiary (borrower), Firebird Equipment Holdco (guarantor) and MUFG Bank (agent and lender) | Credit agreement (power, chip or equipment terms) | 10 February 2026 | Fermi 8-K, Exhibit 10.1 | 4 | 3 clauses |
| Fermi high voltage equipment master loan agreement (Keystone), for the campus at Texas Tech Fermi High Voltage Warehouse LLC, a Fermi subsidiary (borrower), with Keystone National Group as agent and Keystone Private Income Fund as initial lender; Fermi gives a limited guaranty | Credit agreement (power, chip or equipment terms) | 19 February 2026 | Fermi 8-K, Exhibit 10.1 | 3 | 3 clauses |
| IREN Hardware 3 common terms agreement (Dell GPU servers for the Microsoft contract) IE US Hardware 3 LLC, an IREN subsidiary (company), and its lenders and noteholders | Credit agreement (power, chip or equipment terms) | 29 May 2026 | IREN 10-K, Exhibit 10.37 | 22 | 2 clauses |
| Nscale Ward County GPU delayed draw credit agreement ($1.85bn) Nscale Ward County Borrower SPV, LLC (borrower), Nscale Ward County, LLC (affiliate guarantor), the lenders, and U.S. Bank Trust Company, National Association (administrative agent and collateral agent) | Credit agreement (power, chip or equipment terms) | 27 August 2026 | Nscale S-1, Exhibit 10.23 | 107 | 1 clause |
| Talen (Cumulus)–Amazon purchase agreement for the Berwick data centre campus at Susquehanna Cumulus Data and Cumulus Real Estate Holdings, Talen Energy subsidiaries (seller), and Amazon Data Services (buyer) | Data centre campus purchase | March 2024 | Talen Energy S-1, Exhibit 10.24 | None | 1 clause |
| Nscale Ward County data centre design-build agreement (AIA A141, four buildings near Odessa, Texas) Nscale Ward County LLC, an Nscale subsidiary (owner), and Trinity GC (design-builder) | Design-build construction contract | 28 January 2026 | KiNRG S-1/A, Exhibit 10.13 | 19 | 5 clauses |
| Broadcom master equipment lease of Google TPU8i pods to an Anthropic subsidiary Broadcom Inc. (lessor, buying the pods from Google) and AI Infrastructure OpCo II, LLC (lessee), with Anthropic, PBC as guarantor | Compute equipment lease (TPU or GPU pods) | 31 March 2026 | Anthropic S-1/A, Exhibit 10.11 | 120 | 9 clauses |
| Dell Financial Services global framework agreement with Nscale’s Ward County SPV (GPU vendor financing, filed form) Dell Financial Services L.L.C. (funder) and Nscale Ward County Borrower SPV, LLC (customer) | Compute equipment lease (TPU or GPU pods) | 17 April 2026 | Nscale S-1, Exhibit 10.20 | 3 | 6 clauses |
| Macquarie development loan to Applied Digital (APLD FAR-01), $50m, repayable when a 200 MW lease is signed APLD FAR-01 LLC (borrower), with Applied Digital as parent, and Macquarie Equipment Capital, Inc. (lender) | Development loan (before the lease is signed) | 9 September 2025 | Applied Digital 8-K, Exhibit 10.1 | 11 | 2 clauses |
| Macquarie development loan to Applied Digital (APLD DevCo), $100m, for a hyperscale campus before the lease APLD DevCo LLC (borrower), with Applied Digital as parent, and Macquarie Equipment Capital, Inc. (lender) | Development loan (before the lease is signed) | 18 December 2025 | Applied Digital 8-K, Exhibit 10.1 | 13 | 5 clauses |
| Anthropic amended and restated revolving credit agreement ($15bn), with its compute financing carve-outs Anthropic, PBC (borrower), the lenders, and Morgan Stanley Senior Funding, Inc. (administrative agent and collateral agent) | AI lab credit agreement (the customer’s own borrowing) | 4 September 2026 | Anthropic S-1, Exhibit 10.10 | 27 | 6 clauses |
| Dell purchase agreement with IREN’s Hardware 3 subsidiary (GPU servers), amending Dell’s Commercial Terms of Sale IE US Hardware 3 Inc., an IREN subsidiary (customer), and Dell Marketing L.P. (supplier) | GPU server supply contract | 2 November 2025 | IREN 10-Q, Exhibit 10.4 | 6 | 5 clauses |
| Dell non-cancellable, non-returnable order terms for IREN’s GB300 servers (four delivery phases) IE US Hardware 3 Inc., an IREN subsidiary (customer), and Dell Marketing L.P. (supplier) | GPU server supply contract | 2 November 2025 | IREN 10-Q, Exhibit 10.5 | 42 | 3 clauses |
| Nscale revolving credit and guaranty agreement, with its GPU SPV carve-outs Nscale Global Holdings Limited (borrower), the other obligors, the lenders and issuing banks, JPMorgan Chase Bank, N.A. (administrative agent) and GLAS Americas LLC (collateral agent) | Neocloud corporate revolver (the provider’s own borrowing) | 8 May 2026 | Nscale S-1, Exhibit 10.18 | 27 | 5 clauses |
| Macquarie preferred equity in Applied Digital’s HPC platform: amended and restated unit purchase agreement (up to $450m) APLD HPC TopCo 2 LLC (issuer), MIP HPC Holdings, LLC (purchaser, a Macquarie Asset Management fund), Applied Digital Corporation and APLD HPC TopCo LLC | Preferred equity in a data centre platform | 3 October 2025 | Applied Digital 8-K, Exhibit 10.1 | 8 | 3 clauses |
| APLD HPC TopCo 2 amended and restated LLC agreement (Macquarie preferred units, Applied Digital common units) APLD Holdings 2 LLC (Applied Digital’s holding company, common member) and MIP HPC Holdings, LLC (Macquarie investor, preferred member) | Preferred equity in a data centre platform | 6 October 2025 | Applied Digital 8-K, Exhibit 10.2 | 34 | 4 clauses |
| MARA–Starwood strategic agreement to develop MARA’s sites as data centres through joint ventures Starwood Capital Group Global III, L.P. (capital partner and developer) and MARA USA Corporation (landowner), with MARA Holdings as parent | Development joint venture (landowner and capital partner) | 26 February 2026 | MARA Holdings 8-K, Exhibit 10.1 | 4 | 6 clauses |
Also
The financing side
The clause library quotes the credit agreements and indentures; What's market sets out the filed range on each financing term; the clause compare tool puts your draft against the filed wording.
Negotiating with one of these companies? Counterparty profiles gather what each hyperscaler, AI lab and GPU cloud has signed, and the financeability check marks your own draft against the filed range.
Method
Contracts are added when they are filed as SEC exhibits. Each extract is checked against the filed text when it is added, and the build stops if one is not found. 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.
