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What's market · GPU loans
Contract value ratio and customer breach triggers
Do GPU lenders test the value of the remaining customer contract? CoreWeave's facilities trap cash on a material breach of the master services agreement that gives a right to terminate. DDTL 5.5 adds a projected contract value ratio of 2.40x the loans, and DDTL 3.0 tests how much expected contract revenue was billed.
2.40x contract value in one facility; MSA breach triggers in three3 filed deals · as at 27 October 2026
As at 27 October 2026. This page keeps its address when it is updated, so it can be cited. If a newer filing changes a term, tell us.
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Cash trap level in GPU loans
1.10x in three filed facilities, 1.15x in one
GPU loansWhen a GPU loan cash trap turns into prepayment
Six consecutive months, or four quarterly tests
GPU loansMinimum DSCR covenant in GPU loans
1.05x on contract cash flow, or 1.15x to 1.40x on operating income
GPU loansWhat goes into the DSCR in GPU loans
Contract cash flow less listed costs, or three months of operating income
Method
Levels are taken from the filed documents quoted above and summarised in the clause library. Where only a few deals are public, the range is narrow by necessity; a private deal can sit outside it. 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.
