Compute Credit Tracker
The debt stack behind AI compute: GPU-backed loans and the credit around them, tracked as filed. 177 instruments across 45 issuers. Public companies come from their U.S. Securities and Exchange Commission (SEC) filings, private issuers from company, lender, or arranger statements. Of these, $44B across 28 are secured directly by the GPUs. That subset is the issuance measure charted below. Convertibles, unsecured notes, and data-center credit are tracked for context.
By issuer: CoreWeave · Digital Realty · Applied Digital · Crusoe · IREN · Nebius · Cipher Mining · TeraWulf · HIVE Digital · Soluna · Hut 8 · Bit Digital · Core Scientific · Lambda · Nscale · xAI · Fermi · Riot Platforms
Notes
Series are read from a per-instrument collateral classification set row by row from the filed security descriptions (2026-08-09 curation pass). GPU-collateralized: 28 instruments, $43.6B, disclosed GPU/equipment collateral only. Operator campus-secured: 30 instruments, $29.9B, operator-issued paper secured by a named campus or site (Cipher, Applied Digital, Hut 8, Core Scientific, TeraWulf and peers). Landlord SPV & securitization: 16 instruments, $135.7B, non-recourse landlord vehicles and lease securitizations with an AI-compute-linked tenant or purpose (Hyperion, Sopaipilla, Vantage, Stargate campus loans, Meridian Arc, hyperscale-NNN ABS). Multi-tenant colocation securitizations sit outside this boundary by construction (3 captured rows, $106.6B, held as adjacent; the wider colo ABS market is not tracked). As of 2026-08-13. Observed from filings: amount issued at close, not drawn balance. No drawdown or amortization is modelled. The current quarter (*) is partial. The tracker records deals when filings or releases land, so the newest bars backfill upward. Not charted, by construction: 2 chip-lease instruments ($35.4B; non-GPU accelerators, chiefly the Anthropic TPU lease SPV) and 14 secured facilities whose filings do not state the collateral ($23.3B). Undisclosed stays undisclosed, so they are tracked in the ledger but not assigned to a collateral series. Convertibles, unsecured notes, crypto-collateralized loans, program umbrellas, and unconfirmed deals are outside the measure entirely. Undated (in totals, not in bars): GPU 1 ($0.0B), operator campus 3 ($0.7B), landlord 0 ($0.0B). Pre-2024 issuance (GPU $1.6B, other $0.0B) sits in the cumulative line's starting level, outside the bars. Coverage: the GPU and operator-campus series come from issuer-by-issuer capture. The landlord series was widened 2026-08-09 by a systematic review of AI-linked campus financings and hyperscale-NNN securitizations (2024 onward). A small verification tail remains, so its earlier bars can still step up as deals are confirmed.
How to read this
Colour, not the date, carries the story. The two lowest spreads (+2.25%, 2026) are the facilities wrapped by an investment-grade offtake contract: CoreWeave DDTL 4.0 (Meta-backed) and IREN Hardware 3 (Microsoft-backed). The widest (+9.62% in 2023, and the +13.00% non-IG leg of DDTL 2.0) are unwrapped GPU collateral on weaker credit. The market did not simply reprice a GPU pledge from +9.62% to +2.25%. A large part of that move is the pledge being re-underwritten as IG-contract paper. Read the compression as credit enhancement, not calendar.
Spreads are stated in the credit agreements (percentage points over the SOFR variant each filing names). Vintage date = signing/close. DDTL 2.0 prints as a bar: +6.00–6.50% on IG contract loans, +13.00% (◆) non-IG. One caveat the level understates: DDTL 4.0 is only ~$4.5B floating at +2.25%. A further ~$4.0B is a fixed U.S. Treasury (UST)-based tranche, so the facility's all-in cost sits above the plotted spread (the ledger's effective-rate column runs ~7–11% across these facilities). Six of seven points are CoreWeave itself, so this is closer to one issuer's spread history than a market cross-section.
Fitch's July 16, 2026 rating action on the proposed DDTL 5.5, and the GPU lease-rate assumption that now leads its rating case, is examined in the research note A GPU Lease Rate Enters the Rating Case: Fitch's BB+ on CoreWeave's DDTL 5.5.
How to read this
The coupon fell because the offtake credit improved, not merely because time passed. The ~6% cluster (CIFR Black Pearl/Stingray, IREN, APLD ComputeCo 2) is backed by an investment-grade tenant (Amazon, Amazon Web Services (AWS), Microsoft, Oracle) or is an IG-rated bond (Hut 8's BBB− 2042s). The 7.1–7.75% band is Google-guaranteed paper where the tenant is unrated Fluidstack. The 9.25% outlier (APLD ComputeCo 1) is leased to CoreWeave, itself a levered neocloud. Same coupon axis, three different credit structures.
Two comparability caveats the y-axis hides. Tenor: Hut 8's 6.19/6.13% notes (◎) mature in 2042, ~16 years out, so their coupon embeds far more duration than the 2030–31 bonds. They are not like-for-like at the same level. Structure: IREN 5.96% is Microsoft-*contract*-secured GPU financing under a common-terms agreement. It sits structurally closer to the floating-rate facilities in the chart above than to a single-campus lease bond. One scope line: every issuer here is an operating company, so the bonds have recourse to a corporate balance sheet. Non-recourse landlord vehicles (Meridian Arc, the TeraWulf Flash Compute JV) are charted separately below, where the tenant's lease is the entire credit.
How to read this
The boundary with the chart above is the seat, not the collateral. Those bonds are issued by operating companies and carry recourse to a corporate balance sheet. These are issued by bankruptcy-remote vehicles that exist only to own the campus. No operating business stands behind them. The credit being priced is the compute tenant's obligation to pay, and nothing else. This is where the financing volume moved in 2026. Read across the tiers. Meta's direct leasebacks priced at 6.58% (Hyperion, Oct 2025) and 7.534% (Sopaipilla, Jul 2026, ~40bp wide of Hyperion per the pricing coverage). Google-guaranteed Fluidstack leases priced at 6.25–7.25%. The one neocloud-tenant print is Helios Phase II, leased to CoreWeave, at 9.875%. Within the same structure family, roughly 230–330 basis points separate a hyperscaler's lease from a neocloud's.
Comparability caveats. Tenor: the two Meta notes amortize fully to 2048–49 (◎), so their coupons embed decades of duration the 2030–31 bonds don't. Sourcing: both Meta coupons are press-sourced (Bloomberg/IFR/LCD), hence the hollow marks. The notes are rated A+/AA− but no issuer statement discloses pricing. The other three coupons come from filings or issuer/counsel releases. Two multi-tenant data-center securitizations priced in the same window (Aligned Data Centers $1.18B, Jul 28; Compass Series 2026-2 $413M, Jul 27). They sit outside the AI-linked landlord scope and are tracked in the ledger as adjacent, not charted.
Rated GPU-collateral financings
Every GPU-collateral financing carrying a public agency grade. Grades are the comparable axis across these deals; formats and tranches differ, so spreads are not lined up here. Dates are when each rating first entered the public record. The class boundary is ownership of the compute: the borrower owns and pledges the GPUs. Anatomy of the August pair in the rating-case note.
| Grade | On record | Issuer | Financing | Size | Offtaker |
|---|---|---|---|---|---|
| A (Fitch) · A (low) (DBRS) | 2026-06-01 | IREN Limited | USPP + DDTL package | $3.65B | Microsoft take-or-pay |
| A3 (Moody's) · A (low) (DBRS) | 2026-03-31 | CoreWeave, Inc. | DDTL 4.0 | $8.5B | Meta take-or-pay |
| Baa1 (Moody's) | 2026-08-12 | Nscale | DDTL (Ward County SPV) | $1.83B | Hyperscaler take-or-pay (rated at least Aa3, unnamed) |
| Baa2 (Moody's) | 2026-08-11 | Lambda | Term Loan B | $926M | NVIDIA take-or-pay |
| Ba2 (Moody's) · BB+ (Fitch) | 2026-04-30 | CoreWeave, Inc. | DDTL 5.0 | $3.1B | Two unrated customers |
| Ba2 (Moody's) · BB+ (Fitch) | 2026-07-16 | CoreWeave, Inc. | DDTL 5.5 | $2.6B | Unrated take-or-pay customers |
Instrument ledger
Every live instrument across the panel. Filter by issuer, type, seniority, lender, or confirmation status. Click a column header to sort. Each row links the filing or release it was taken from.
| Issuer | Instrument | Type | Size $M | Rate | Issued | Maturity | Seniority | Lenders / Agents | Status | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| CoreWeave, Inc. CRWV | DDTL 1.0 | Credit facility | 1,438 | SOFR +9.62% | 2023-07-30 | 2028-03-28 | secured | Blackstone Tactical Opportunities + Imperial Capital (lead arrangers) +2 | confirmed | 424B4 3/31/25 |
| CoreWeave, Inc. CRWV | DDTL 2.0 | Credit facility | 4,425 | SOFR +6.00–6.50% | 2024-05-16 | 2030-08 | secured | Blackstone credit entities (lead) +2 | confirmed | 8-K 10/2/25 — the Fifth Amendment EX-10.1 attaches the full conformed credit agreement (through five amendments), acc 0001193125-25-227562 |
| CoreWeave, Inc. CRWV | DDTL 2.1 ($3.0B incremental tranche) | Credit facility | 3,000 | SOFR +4.25% | 2025-09-29 | 2031-03 | secured | U.S. Bank Trust Co. (admin/collateral) +1 | confirmed | 8-K 10/2/25 (Fifth Amendment, conformed agreement as EX-10.1), acc 0001193125-25-227562 |
| CoreWeave, Inc. CRWV | DDTL 3.0 | Credit facility | 1,700 | SOFR +4.00% | 2025-07-28 | 2030-08-21 | secured | MUFG (admin) +4 | confirmed | 8-K 7/31/25, credit agreement filed unredacted as EX-10.1 and parent guarantee as EX-10.2, acc 0001769628-25-000033 |
| CoreWeave, Inc. CRWV | DDTL 4.0 | Credit facility | 8,500 | SOFR +2.25% | 2026-03-30 | 2032-03-31 | secured | MUFG (admin, coordinating lead arranger) +1 | confirmed | 8-K 3/31/26, credit agreement filed as EX-10.1 (redacted) and limited guarantee as EX-10.2, acc 0001769628-26-000129 |
| CoreWeave, Inc. CRWV | DDTL 5.0 | Credit facility | 3,100 | SOFR +4.50% | 2026-05-15 | 2031-11-15 | secured | MS Senior Funding (admin) +3 | confirmed | 8-K 5/18/26, credit agreement filed as EX-10.1 (redacted) and parent guarantee as EX-10.2, acc 0001769628-26-000236 |
| CoreWeave, Inc. CRWV | DDTL 5.5 Facility | Credit facility | 2,600 | SOFR +5.50% | 2026-08-07 | 2031-09-01 | secured | JPMorgan Chase Bank, N.A. (administrative agent; joint lead arranger, joint bookrunner, syndication agent) +4 | confirmed | 8-K, Items 1.01/2.03/7.01 (event 2026-08-07, filed 2026-08-10), acc. 0001769628-26-000357. Credit Agreement filed as EX-10.1 |
| CoreWeave, Inc. CRWV | 9.250% Senior Notes due 2030 | Bond | 2,000 | 9.25% | 2025-05-27 | 2030-06-01 | unsecured | 144A; Wilmington Trust (trustee) | confirmed | 8-K 5/28/25 (closing), indenture filed as EX-4.1, acc 0001769628-25-000025 |
| CoreWeave, Inc. CRWV | 9.000% Senior Notes due 2031 | Bond | 1,750 | 9.00% | 2025-07-25 | 2031-02-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee per the filed indenture; the 8-K narrative names Wilmington Trust) | confirmed | 8-K 7/28/25 (closing), indenture filed as EX-4.1, acc 0001193125-25-165924 |
| CoreWeave, Inc. CRWV | 9.750% Senior Notes due Oct 2031 | Bond | 2,750 | 9.75% | 2026-04-14 | 2031-10-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-Ks 4/14/26 (notes + converts, indenture EX-4.1) and 4/21/26 (add-on, First Supplemental Indenture EX-4.1, acc 0001769628-26-000183) |
| CoreWeave, Inc. CRWV | 9.625% USD Senior Notes due 2032 | Bond | 1,250 | 9.625% | 2026-06-18 | 2032-07-15 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 6/18/26 (USD/EUR notes), indenture filed as EX-4.1, acc 0001769628-26-000291 |
| CoreWeave, Inc. CRWV | 8.500% EUR Senior Notes due 2032 | Bond | 2,300 | 8.50% | 2026-06-18 | 2032-07-15 | unsecured | U.S. Bank Trust Co. (trustee) +1 | confirmed | 8-K 6/18/26 (USD/EUR notes), indenture filed as EX-4.3, acc 0001769628-26-000291 |
| CoreWeave, Inc. CRWV | 1.75% Convertible Senior Notes due 2031 | Convertible | 2,588 | 1.75% | 2025-12-11 | 2031-12-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee) +1 | confirmed | 8-K 12/11/25 (converts), indenture EX-4.1 and capped-call forms EX-10.1/10.2, acc 0001769628-25-000105 |
| CoreWeave, Inc. CRWV | 1.75% Convertible Senior Notes due 2032 | Convertible | 4,000 | 1.75% | 2026-04-14 | 2032-10-01 | unsecured | U.S. Bank Trust Co. (trustee) +1 | confirmed | 8-K 4/14/26 (notes + converts), indenture EX-4.3 and capped-call forms EX-10.1/10.2, acc 0001769628-26-000164 |
| CoreWeave, Inc. CRWV | Revolving Credit Facility | Credit facility | 2,500 | Undisclosed | 2024-06-21 | 2029-11 | secured | JPMorgan Chase (admin/collateral) +1 | confirmed | S-1 EX-10.17 (original agreement, unredacted) |
| CoreWeave, Inc. CRWV | OEM financing arrangements | Credit facility | 4,700 | Undisclosed | 2024-02 | 2026-07 to 2030-07 (staggered) | secured | Undisclosed OEMs | confirmed | 10-K + Q1-26 10-Q debt notes |
| CoreWeave, Inc. CRWV | Software license financings | Credit facility | 358 | Undisclosed | 2025 | <5-yr terms | secured | Undisclosed | confirmed | 10-K + Q1-26 10-Q |
| CoreWeave, Inc. CRWV | Magnetar Loan (ASC 470 sale-of-future-revenue) | Other | 281 | 12.00% | 2025-02 | 2029-01 | unsecured | MagAI Ventures / Magnetar Financial | confirmed | 10-K |
| CoreWeave, Inc. CRWV | DCSP financing obligation + finance lease (failed sale-leaseback) | Lease | 235 | 13.00–15.00% | 2024-10 | ~2038/39 | secured | Undisclosed DCSP | confirmed | 10-K + Q1-26 10-Q |
| Nebius Group N.V. NBIS | $775M senior secured debt facility (first secured debt in company history) | Credit facility | 775 | SOFR +2.50% | 2026-07-17 | 2030-10-31 | secured | MUFG (structuring agent, sole bookrunner, underwriter; MLA) +9 | confirmed | Form 6-K EX-99.1 (acc. 0001104659-26-084452) |
| Nebius Group N.V. NBIS | 2.00% Convertible Senior Notes due 2029 | Convertible | 487.5 | 2.00% | 2025-06-05 | 2029-06-05 | unsecured | 144A QIBs; U.S. Bank Trust Co. (trustee) | confirmed | 6-K PR 6/2/25 |
| Nebius Group N.V. NBIS | 3.00% Convertible Senior Notes due 2031 | Convertible | 487.5 | 3.00% | 2025-06-05 | 2031-06-05 | unsecured | 144A QIBs; U.S. Bank Trust Co. (trustee) | confirmed | 6-K PR 6/2/25 |
| Nebius Group N.V. NBIS | 1.00% Convertible Senior Notes due 2030 | Convertible | 1,581 | 1.00% | 2025-09-15 | 2030-09-15 | unsecured | 144A QIBs; U.S. Bank (trustee) | confirmed | 424B5 9/12/25 (supplement) |
| Nebius Group N.V. NBIS | 2.75% Convertible Senior Notes due 2032 | Convertible | 1,581 | 2.75% | 2025-09-15 | 2032-09-15 | unsecured | 144A QIBs; U.S. Bank (trustee) | confirmed | 424B5 9/12/25 (supplement) |
| Nebius Group N.V. NBIS | 1.250% Convertible Senior Notes due 2031 (March series) | Convertible | 2,588 | 1.25% | 2026-03-20 | 2031-03-15 | unsecured | 144A QIBs; U.S. Bank (trustee) | confirmed | Pricing 6-K 3/18/26 |
| Nebius Group N.V. NBIS | 2.625% Convertible Senior Notes due 2033 | Convertible | 1,750 | 2.625% | 2026-03-20 | 2033-03-15 | unsecured | 144A QIBs; U.S. Bank (trustee) | confirmed | Pricing 6-K 3/18/26 |
| Nebius Group N.V. NBIS | Legacy 0.75% converts due Mar 2025 (Yandex-era residual) | Convertible | 5.3 | 0.75% | 2020-03-03 | 2025-03-03 (matured) | unsecured | — | confirmed | FY2025 20-F Note 12 |
| TeraWulf Inc. WULF | 7.750% Senior Secured Notes due 2030 | Bond | 3,200 | 7.75% | 2025-10-22 | 2030-10-15 | secured | Morgan Stanley (sole initial purchaser, 144A) +1 | confirmed | 8-K 10/23/25 |
| TeraWulf Inc. WULF | 2.75% Convertible Senior Notes due 2030 | Convertible | 500 | 2.75% | 2024-10 | 2030-02-01 | unsecured | Cantor Fitzgerald (representative, 144A) | confirmed | Q1-26 10-Q Note 10 |
| TeraWulf Inc. WULF | 1.00% Convertible Senior Notes due 2031 | Convertible | 1,000 | 1.00% | 2025-08-20 | 2031-09-01 | unsecured | Morgan Stanley (representative) +1 | confirmed | 8-K 8/20/25 |
| TeraWulf Inc. WULF | 0.00% Convertible Senior Notes due 2032 | Convertible | 1,025 | 0.00% | 2025-10-31 | 2032-05-01 | unsecured | Morgan Stanley + Cantor (representatives) +1 | confirmed | 8-K 10/31/25 |
| TeraWulf Inc. WULF | Senior Secured Revolving Credit Facility | Credit facility | 250 | SOFR +1.75% | 2026-05-07 | 2030-05-07 | secured | MS Senior Funding (admin/collateral) | confirmed | Q1-26 10-Q Note 18 |
| TeraWulf Inc. WULF | 7.250% Senior Secured Notes due 2030 (Flash Compute JV) | Bond | 1,300 | 7.25% | 2025-12-29 | 2030-12-31 | secured | Morgan Stanley (representative) +1 | confirmed | 8-K 12/29/25 |
| Applied Digital Corporation APLD | 9.25% Senior Secured Notes due 2030 | Bond | 2,350 | 9.25% | 2025-11-20 | 2030-12-15 | secured | 144A; Morgan Stanley (representative) | confirmed | Fiscal Q3 FY26 10-Q (ended 2/28/26, filed 4/8/26) |
| Applied Digital Corporation APLD | 6.750% Senior Secured Notes due 2031 | Bond | 2,150 | 6.75% | 2026-03-10 | 2031-03-15 | secured | 144A; Goldman Sachs (representative) +1 | confirmed | 8-K 3/10/26 |
| Applied Digital Corporation APLD | 7.000% Senior Secured Notes due 2031 | Bond | 1,590 | 7.00% | 2026-06-16 | 2031-06-15 | secured | 144A; Goldman Sachs (representative) +1 | confirmed | 8-K 6/16/26 |
| Applied Digital Corporation APLD | 2.75% Convertible Senior Notes due 2030 | Convertible | 450 | 2.75% | 2024-11-04 | 2030-06-01 | unsecured | 144A; Wilmington Trust (trustee) | confirmed | FY25 10-K 7/30/25 |
| Applied Digital Corporation APLD | Starion Ellendale Loan (ELN-01) | Credit facility | 9.2 | 7.48% | 2023-02-16 | 2028-02 | secured | Starion Bank | confirmed | Fiscal Q3 FY26 10-Q |
| Applied Digital Corporation APLD | Cornerstone Bank Loan (GPU-01) | Credit facility | 10.7 | 8.59% | 2024-02-28 | 2029-03 | secured | Cornerstone Bank | confirmed | Fiscal Q3 FY26 10-Q |
| Applied Digital Corporation APLD | Starion Term Loan (Hosting) | Credit facility | 4.7 | 6.50% | 2022-07-25 | 2027-07-25 | secured | Starion Bank | confirmed | Fiscal Q3 FY26 10-Q |
| Applied Digital Corporation APLD | Other long-term debt: 2 SAFEs + 2 promissory notes | Other | 31.4 | Undisclosed | FY2025–FY2026 | Undisclosed | other | Unnamed | confirmed | Fiscal Q3 FY26 10-Q |
| Applied Digital Corporation APLD | Revolving Credit Facility | Credit facility | 430 | SOFR +2.25% | 2026-05-29 | 2029-05-28 | secured | First National Bank of Omaha (admin/collateral) +5 | confirmed | 8-K 6/26/26, credit agreement filed as EX-10.1 (redacted) and Incremental Assumption No. 1 as EX-10.2, acc 0001493152-26-030333 |
| Applied Digital Corporation APLD | 2025 Revolving Credit Facility | Credit facility | 65 | SOFR +2.75% | 2025-11-10 | — | secured | First National Bank of Omaha | confirmed | 10-K FY2026 (acc. 0001144879-26-000048), Debt note |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 1.75% Convertible Senior Notes due 2030 | Convertible | 172.5 | 1.75% | 2025-05-22 | 2030-05-15 | unsecured | Registered; Morgan Stanley (representative) | confirmed | 8-K 5/22/25 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 0.00% Convertible Senior Notes due 2031 | Convertible | 1,300 | 0.00% | 2025-09-30 | 2031-10-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 10/1/25 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 7.125% Senior Secured Notes due 2030 — Barber Lake | Bond | 1,733 | 7.125% | 2025-11-13 | 2030-11-15 | secured | Morgan Stanley (representative, 144A) +1 | confirmed | 8-K 11/13/25 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 6.125% Senior Secured Notes due 2031 — Black Pearl | Bond | 2,000 | 6.125% | 2026-02-11 | 2031-02-15 | secured | Morgan Stanley (representative) +1 | confirmed | 8-K 2/11/26 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 6.000% Senior Secured Notes due 2031 — Stingray | Bond | 810 | 6.00% | 2026-06-15 | 2031-06-15 | secured | Morgan Stanley (representative) +1 | confirmed | 8-K 6/15/26 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Revolving Credit Facility (parent) | Credit facility | 200 | SOFR +1.75% | 2026-03-23 | 2030-03-23 | secured | MS Senior Funding (lead left) +5 | confirmed | 8-K 3/25/26, credit agreement filed as EX-10.1, acc 0000950103-26-004609 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Coinbase overnight facility | Credit facility | 25 | Fed-funds-based | Pre-2025 | Open / on demand | secured | Coinbase Credit, Inc. | confirmed | 10-K 2/24/26 |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Two Prime facility | Credit facility | 100 | Undisclosed | 2025 | Undisclosed | secured | Two Prime Lending Limited | confirmed | 10-K |
| IREN Limited IREN | 3.25% Convertible Senior Notes due 2030 | Convertible | 212.3 | 3.25% | 2024-12-06 | 2030-06-15 | unsecured | 144A QIBs | confirmed | Q3 FY26 10-Q Note 16 |
| IREN Limited IREN | 3.50% Convertible Senior Notes due 2029 | Convertible | 233.4 | 3.50% | 2025-06-13 | 2029-12-15 | unsecured | 144A QIBs | confirmed | Q3 FY26 10-Q Note 16 |
| IREN Limited IREN | 0.00% Convertible Senior Notes due 2031 | Convertible | 1,000 | 0.00% | 2025-10-14 | 2031-07-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 10/14/25 |
| IREN Limited IREN | 0.25% Convertible Senior Notes due 2032 | Convertible | 1,150 | 0.25% | 2025-12-08 | 2032-06-01 | unsecured | 144A; U.S. Bank (trustee) | confirmed | 8-K 12/8/25 |
| IREN Limited IREN | 1.00% Convertible Senior Notes due Jun 2033 | Convertible | 1,150 | 1.00% | 2025-12-08 | 2033-06-01 | unsecured | 144A; U.S. Bank (trustee) | confirmed | 8-K 12/8/25 |
| IREN Limited IREN | 1.00% Convertible Senior Notes due Dec 2033 | Convertible | 3,000 | 1.00% | 2026-05-14 | 2033-12-01 | unsecured | 144A; U.S. Bank (trustee) | confirmed | 8-K 5/14/26 |
| IREN Limited IREN | Hardware 3 DDTL (Microsoft-contract financing) | Credit facility | 1,550 | SOFR +2.25% | 2026-05-29 | 2031-12-31 | secured | Goldman Sachs Bank +2 | confirmed | 8-K 6/1/26 |
| IREN Limited IREN | Hardware 3 5.96% Senior Notes due 2031 | Bond | 2,100 | 5.96% | 2026-05-29 | 2031-12-31 | secured | Institutional purchasers +1 | confirmed | 8-K 6/1/26 |
| IREN Limited IREN | GPU finance leases (Aug 2025 36-mo; Nov 2025 24-mo Dell Financial) | Lease | 274.3 | 9.70% | 2025-08-23 | ~2027–2028 | other | Dell Financial Services +1 | confirmed | FY25 10-K |
| Core Scientific, Inc. CORZ | 3.00% Convertible Senior Notes due 2029 | Convertible | 460 | 3.00% | 2024-08-19 | 2029-09-01 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 8/19/24 |
| Core Scientific, Inc. CORZ | 0.00% Convertible Senior Notes due 2031 | Convertible | 625 | 0.00% | 2024-12-05 | 2031-06-15 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 12/5/24 |
| Core Scientific, Inc. CORZ | 7.750% Senior Secured Notes due 2031 | Bond | 3,300 | 7.75% | 2026-05-06 | 2031-05-15 | secured | Morgan Stanley (lead) +2 | confirmed | 8-K 5/6/26 with indenture |
| Core Scientific, Inc. CORZ | Finance leases | Lease | 0.9 | Undisclosed | — | Various | other | — | confirmed | Q1-26 10-Q Note 5 |
| Digital Realty Trust, Inc./L.P. DLR | Global Revolving Credit Facility (multicurrency) | Credit facility | 4,200 | Benchmark + 85 bps grid + 20 bps… | 2024-09-24 | 2029-01-24 | unsecured | Syndicate; Citibank (admin) | confirmed | Credit agreement 8-K 9/30/24 |
| Digital Realty Trust, Inc./L.P. DLR | Yen Revolving Facility | Credit facility | 268 | TIBOR + 50 bps + 10 bps unused fee | 2024-09-24 | 2029-01-24 | unsecured | Syndicate; SMBC (admin) | confirmed | Credit agreement 8-K 9/30/24 |
| Digital Realty Trust, Inc./L.P. DLR | Euro Term Loan | Credit facility | 433.2 | EURIBOR + margin (spread not res… | 2022-08-11 | 2026-08-11 | unsecured | Syndicate; Citibank (admin) | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 0.200% CHF notes due 2026 | Bond | 344 | 0.20% | 2021-07 | 2026-12-15 | unsecured | Reg S noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.700% CHF notes due 2027 | Bond | 187.6 | 1.70% | 2022-03 | 2027-03-30 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.700% USD notes due 2027 | Bond | 1,000 | 3.70% | 2017-08 | 2027-08-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 5.550% USD notes due 2028 | Bond | 900 | 5.55% | 2022-09 | 2028-01-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.125% EUR notes due 2028 | Bond | 577.7 | 1.125% | 2019-10 | 2028-04-09 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 4.450% USD notes due 2028 | Bond | 650 | 4.45% | 2018-06 | 2028-07-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 0.550% CHF notes due 2029 | Bond | 337.8 | 0.55% | 2021-07 | 2029-04-16 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.600% USD notes due 2029 | Bond | 900 | 3.60% | 2019-06 | 2029-07-01 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.300% GBP notes due 2029 | Bond | 462.9 | 3.30% | 2017-07 | 2029-07-19 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.875% Exchangeable Senior Notes due 2029 | Convertible | 1,150 | 1.875% | 2024-11-12 | 2029-11-15 | unsecured | U.S. Bank (trustee) | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.500% EUR notes due 2030 | Bond | 866.5 | 1.50% | 2020-01 | 2030-03-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.750% GBP notes due 2030 | Bond | 727.5 | 3.75% | 2018-10 | 2030-10-17 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.250% EUR notes due 2031 | Bond | 577.7 | 1.25% | 2020-06 | 2031-02-01 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 0.625% EUR notes due 2031 | Bond | 1,155 | 0.625% | 2021-01 | 2031-07-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.000% EUR notes due 2032 | Bond | 866.5 | 1.00% | 2020-09 | 2032-01-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 1.375% EUR notes due 2032 | Bond | 866.5 | 1.375% | 2022-01 | 2032-07-18 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.750% EUR notes due 2033 | Bond | 693.2 | 3.75% | 2025-11 | 2033-01-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.875% EUR notes due 2033 | Bond | 982 | 3.875% | 2024-09 | 2033-09-13 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.875% EUR notes due 2034 | Bond | 982 | 3.875% | 2025-06 | 2034-07-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 3.875% EUR notes due 2035 | Bond | 982 | 3.875% | 2025-01 | 2035-03-15 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | 4.250% EUR notes due 2037 | Bond | 924.2 | 4.25% | 2025-11 | 2037-11-20 | unsecured | Noteholders | confirmed | Q1-26 10-Q Note 8 |
| Digital Realty Trust, Inc./L.P. DLR | Teraco secured facilities | Credit facility | 604 | Undisclosed | Assumed with Teraco stake | Amortizing ~2026–2030 | secured | Not named | confirmed | FY25 10-K Note 10 |
| Digital Realty Trust, Inc./L.P. DLR | Westin Building Exchange mortgage (Seattle) | Credit facility | 135 | 3.29% | — | Within 2026–2030 (exact year UNVERIFIED) | secured | Not named | confirmed | FY25 10-K Note 10 |
| Digital Realty Trust, Inc./L.P. DLR | Other unsecured loans | Credit facility | 18.2 | 11.65–14.50% | — | Not stated | unsecured | Not named | confirmed | FY25 10-K Note 10 |
| Hut 8 Corp. HUT | 6.192% Senior Secured Notes due 2042 (River Bend LA, 245 MW project bond) | Bond | 3,250 | 6.192% | 2026-04-30 | 2042-11-15 | secured | 144A via J.P. Morgan (representative) +1 | confirmed | 8-K 5/1/26 |
| Hut 8 Corp. HUT | 6.129% Senior Secured Notes due 2042 (Nueces County TX, 352 MW project bond) | Bond | 4,250 | 6.129% | 2026-06-09 | 2042-11-30 | secured | 144A via J.P. Morgan (representative) +1 | confirmed | 8-K 6/10/26 |
| Hut 8 Corp. HUT | FalconX BTC-collateralized term loan | Credit facility | 200 | 7.00% | 2026-05-01 | 2027-04-30 | secured | FalconX Charlie, Inc. | confirmed | Q1-26 10-Q Note 19 + Ex. 10.2 |
| Hut 8 Corp. HUT | TZRC secured promissory note (assumed with King Mountain JV) | Credit facility | 43.3 | Lesser of WSJ prime + 12.0% or 1… | 2022-12-06 | 2027-04-08 | secured | Payee undisclosed | confirmed | Q1-26 10-Q Note 9 |
| Hut 8 Corp. HUT | Two Prime revolver (undrawn) | Credit facility | 200 | 7.99% | 2025-08-25 | 364 days from first borrowing | other | Two Prime Lending Limited | confirmed | Q1-26 10-Q Note 9 |
| Hut 8 Corp. HUT | SAFE (debt-classified) | Other | 3.5 | Undisclosed | 2025-02 | Converts on equity financing | unsecured | Related party (unnamed) | confirmed | Q1-26 10-Q Note 9 |
| Bit Digital, Inc. BTBT | 4.00% Convertible Senior Notes due 2030 | Convertible | 150 | 4.00% | 2025-10-02 | 2030-10-01 | unsecured | U.S. Bank (trustee) +1 | confirmed | 8-K 10/2/25 |
| Bit Digital, Inc. BTBT | WhiteFiber 4.50% Convertible Senior Notes due 2031 | Convertible | 230 | 4.50% | 2026-01-26 | 2031-02-01 | unsecured | U.S. Bank (trustee) | confirmed | Q1-26 10-Q Note 12 |
| Bit Digital, Inc. BTBT | Landsbankinn term facility | Credit facility | 18 | SOFR +4.25% | 2026-03-25 | 2028-03-25 | secured | Landsbankinn hf. | confirmed | Q1-26 10-Q Notes 12/22 |
| Bit Digital, Inc. BTBT | RBC amended facility (MTL-3 bridge) | Credit facility | 17.4 | CORRA + 2.75% or Prime + 1.00% | 2026-04-27 | ~2026-11 | secured | Royal Bank of Canada | confirmed | Q1-26 10-Q Notes 21/22 |
| Bit Digital, Inc. BTBT | Galaxy Master Loan Agreement — initial draw | Credit facility | 50 | 5.45% | 2026-05-20 | Master 1-yr auto-renew (from 3/27/26) | other | Galaxy Digital LLC | confirmed | 8-K 5/27/26 |
| Bit Digital, Inc. BTBT | B. Riley-assigned advance — NC-1 bridge | Credit facility | 20 | 9.50% | 2026-05-20 | ~2026-08-24 | secured | B. Riley Securities (by assignment) | confirmed | 8-K 5/27/26 |
| HIVE Digital Technologies Ltd. HIVE | 0% Exchangeable Senior Notes due 2031 — Tranche 1 | Convertible | 115 | 0.00% | 2026-04-21 | 2031-04-15 | unsecured | 144A QIBs; U.S. Bank (trustee) | confirmed | 8-K 4/22/26 |
| HIVE Digital Technologies Ltd. HIVE | 0% Exchangeable Senior Notes due 2031 — Tranche 2 | Convertible | 130 | 0.00% | 2026-06-30 | 2031-07-01 | unsecured | 144A QIBs; U.S. Bank Trust Co. (trustee) | confirmed | 8-K 7/1/26 |
| HIVE Digital Technologies Ltd. HIVE | Vendor takeback mortgage #1 (Toronto–Waterloo land) | Credit facility | 14.5 | 6.00% | 2026-01-30 | ~2028-01-30 | secured | Property seller | confirmed | 10-K (FY ended 3/31/26) Notes 4/15 |
| HIVE Digital Technologies Ltd. HIVE | Vendor mortgage #2 (second property) | Credit facility | 4.4 | Undisclosed | 2026-05-15 | Undisclosed | secured | Seller | confirmed | 10-K Note 31 |
| HIVE Digital Technologies Ltd. HIVE | Boden (Sweden) loan payable | Credit facility | 11 | Swedish government borrowing rat… | 2021-03-31 | 2035-12-31 | other | Not named | confirmed | 10-K Note 13 |
| HIVE Digital Technologies Ltd. HIVE | Atlantic Term Loans 1 & 2 (New Brunswick) | Credit facility | 2 | 4.39–5.15% | Assumed 2021 | 2026-06-30 | other | Not named | confirmed | 10-K Note 14 |
| HIVE Digital Technologies Ltd. HIVE | Dell finance lease — 504 Nvidia B200 GPUs | Lease | 29.9 | 9.90% | 2026-03 | ~2029-03 | other | Dell Financial | confirmed | 10-K Note 16 + MD&A |
| Soluna Holdings, Inc. SLNH | Generate Credit Agreement — Tranches A-1/A-3 | Credit facility | 15.8 | SOFR +10.00% | 2025-09-12 | 2030-09-12 | secured | Generate Lending LLC (agent) | confirmed | Q1-26 10-Q Note 8 |
| Soluna Holdings, Inc. SLNH | "Green Cloud" secured note (HPE AI-cloud deal) | Credit facility | 7.32 | 9.00% | 2024-06-20 | 2027-06-20 | secured | Unnamed "accredited investor" (undisclosed in all filings) | confirmed | Q1-26 10-Q Note 8 |
| Soluna Holdings, Inc. SLNH | Galaxy Loan (Project Sophie) | Credit facility | 4.5 | 15.00% | 2025-03-12 | 2030-03-12 | secured | Galaxy Digital LLC | confirmed | Q1-26 10-Q Note 8 |
| Soluna Holdings, Inc. SLNH | Land Purchase Loan (Kati Phase 2) | Credit facility | 1.08 | 0.00% | 2025-10-01 | 2027-05-16 | other | Soluna2 Kati Project Holdco (Spring Lane) | confirmed | Q1-26 10-Q Note 8 |
| Soluna Holdings, Inc. SLNH | Equipment Loan Agreement (Spring Lane) | Credit facility | 4 | 15.00% | 2024-05-16 | 2027-05-16 | other | Soluna2 SLC Fund II Project Holdco | confirmed | Q1-26 10-Q Note 8 |
| Soluna Holdings, Inc. SLNH | Generate Tranche C (Briscoe wind farm) — post-Q1 | Credit facility | 12.5 | SOFR +8.00% | 2026-04-01 | 2030-09-12 | secured | Generate entities | confirmed | 8-K 4/3/26 |
| Soluna Holdings, Inc. SLNH | Yorkville promissory note — post-Q1 | Credit facility | 12 | 5.00% | 2026-04-15 | 2027-05-15 | unsecured | YA II PN, LTD. (Yorkville) | confirmed | 8-K 4/17/26 |
| Crusoe Energy Systems | Upper90 initial equipment loan | Credit facility | — | Undisclosed | 2019 | Undisclosed | secured | Upper90 | confirmed | Upper90 release (disclosed 2025) |
| Crusoe Energy Systems | Upper90 project financing | Credit facility | 40 | Undisclosed | 2021-04 | Undisclosed | other | Upper90 | confirmed | Crusoe newsroom (Series B) |
| Crusoe Energy Systems | SVB Capital / Sparkfund / Generate credit facilities | Credit facility | 155 | Undisclosed | 2022-04-21 | Undisclosed | other | SVB Capital +2 | confirmed | Crusoe newsroom |
| Crusoe Energy Systems | First GPU debt facility | Credit facility | 200 | Undisclosed | 2023-10-23 | Undisclosed | other | Upper90 (lead) | confirmed | Crusoe newsroom |
| Crusoe Energy Systems | Upper90-led syndicated credit facility | Credit facility | 225 | Undisclosed | 2025-03-27 | Undisclosed | other | Upper90 (lead) +5 | confirmed | Upper90 release + Crusoe newsroom |
| Crusoe Energy Systems | Brookfield credit facility | Credit facility | 750 | Undisclosed | 2025-06-11 | Undisclosed | other | Brookfield Asset Management (Infrastructure Debt); Eastdil advised | confirmed | Crusoe newsroom |
| Crusoe Energy Systems | Victory Park Capital facility | Credit facility | 175 | Undisclosed | 2025-08-25 | Undisclosed | other | Victory Park Capital (Janus Henderson affiliate) | confirmed | Crusoe newsroom |
| Crusoe Energy Systems | Goldman Sachs loan, AMD backstop | Credit facility | 300 | 6.00% | Reported 2026-02-19/20 | Undisclosed | secured | Goldman Sachs (arranger) +1 | press | The Information |
| Crusoe Energy Systems | Abilene Phase 1 construction loan | Credit facility | 2,300 | Undisclosed | 2025-01-22 | Undisclosed | other | J.P. Morgan; Newmark arranged | confirmed | Newmark release |
| Crusoe Energy Systems | Abilene Phase 2 construction loan | Credit facility | 7,100 | Undisclosed | 2025-05-22 | Undisclosed | other | J.P. Morgan-led consortium (others unnamed); Newmark arranged | confirmed | Newmark release |
| Fluidstack | Meridian Arc senior secured bonds | Bond | 5,700 | 6.25% | Priced ~2026-04-16/17 | 2031 (5-yr non-call 2) | secured | Morgan Stanley (sole bookrunner) | confirmed | Latham & Watkins (issuer counsel) priced release 4/20/26 |
| Fluidstack | Macquarie GPU-backed facility (Europe) | Credit facility | — | Undisclosed | 2025-04-01 | Undisclosed | other | Macquarie (Specialised & Asset Finance) +1 | confirmed | Business Wire joint release |
| Fluidstack | Early debt raise | Other | 37.5 | Undisclosed | 2024 (reported Sep 2025) | Undisclosed | other | Unnamed | press | Forbes |
| Lambda | GPU-backed SPV financing | Credit facility | 500 | Undisclosed | 2024-04-02 | Undisclosed | other | Macquarie Group (lead) +2 | confirmed | Business Wire |
| Lambda | Syndicated senior secured credit facility | Credit facility | 275 | Undisclosed | 2025-08-19 | Undisclosed | secured | J.P. Morgan (lead) +4 | confirmed | Business Wire |
| Lambda | Upsized syndicated senior secured facility | Credit facility | 1,000 | Undisclosed | 2026-05-07 | Undisclosed | secured | J.P. Morgan (lead arranger) +1 | confirmed | lambda.ai release |
| Vultr (The Constant Company, LLC) | Credit financing package | Credit facility | 329 | Undisclosed | 2025-06-23 | Undisclosed | other | J.P. Morgan (co-lead) +5 | confirmed | Business Wire |
| Nscale | GPU-backed delayed-draw term loan (DDTL) | Credit facility | 1,400 | SOFR +5.00% | 2026-02-12 | 2031-02 | secured | Funds managed by PIMCO, Blue Owl, LuminArx + unnamed asset managers/banks +1 | confirmed | Nscale release |
| Nscale | Norway (Narvik) project financing | Credit facility | 790 | Undisclosed | 2026-05-11 | Undisclosed | other | ABN AMRO +4 | confirmed | Nscale release |
| Nscale | Revolving Credit Facility | Credit facility | 900 | Undisclosed | 2026-07-07 | Undisclosed | other | J.P. Morgan +11 | confirmed | Nscale release |
| Mistral AI | Seven-bank debt financing for Essonne GPU cluster | Credit facility | 830 | Undisclosed | 2026-03-30 | Undisclosed | other | Bpifrance (lead) +6 | confirmed | CNBC (company statements to press |
| Cerebras Systems | Syndicated revolving credit facility | Credit facility | 850 | Variable (base/term rate + undis… | 2026-04-15 | ~2031-04 | secured | Morgan Stanley (JLA; MS Senior Funding admin + collateral agent) +8 | confirmed | cerebras.ai release + SEC 10-Q |
| xAI | Morgan Stanley-led secured debt package ($3B senior secured notes + $1B fixed-rate TL + $1B TLB) | Bond | 5,000 | 12.50% | 2025-07-01 | Not captured | secured | Morgan Stanley (arranger) | confirmed | Morgan Stanley statement (completion) |
| xAI | Valor GPU SPV program (context) | Lease | 20,000 | Undisclosed | Reported 2025-10-16 | ~5-yr lease horizon | other | Valor Equity Partners SPV +1 | press | Bloomberg Oct 16, 2025 |
| xAI | Apollo $3.5B capital solution → Valor Compute Infrastructure LP | Lease | 3,500 | Undisclosed | Closed; PR 2026-01-07 (funds provided ~Nov 2025 per The Information) | Undisclosed | other | Apollo (capital solution) +1 | confirmed | Apollo press release |
| xAI | Apollo second tranche | Lease | 3,400 | Undisclosed | Reported 2026-02-09, "near final" — no Apollo close PR found (re-checked 2026-08-09: still none) | Undisclosed | other | Apollo +1 | press | The Information |
| Meta / Blue Owl "Hyperion" JV (Richland Parish, LA) | Senior secured notes — Hyperion data-center JV | Bond | 27,300 | 6.58% | Priced 2025-10-16; JV announced 2025-10-21 | 2049 | secured | Morgan Stanley (exclusive FA to Meta + sole bookrunner) +2 | confirmed | S&P ratings publication (issuer/size/security) |
| Meta / BlackRock "Sopaipilla" JV (El Paso, TX) | 7.534% amortizing secured notes due 2048 — El Paso JV (Sopaipilla) | Bond | 12,547 | 7.534% | 2026-07-27 | 2048-11-30 | secured | JPMorgan (syndication, press) +1 | confirmed | PitchBook-LCD 7/28/26 (pricing — press) |
| Apollo / Blackstone-led private-credit SPV (Anthropic TPU lease) | Private-credit facility — Anthropic TPU lease SPV | Other | 35,000 | Undisclosed | Finalized ~2026-06-08 (press; no filing) | Undisclosed | secured | Apollo (lead, press) +1 | press | Bloomberg (2026-05-28 marketing |
| Vantage Data Centers | Frontier campus debt package (Stargate — Oracle/OpenAI) | Credit facility | 23,250 | Undisclosed | Underwrite reported 2025-08-20; distribution reported ~complete 2026-04-15 (both Bloomberg) | Undisclosed | other | JPMorgan + MUFG (leads); BNP Paribas, Goldman Sachs, Societe Generale, SMBC, Wells Fargo underwriting (press); distributed across 2-dozen+ institutions by Apr 2026 (Bloomberg) | press | Bloomberg (all debt terms — press) |
| Vantage Data Centers | Lighthouse campus debt package (Stargate — Oracle/OpenAI) | Credit facility | 14,750 | Undisclosed | Package reported 2025-09-04; “record $38B sale nears” 2025-10-23 (both Bloomberg) | Undisclosed | other | JPMorgan + MUFG (leads) per Bloomberg | press | Bloomberg (all debt terms — press) |
| General Compute | Upper90 loan collateralized by SambaNova SN50 inference ASICs | Credit facility | 400 | Undisclosed | 2026-07-17 | Undisclosed | secured | Upper90 | press | TechCrunch |
| QumulusAI QMLS | USD.AI non-recourse GPU financing facility | Credit facility | 500 | Undisclosed | 2025-10-09 | Undisclosed | other | USD.AI Protocol (structured by Permian Labs) | confirmed | QumulusAI release 10/9/25 |
| Sharon AI SHAZ | 4.75% Convertible Senior Notes due 2032 | Convertible | 700 | 4.75% | 2026-06-29 | 2032-06-15 | unsecured | 144A QIBs | confirmed | 8-K EX-99.1 (acc. 0001493152-26-030417) |
| Sharon AI SHAZ | 6.00% Convertible Senior Notes due 2031 | Convertible | 350 | 6.00% | 2026-05-20 | 2031 | other | 144A QIBs | confirmed | S-1 (acc. 0001493152-26-035629), Recent Developments + Description of Securities |
| Quantum Solutions Co., Ltd. | USD.AI GPU financing facility (Japan) | Credit facility | 200 | Undisclosed | Reported 2026-01 (partnership dated 2025 in reporting) | Undisclosed | other | USD.AI Protocol (Permian Labs) | press | CoinDesk 1/22/26 — no standalone company/lender release located as of 2026-07-04 |
| Crucible (Crucible Compute) | USD.AI onchain debt facility — Washington B300 cluster | Credit facility | 26.8 | Undisclosed | 2026-04 | Undisclosed | secured | USD.AI Protocol (Permian Labs) | confirmed | Crucible Capital announcement |
| Duos Edge AI, Inc. (Duos Technologies Group) DUOT | USD.AI debt financing — 2,304 NVIDIA B300 GPU deployment | Credit facility | 98.1 | Undisclosed | 2026-06-05 | ~2029 | other | USD.AI Protocol (Permian Labs) | confirmed | USD.AI release via PR Newswire 6/5/26 |
| Firmus Technologies | US$10B debt financing facility — Project Southgate | Credit facility | 10,000 | Undisclosed | 2026-02-09 | Undisclosed | secured | Blackstone Tactical Opportunities (lead) +2 | confirmed | Firmus newsroom |
| Galaxy Digital Inc. GLXY | 9.875% Senior Secured Notes due 2031 (Helios Phase II) | Bond | 3,507 | 9.875% | 2026-07-28 | 2031-08-01 | secured | Morgan Stanley & Co. LLC (representative of the initial purchasers; purchase agreement 7/23/26) | confirmed | 8-K 7/28/26 (Items 1.01/2.03 — completion of offering, indenture) |
| PaleBlueDot AI | US$255M credit refinancing facility | Credit facility | 255 | Undisclosed | 2026-07-22 | Undisclosed | other | Brookfield Asset Management +2 | confirmed | Company release (via SFNet TSL Express 7/22/26) |
| TeraWulf Inc. WULF | Planned ~$3.5B financing — leveraged loan + high-yield (per press) | Other | 3,500 | Undisclosed | — | Undisclosed | other | Morgan Stanley (expected lead, per press) | rumored | Bloomberg 7/9/26 (press) |
| Aligned Data Centers | Term ABS notes, Class A-2-I + Class B — $1.183B securitization | Bond | 1,183 | Undisclosed | 2026-07-28 | Undisclosed | secured | Structuring agents not named in release | confirmed | Aligned Data Centers release 7/28/26 (GlobeNewswire) |
| Compass Datacenters | Series 2026-2 ABS notes — $413M in three tranches | Bond | 413 | Undisclosed | 2026-07-27 | Undisclosed | secured | Bookrunners not named in press coverage | press | DCD 7/27/26 (press) |
| Project Jupiter (Stargate NM) | $18B project loan - Jupiter campus (Stargate) | Credit facility | 18,000 | SOFR +2.50% | Reported 2025-11-10 | ~2029 (4-yr + two 1-yr extensions, press) | other | ~20-bank group; SMBC, BNP Paribas, Goldman Sachs, MUFG admin agents (press) | press | Bloomberg-derived press (loan, pricing) |
| Related Digital / Blackstone (Saline Twp, MI) | Fixed-rate project debt - $16B Oracle campus (PIMCO-anchored) | Bond | 14,000 | See note | 2026-04-24 | Undisclosed | other | PIMCO-managed funds and accounts (anchor, ~$10B per press) +2 | confirmed | Related Digital / Blackstone / BofA releases 4/24/26 ($16B project financing, PIMCO anchor, advisors) |
| Galaxy Digital Inc. GLXY | Helios Phase I project financing facility (up to $1.4B) | Credit facility | 1,400 | Undisclosed | 2025-08-15 | 36-month facility (availability period); terms not fully disclosed | secured | Deutsche Bank (lead) | confirmed | Galaxy press release 8/15/25 |
| Novva Data Centers / CIM Group | $2B financing - West Jordan UT AI campus expansion | Credit facility | 2,000 | Undisclosed | 2025-03-05 | Undisclosed | other | J.P. Morgan +1 | confirmed | CIM Group / Novva release 3/5/25 |
| EdgeCore Digital Infrastructure | AS01 + AS02 construction financing - $1.5B limited-recourse term loans | Credit facility | 1,500 | Undisclosed | 2026-04 | Undisclosed | secured | Apterra (structuring) +2 | confirmed | EdgeCore release 4/26 |
| CloudHQ | $1.4B ABS - two Ashburn hyperscale data centers (first dual-AAA DC ABS) | Bond | 1,400 | Undisclosed | Priced ~2026-04 (closed ~end April, press) | 2031 | secured | Bookrunners not named in available coverage | press | Bloomberg 4/9/26 (marketing) |
| Cloud Capital (Realty Income JV) | $520M master-trust ABS - Amazon-leased hyperscale data centers | Bond | 520 | Undisclosed | 2026-07-29 | Undisclosed | secured | Bookrunners not named in release | confirmed | Cloud Capital release 7/29/26 |
| DataBank | $1.1B hyperscale master-trust securitization (green) | Bond | 1,100 | Undisclosed | 2025-09-24 | Undisclosed | secured | Bookrunners not named in release | confirmed | DataBank release 9/24/25 |
| Lambda | $926M senior secured Term Loan B (Moody's Baa2 — first IG-rated TLB by a private neocloud, per company) | Credit facility | 926 | SOFR +3.00% | 2026-08-12 | 2030-12-31 | secured | Morgan Stanley (lead left arranger, bookrunner, administrative agent) +2 | confirmed | Lambda company release (priced 2026-08-12) + Moody's Ratings rating action 'Moody's Ratings assigns first-time Baa2 rating to Lambda Compute II LLC' (2026-08-11, New York |
| Nscale | Up to $1.831B senior secured DDTL (Moody's first-time Baa1, stable — Ward County, TX GPU-as-a-service SPV) | Credit facility | 1,831 | Undisclosed | 2026-08-12 | Undisclosed | secured | Fixed + floating commitments; lenders not named (fixed-rate investors described by Moody's as high credit quality) | confirmed | Moody's Ratings rating action 'Moody's Ratings assigns first-time Baa1 rating to Nscale Ward County Borrower SPV, LLC |
| Riot Platforms, Inc. RIOT | $573.0M senior secured delayed-draw term loan — Rockdale interim facility | Credit facility | 573 | SOFR +2.75% | 2026-08-10 | 2026-12-31 | secured | Morgan Stanley Senior Funding, Inc. (administrative agent) +1 | confirmed | 8-K, Items 1.01 and 2.03 (event 2026-08-10, filed 2026-08-14), acc. 0001104659-26-097330 |
| NVIDIA Corporation NVDA | Residual value guaranties — PORTS-Pike leases (payment obligation capped at $105B) | Other | 105,000 | Undisclosed | 2026-08-17 | Earliest of: 20th anniversary of commencement of the applicable lease; termination of the applicable lease by OpenAI per its terms; OpenAI achieving a satisfactory credit rating; other customary termination events | unsecured | SB Energy Corp. (Lessor / beneficiary of the guaranties) | confirmed | 8-K, Items 1.01 and 2.03 (event and filing date 2026-08-17), acc. 0001045810-26-000069, plus EX-99.1 press release of the same date |
| Fermi Inc. FRMI | 5.00% Convertible Senior Notes due 2031 | Convertible | 431.3 | 5.00% | 2026-07-14 | 2031-07-15 | unsecured | 144A; U.S. Bank Trust Co. (trustee) | confirmed | 8-K, Items 1.01, 2.03 and 3.02 (event 2026-07-09, filed 2026-07-15), acc. 0001213900-26-078366 |
| Fermi Inc. FRMI | Turbine Warehouse Equipment Financing (MUFG) | Credit facility | 500 | SOFR +4.00% | 2026-02-10 | 2027-08-10 | secured | MUFG Bank, Ltd. (sole lender) | confirmed | 8-K 2/10/26, agreement filed as EX-10.1, acc 0001213900-26-014270 |
| Fermi Inc. FRMI | High Voltage Equipment Financing (Keystone Master Loan Agreement) | Credit facility | 120 | Undisclosed | 2026-02-19 | 2031 | secured | Keystone National Group, LLC (agent) +2 | confirmed | 8-K 2/25/26, master loan agreement filed as EX-10.1, acc 0001213900-26-020399 |
| Fermi Inc. FRMI | Turbine Warehouse II Equipment Financing (Beal Credit Agreement, CLMG as agent) | Credit facility | 165 | 12.00% | 2026-03-26 | 2028-12 | secured | CLMG Corp. (agent) +1 | confirmed | 8-K 3/27/26, agreement filed as EX-10.1, acc 0001213900-26-035482 |
† hover for borrower entity, collateral, and size notes. Sizes are latest-reported principal outstanding where filed, committed/face where drawn balances are undisclosed (hover the size). Non-USD sizes use the USD equivalents reported in the filings themselves. Rate sorting uses the filed coupon or spread. Undisclosed rates sort last. Lender cells show the lead institution as filed (hover for the full list). The lender filter matches on normalized institution names across every role (lender, agent, trustee, or arranger) as named in the filings. Clicking a chart data point jumps to its ledger row.
Collateral treatment
Of the 28 GPU-collateralized instruments, 10 disclose amortization mechanics in their filed terms: depreciated-cost borrowing bases, scheduled quarterly or monthly amortization, debt-service coverage ratio (DSCR)-targeted paydowns, and amortization-plus-balloon structures. Every disclosed schedule points the same direction: collateral value is written down toward zero over the facility's life. No GPU-collateralized instrument on this ledger references a market residual value. The remainder do not disclose amortization mechanics in any primary document. The only residual-value references anywhere on the ledger sit outside the GPU-collateral scope: the Hyperion data-center JV notes, where the guarantee is Meta's, on real-estate leases; and the Apollo / Blackstone Anthropic SPV, where Broadcom guarantees the residual on Google TPUs. Neither is secured by GPUs.
A structure that amortizes collateral to zero embeds no assumption about terminal value. A structure that does not (partial amortization, a balloon sized to a resale assumption) substitutes an assumption for a schedule. The difference between the two is something to monitor, not to fix at close. Worked covenant, rollover, and pool-surveillance mechanics are at /applications. The measured per-generation decline path is at /research/gpu-age-curve. The income-asset primer gives the reasoning behind referencing a lease rate at all: a GPU's earning power is a market rate.
Sources & method
This ledger is compiled from primary documents only: SEC EDGAR filings (annual, quarterly, and current reports (10-K/10-Q/8-K), foreign-issuer equivalents (20-F/6-K), prospectuses, indentures filed as exhibits) for public issuers, and company, lender, or arranger releases for private issuers. Terms are reproduced as filed. Where a rate, size, maturity, or collateral description is not stated in any primary document, the field reads undisclosed. No figure on this page is estimated or interpolated. Journalist-sourced terms that lack a primary-party release are flagged press. Transactions reported as in-talks with no announced close are flagged rumored. Items flagged UNVERIFIED inside a note reproduce the ledger's own open questions.
Updates are event-driven: rows change when a new filing or release lands, not on a fixed schedule. Corrections are welcome via the contact page and are applied against the cited document. This page is a research publication of CCIR. It is not investment advice, an offer, or a solicitation.
Retired and excluded instruments
Instruments verified repaid, extinguished, settled, superseded, or determined not to be debt are excluded from the ledger above. They are recorded here so the panel's history stays auditable.
- CoreWeave, Inc.
- 2024 $1.0B term loan, SOFR+5.25-6.25% step-up (~12% effective; JPMorgan admin) - repaid at IPO Apr 2025
- 2025 $300M term loan
- $172M Monolith AI acquisition converts ($185M issued incl. $13M vesting-conditioned; equity-settled Apr 2026)
- 2021 secured converts
- Core Scientific merger terminated Oct 30, 2025 — no assumed debt
- Nebius Group N.V.
- Verified negative: no bank/secured debt through 6/16/26; the Microsoft-contract-secured financing flagged Sep 2025 was not entered into as of 6/16/26 — SUPERSEDED 2026-07-17 by the $775M senior secured debt facility, now tracked as instrument nbis-secured-tl-775
- TeraWulf Inc.
- $500M Raylan Data bridge, Hawesville KY (MS, SOFR+2.75%, Mar 2026; $100M drawn) - repaid Apr 16, 2026
- Legacy LGSA loans/miner financings at $0
- Applied Digital Corporation
- CIM $125M
- Macquarie ELN-02 $150M (Ellendale / Polaris Forge 1) + FAR-01 $50M (Polaris Forge 2 / Harwood)
- SMBC $375M (closed 2/11/25; repaid Nov 2025 with 9.250% notes proceeds)
- GS ELN-04 bridge (Jun 2026)
- Excluded: Macquarie $900M 12.75% PIK preferred in HPC TopCo 2 = redeemable NCI, not debt
- UNVERIFIED: status of Nov 2025 FNBO $65M revolver (SOFR+2.75%, $61.9M LCs at 2/28/26 — no terminating filing located; the 2026-05-29 FNBO credit agreement covers the same borrower group)
- DevCo Facility — MEC/Macquarie promissory note, $87.1M carrying ($45M + $40M draws) — "On May 29, 2026, APLD DevCo repaid the DevCo Loan in full, including all outstanding and unpaid principal, accrued interest, and rate of return" (FY26 10-K, period ended 2026-05-31, filed 2026-07-29).
- Cipher Mining Inc. (renamed Cipher Digital Inc.)
- Bitmain future-sales obligations (Original Agreement 12/16/23; prepaid May 2025 at 10% discount)
- Luxor BTC borrowings (repaid by YE2025)
- IREN Limited
- Dec 2, 2025: ~$544.3M of 2029/2030 converts repurchased for cash ~$1,632.4M (funded in part by a concurrent 39.7M-share placement)
- Dell purchase agreements ($2.3B + $1.2B + $1.6B) = purchase commitments, not debt
- NYDIG SPV financings settled Aug 2025
- Core Scientific, Inc.
- $1.0B MS/JPM 364-day bridge (SOFR+2.50%; two closings: $500M 3/4/26 + $500M JPM incremental 3/18/26) - repaid with secured-notes proceeds May 6, 2026
- All bankruptcy-exit debt extinguished 2024
- Pending (not debt): ~$421M Polaris DS cash acquisition
- Hut 8 Corp.
- Coinbase 9.00% BTC facility ($130M Jun 2025, upsized to $200M Dec 2025) - repaid May 2026 with FalconX proceeds
- Anchorage (equitized 2024)
- NYDIG (2023)
- No Vega project debt exists in any filing (Bitmain hosting arrangement)
- ABTC BTC pledges to Bitmain are purchase-price pledges, not debt
- Coatue convertible note $159.3M accreted ($150.0M issued Jun 2024, senior unsecured) — the Coatue Fund converted the full accreted principal into 9,715,476 shares in May 2026. "As of June 30, 2026, there was no outstanding principal amount ... related to the Coatue Note" (Q2-26 10-Q, filed 2026-08-04).
- HIVE Digital Technologies Ltd.
- 8% US$15M convertible debentures (U.S. Global Investors) — retired FY26
- Zunz S.A. $31M loan — retired FY26
- Filing-explicit negative: no BTC pledged as debt collateral; no revolver
- Soluna Holdings, Inc.
- Oct 2021 secured converts (fully converted)
- NYDIG (settled Sep 2025)
- Navitas (paid off 2025)
- Jul 2024 Additional Secured Notes (extinguished at 60% of face)
- Yorkville SEPAs = equity purchase agreements, not debt
- Debt-like: $10.5M deferred purchase payable (Dorothy 1A buyout) due Jul 1, 2026
- Crusoe Energy Systems
- The "$650M Goldman/JPM/MS facility (Oct 2024)" sometimes attributed to Crusoe is CoreWeave's revolver
- Reported 2026 ~$3B raise-in-talks is equity (RUMORED)
- No acceptable source confirms a 2025 Crusoe sale of its Abilene JV stake (the March 2025 sale was the bitcoin/DFM business, to NYDIG)
- Lambda
- No "~$500M additional 2025 facility" exists in company/lender statements — 2025's debt event was the $275M JPM facility
- Mid-2024 reports of Lambda seeking ~$800M more debt never produced an announced close
- Nebius Group N.V. (adjacent non-debt)
- $845.4M operating-lease liability + $9.76B signed-not-commenced DC leases
- Avride $100M SAFE (equity-linked)
- NVIDIA $2.0B = pre-funded warrant
- Sharon AI Holdings, Inc.
- USD.AI GPU-backed debt facility, up to US$500M (announced Jan 22, 2026) — never executed. The Company's S-1 filed Aug 12, 2026 still states USD.AI "had approved a debt facility of up to US$500 million ... subject to execution of definitive documentation"; it appears in no debt footnote. Carried as a confirmed instrument until 2026-08-13; removed as an announced approval, not an instrument.