Tools / GPU loan summaries
InfraCompute Tools · GPU loan summaries
Every filed GPU credit agreement, on one page each.
The six CoreWeave delayed draw term loans, four Nscale facilities, IREN’s Hardware 3 loan and Sharon AI’s Project Dolomites, summarised on the eight terms in-house teams negotiate first, each quoted from the agreement filed on SEC EDGAR.
- Filed facilities
- 12
- Commitments
- $33.3bn
- Terms each
- 8
- Quotations checked
- 95
What the filings show
Cheaper, longer, tied to the customer
Read in date order, CoreWeave’s margin falls from 8.75% over SOFR in 2023 to 2.25% on the floating tranche in 2026, and call protection falls from a make-whole plus 1% to none. The Microsoft-backed Nscale and IREN loans tie maturity to the customer’s last payment. The coverage test settles at 1.05x for Nscale and 1.15x to 1.40x for CoreWeave, with a cash trap set above it.
The trend
What a GPU loan costs
- CoreWeave DDTL 1.08.75%30 July 2023
- CoreWeave DDTL 2.06.5%16 May 2024
- CoreWeave DDTL 3.04%28 July 2025
- Nscale Europe DDTL5%11 February 2026
- CoreWeave DDTL 4.02.25%30 March 2026
- CoreWeave DDTL 5.04.5%15 May 2026
- IREN Hardware 3 DDTL2.5%29 May 2026
- Nscale Iceland facility5.5%29 July 2026
- Nscale North Carolina DDTL2.375%August 2026
- CoreWeave DDTL 5.55.5%7 August 2026
- Nscale Ward County DDTL2.375%27 August 2026
The margin on the main floating rate tranche (CoreWeave DDTL 2.0: its investment grade loans). Sharon AI’s facility is fixed rate and is not shown.
The scorecard
Six terms, 12 facilities
| Facility | Size | Margin | Maturity | Covenant | Cash trap | Call protection |
|---|---|---|---|---|---|---|
| CoreWeave DDTL 1.0 30 July 2023 · New York law | US$2.3bn delayed draw | SOFR + 8.75% | Earlier of 5 years from closing and 4 years after the draw period | Minimum liquidity: the greater of US$50m and 16% of the loans | Distributions only with no default, no payment shortfall and the liquidity met | Make-whole plus 1% until year 3 after the draw period |
| CoreWeave DDTL 2.0 16 May 2024 · New York law | US$7.5bn: US$5.66bn at signing plus room to add | SOFR + 6.00% to 6.50% for investment grade contracts, 13.00% for the rest | 5 years from each drawing | Contract coverage ratios and a cap on non investment grade collateral (levels redacted) | As 1.0, and distributions held back while a customer has not accepted its GPUs | Make-whole for 30 months after the draw period |
| CoreWeave DDTL 3.0 28 July 2025 · New York law | US$2.6bn delayed draw | SOFR + 4.00% | 21 August 2030 | DSCR of 1.40x from April 2027, and a contract realisation ratio of 0.85x | Cash trapped on a material OpenAI breach, including three months unpaid | None: prepayable without premium |
| Nscale Europe DDTL 11 February 2026 · New York law | US$1.42bn, plus a US$350m incremental | SOFR + 5.00%, stepping up to 5.25% | Earlier of the last scheduled amortisation and 5 years after the draw period | Historical DSCR of 1.05x, with an equity cure | DSCR below 1.15x, or GPUs not earning 90 days after delivery | 2% in year 1 and 1% in year 2 after each funding |
| CoreWeave DDTL 4.0 30 March 2026 · New York law | US$8.5bn, of which US$4.04bn fixed rate | SOFR + 2.25% floating; fixed tranche at 2.00% plus a Treasury margin | 31 March 2032 | DSCR of 1.15x, plus minimum liquidity | Cash trapped on a material breach of the MSA, or a CoreWeave bankruptcy | Make-whole |
| CoreWeave DDTL 5.0 15 May 2026 · New York law | US$3.1bn delayed draw | SOFR + 4.50% | 15 November 2031 | DSCR of 1.35x, plus minimum liquidity | Cash trapped on a material breach of either MSA | Make-whole in year 1, then 2%, then 1% to year 3 |
| IREN Hardware 3 DDTL 29 May 2026 · New York law | US$1.545bn delayed draw | SOFR + 2.50%, down to 2.25% with an A rating | Earlier of the customer’s final service fee and 31 December 2031 | Set in the common terms agreement shared with the note purchasers | Not in this agreement; the common terms agreement governs the project | None: prepayable without premium |
| Nscale Iceland facility 29 July 2026 · England and Wales law | US$332m term facility | Margin of 5.5% | 46 months from the first drawing | No coverage ratio; repaid to a fixed monthly schedule | Excess cash keeps going to lenders until they reach a 1.18x multiple | No prepayment in the draw period, and lenders must receive 1.18x |
| Nscale North Carolina DDTL August 2026 · New York law | US$1.2bn: US$370m fixed, US$830m floating | SOFR + 2.375% floating; fixed tranche at a fixed rate margin | Earlier of the customer’s final payment and 27 December 2031 | Historical DSCR of 1.05x, with an equity cure | DSCR below 1.10x traps cash; six months of it forces prepayment | Fixed tranche: premium to year 2; floating: premium in year 1 (rates redacted) |
| CoreWeave DDTL 5.5 7 August 2026 · New York law | US$2.6bn delayed draw | SOFR + 5.50% | 1 September 2031 | DSCR of 1.35x, and liquidity of the greater of 10% of the loans and US$112.5m | Trap on an MSA breach or a fall in projected contract value; sweep after three months | Premium until year 3, but the first US$260m of voluntary prepayments are free |
| Nscale Ward County DDTL 27 August 2026 · New York law | US$1.85bn: US$630m fixed, US$1.22bn floating | SOFR + 2.375% floating; fixed tranche at a fixed rate margin | Earlier of the customer’s final payment and 27 February 2033 | Historical DSCR of 1.05x, with an equity cure | DSCR below 1.10x traps cash; six months of it forces prepayment | Fixed tranche: 2% then 1% to year 2; floating: 1% in year 1 |
| Sharon AI Project Dolomites Filed 1 October 2026 · New South Wales law | US$356m: US$150m Facility A, US$206m Facility B | Fixed: Facility A 7.25% stepping up to 9.95%; Facility B 9.95% | 42 months from drawing, repaid in one bullet | Gross loan to value against depreciated server cost (levels redacted), with an equity cure | A share of excess cash swept from customer acceptance | Make-whole on Facility B |
Subscribers see all 8 terms with the filed wording and what lender and sponsor counsel ask for on each.
One page each
The facilities
Method
The agreements are the exhibits filed on SEC EDGAR as at 28 October 2026, in the form filed: later amendments can change any term, and redacted figures are shown as redacted. Every quotation is checked against the filed document before it is published, and the build stops on any that has not been. The position beside each quotation is a plain summary of it. Nothing here comments on the credit of any borrower or sponsor. 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.
