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What's market · Customer contracts
Hyperscaler lease backstop (recognition agreement)
What does a hyperscaler backstop of a neocloud lease actually commit to? Google's form recognition agreement for Abernathy is the filed example. If Fluidstack defaults, the landlord and Google have 90 days to agree a replacement tenant. Google then takes over the sublease or lets it end, but can only let it end after year six or if under half the capacity is installed.
90 days to find a tenant, then assume or reject1 filed deal · 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.
More on customer contracts
Related positions
Customer direct agreement in GPU financings
Before the first draw, by closing, or only as negotiated
Customer contractsCustomer step-in to the supplier's financing
One filed example: Microsoft's option under the IREN statement of work
Customer contractsData centre access and step-in letters for GPU lenders
Within 120 days on an efforts basis, or per site at closing
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.
