Tools / What's market / What goes into the DSCR in GPU loans
What's market · GPU loans
What goes into the DSCR in GPU loans
Is the DSCR calculated on contract cash flow or on operating income? Nscale and IREN calculate coverage from contracted cash flows over the collection period, less a defined list of costs. CoreWeave uses net operating income of the borrower group over the last three months.
Contract cash flow less listed costs, or three months of operating income3 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.
More on gpu loans
Related positions
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 loansAdvance rate in GPU loans
90% to 95% of cost, lower before revenue starts
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.
