Compute Credit Tracker
GPU-backed credit. $63B signed across 33 deals is secured directly by the GPUs: the issuance charted below. The ledger also lists these issuers' other debt: convertibles, notes and credit lines.
By issuer: CoreWeave · xAI · IREN · Nscale · Lambda · Nebius · Crusoe · ChronoScale · HIVE Digital · WhiteFiber · Digital Realty · Applied Digital · Soluna · Hut 8 · Cipher Mining · TeraWulf · Core Scientific · Bitdeer · Fermi · CleanSpark · Bit Digital · Cerebras · Riot Platforms
Notes
Bars are GPU-collateralized issuance: 35 instruments, $63.0B, where the filed security describes the GPUs or equipment as collateral (collateral set row by row from the filings, 2026-08-09 curation pass). Data-center paper secured by a campus or a tenant's lease is tracked in the ledger as context and is not charted here; its coupons appear in the two selected-deal charts below. As of 2026-10-03. Observed from filings: amount committed at signing or close, not drawn or outstanding balance. A facility upsized later counts each signing on its own date. No drawdown or amortization is modeled. Kept in the ledger, off the bars: 2 GPU rows ($0.1B recorded) that are pools with no single signing, such as vendor financing balances, or deals not yet closed. 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 19 secured facilities whose filings do not state the collateral ($28.9B). 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. Pre-2024 GPU issuance ($2.5B) sits in the cumulative line's starting level, outside the bars. Coverage: GPU-collateralized issuance comes from issuer-by-issuer capture and weekly SEC filing sweeps.
How to read this
Color, not the date, carries the story. The lowest spreads (+2.25% to +2.50%, 2026) are facilities backed by an investment-grade offtake contract: CoreWeave DDTL 4.0 (customer redacted in the filing; Meta per press), IREN Hardware 3 and Nscale Ward (both Microsoft), and Nebius (an unnamed investment-grade customer). Loans on unrated or undisclosed customers signed in the same months priced at +5.50% (CoreWeave DDTL 5.5, Nscale Iceland). The widest spreads sit on CoreWeave's earliest loans. DDTL 1.0 pays SOFR plus 9.62% after its May 2024 amendment (8.75% at signing in July 2023). DDTL 2.0's non-investment-grade leg pays SOFR plus 13.00%. Customer contracts of weaker or undisclosed credit back both, and CoreWeave guarantees both in full. Much of the fall from +9.62% to +2.25% reflects stronger customers behind the loans. Read the compression as credit enhancement more than 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). Seven of the thirteen points are CoreWeave. The others are IREN, Nebius, Lambda and Nscale. Nscale Madison's customer is redacted in the filing, so it is colored by what the filing shows, even though the issuer calls the facility investment grade.
These deals are not fully comparable. They differ in term, fees, advance rate, recourse and call protection, and some of those terms are not disclosed. Compare the colors, not two neighboring dots. This chart measures spreads over SOFR and the fixed-rate chart below measures spreads over Treasuries, so do not read one against the other.
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
Each mark is a fixed coupon from the filed terms or the issuer's release, less the U.S. Treasury yield of the same term on the signing date (FRED constant-maturity curve, interpolated). A 3.5-year loan is set against the 3.5-year point of the curve, a loan due in 5 years against the 5-year. Deals that pay down before maturity are matched to their final maturity. CoreWeave DDTL 4.0's fixed tranche is filed as Treasury + 2.00%, so its spread is plotted as filed.
Deals backed by investment-grade contracts sit lowest, 1.6 to 2.0 points over: Lambda (+1.61), IREN Hardware 3 (Microsoft, +1.79) and CoreWeave DDTL 4.0 (Meta, +2.00). Deals backed by non-investment-grade or undisclosed customers run from +3.0 to +6.3. GPU leases are left out: filings give the lessee's accounting discount rate, which is not the rent charged. The Valor marks are Valor's own loans on the GPUs it leases to xAI, one per lease, from an Apollo fund's filing. The first lease priced at +6.28 in November 2025, when xAI stood alone. After SpaceX acquired xAI in February 2026, the next two leases priced at +3.72 and +2.96. SpaceX was first rated investment grade in June 2026, after the third lease. Convertible notes are excluded.
These deals are not fully comparable. They differ in term, fees, advance rate, recourse and call protection, and some of those terms are not disclosed. The Valor marks also carry the lessor's view of value at lease end. Compare the colors, not two neighboring dots.
Data-center bond coupons by tenant credit are in Data-Center Bonds Price the Tenant.
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 | Customer redacted in the filing; release: 'leading AI enterprise'; Meta per press |
| Baa1 (Moody's) · A (low) (DBRS) | 2026-10-01 | Lambda | Fixed-rate DDTL | $1.01B | Two investment-grade offtakers (three deployments) |
| Baa1 (Moody's) | 2026-08-12 | Nscale | DDTL (Ward County SPV) | $1.85B | Microsoft take-or-pay (named as Customer in the filed credit agreement) |
| Baa2 (Moody's) | 2026-08-11 | Lambda | Term Loan B | $926M | Investment-grade offtaker per release (NVIDIA per press) |
| Ba2 (Moody's) · BB+ (Fitch) | 2026-04-30 | CoreWeave, Inc. | DDTL 5.0 | $3.1B | Two large non-investment-grade customers (redacted); one MSA assigned from the parent, one signed by the borrower |
| Ba2 (Moody's) · BB+ (Fitch) | 2026-07-16 | CoreWeave, Inc. | DDTL 5.5 | $2.6B | Five redacted initial customer contracts; release: diverse AI, financial services and tech customers averaging about three years |
| Investment grade, stable outlook (per S-1; agency not named) | 2026-08-31 | Nscale | DDTL (Madison County SPV) | $1.2B | Customer name redacted in the filed credit agreement |
Instrument ledger
Every live GPU-backed financing, plus the same issuers' other debt. Related data-center and miner financing is in a collapsed ledger on the data-center bonds note. Filter by collateral, 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 | Lenders / Agents | Instrument | Source | Type | Committed $M | Outstanding $M | Rate | Issued | Maturity | Seniority | Status |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CoreWeave, Inc. CRWV | Blackstone Tactical Opportunities + Imperial Capital (lead arrangers) +2 | DDTL 1.0 | 424B4 3/31/25 | Credit facility | 2,300 | 1,300 Jun '26 | SOFR +9.62% | 2023-07-30 | 2028-03-28 | secured | confirmed |
| CoreWeave, Inc. CRWV | Blackstone credit entities (lead) +2 | DDTL 2.0 | 8-K 10/2/25 — the Fifth Amendment EX-10.1 attaches the full conformed credit agreement (through five amendments), acc 0001193125-25-227562 | Credit facility | 7,600 | 3,190 Jun '26 | SOFR +6.00–6.50% | 2024-05-16 | 2030-08 | secured | confirmed |
| CoreWeave, Inc. CRWV | U.S. Bank Trust Co. (admin/collateral) +1 | DDTL 2.1 ($3.0B incremental tranche) | 8-K 10/2/25 (Fifth Amendment, conformed agreement as EX-10.1), acc 0001193125-25-227562 | Credit facility | 3,000 | 3,000 Jun '26 | SOFR +4.25% | 2025-09-29 | 2031-03 | secured | confirmed |
| CoreWeave, Inc. CRWV | MUFG (admin) +4 | DDTL 3.0 | 8-K 7/31/25, credit agreement filed unredacted as EX-10.1 and parent guarantee as EX-10.2, acc 0001769628-25-000033 | Credit facility | 2,600 | 2,215 Jun '26 | SOFR +4.00% | 2025-07-28 | 2030-08-21 | secured | confirmed |
| CoreWeave, Inc. CRWV | MUFG (admin, coordinating lead arranger) +1 | DDTL 4.0 | 8-K 3/31/26, credit agreement filed as EX-10.1 (redacted) and limited guarantee as EX-10.2, acc 0001769628-26-000129 | Credit facility | 8,500 | 2,837 Jun '26 | SOFR +2.25% | 2026-03-30 | 2032-03-31 | secured | confirmed |
| CoreWeave, Inc. CRWV | MS Senior Funding (admin) +3 | DDTL 5.0 | 8-K 5/18/26, credit agreement filed as EX-10.1 (redacted) and parent guarantee as EX-10.2, acc 0001769628-26-000236 | Credit facility | 3,100 | 1,101 Jun '26 | SOFR +4.50% | 2026-05-15 | 2031-11-15 | secured | confirmed |
| CoreWeave, Inc. CRWV | JPMorgan Chase Bank, N.A. (administrative agent; joint lead arranger, joint bookrunner, syndication agent) +4 | DDTL 5.5 Facility | 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 | Credit facility | 2,600 | 1,200 Aug '26 | SOFR +5.50% | 2026-08-07 | 2031-09-01 | secured | confirmed |
| CoreWeave, Inc. CRWV | 144A; Wilmington Trust (trustee) | 9.250% Senior Notes due 2030 | 8-K 5/28/25 (closing), indenture filed as EX-4.1, acc 0001769628-25-000025 | Bond | 2,000 | — | 9.25% | 2025-05-27 | 2030-06-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | 144A; U.S. Bank Trust Co. (trustee per the filed indenture; the 8-K narrative names Wilmington Trust) | 9.000% Senior Notes due 2031 | 8-K 7/28/25 (closing), indenture filed as EX-4.1, acc 0001193125-25-165924 | Bond | 1,750 | — | 9.00% | 2025-07-25 | 2031-02-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | 144A; U.S. Bank Trust Co. (trustee) | 9.750% Senior Notes due Oct 2031 | 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) | Bond | 2,750 | — | 9.75% | 2026-04-14 | 2031-10-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | 144A; U.S. Bank Trust Co. (trustee) | 9.625% USD Senior Notes due 2032 | 8-K 6/18/26 (USD/EUR notes), indenture filed as EX-4.1, acc 0001769628-26-000291 | Bond | 1,250 | — | 9.625% | 2026-06-18 | 2032-07-15 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | U.S. Bank Trust Co. (trustee) +1 | 8.500% EUR Senior Notes due 2032 | 8-K 6/18/26 (USD/EUR notes), indenture filed as EX-4.3, acc 0001769628-26-000291 | Bond | 2,300 | — | 8.50% | 2026-06-18 | 2032-07-15 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | 144A; U.S. Bank Trust Co. (trustee) +1 | 1.75% Convertible Senior Notes due 2031 | 8-K 12/11/25 (converts), indenture EX-4.1 and capped-call forms EX-10.1/10.2, acc 0001769628-25-000105 | Convertible | 2,588 | — | 1.75% | 2025-12-11 | 2031-12-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | U.S. Bank Trust Co. (trustee) +1 | 1.75% Convertible Senior Notes due 2032 | 8-K 4/14/26 (notes + converts), indenture EX-4.3 and capped-call forms EX-10.1/10.2, acc 0001769628-26-000164 | Convertible | 4,000 | — | 1.75% | 2026-04-14 | 2032-10-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | 144A QIBs; U.S. Bank Trust Co. (trustee) | 2.875% Convertible Senior Notes due 2033 | 8-K 9/22/26 Item 1.01 (closing | Convertible | 4,200 | — | 2.875% | 2026-09-22 | 2033-04-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | JPMorgan Chase (admin/collateral) +1 | Revolving Credit Facility | S-1 EX-10.17 (original agreement, unredacted) | Credit facility | 2,500 | — | Undisclosed | 2024-06-21 | 2029-11 | secured | confirmed |
| CoreWeave, Inc. CRWV | Undisclosed OEMs | OEM financing arrangements | 10-K + Q2-26 10-Q debt notes | Credit facility | 3,361 | 4,800 Jun '26 | Undisclosed | 2024-02 | Aug 2026 to Jul 2030 (staggered) | secured | confirmed |
| CoreWeave, Inc. CRWV | Undisclosed | Software license financings | 10-K + Q1-26 10-Q | Credit facility | 347 | — | Undisclosed | 2025 | <5-yr terms | secured | confirmed |
| CoreWeave, Inc. CRWV | MagAI Ventures / Magnetar Financial | Magnetar Loan (ASC 470 sale-of-future-revenue) | 10-K | Other | 189 | — | 12.00% | 2025-02 | 2029-01 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | Undisclosed DCSP | DCSP financing obligation + finance lease (failed sale-leaseback) | 10-K + Q1-26 10-Q | Lease | 239 | — | 13.00–15.00% | 2024-10 | ~2038/39 | secured | confirmed |
| CoreWeave, Inc. CRWV | JPMorgan Chase Bank, N.A. (admin + collateral agent) +1 | 2024 Term Loan Facility ($1.0B, JPMorgan) | S-1 (3/3/25) | Credit facility | 1,000 | — | SOFR +5.25% | 2024-12-16 | 2025-12-16 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | Morgan Stanley Senior Funding, Inc. (administrative agent) +1 | 2025 Term Loan Facility ($300M unsecured backstop, Morgan Stanley — never drawn) | 424B4 (3/31/25) | Credit facility | 300 | — | SOFR +1.75% | 2025-03-07 | 2025-12-16 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | Certain former shareholders of Monolith AI Limited | Convertible promissory notes (Monolith AI acquisition consideration) | FY25 10-K (issuance) | Convertible | 172 | — | 0.00% | 2025-11-05 | 2026-04-24 | unsecured | confirmed |
| CoreWeave, Inc. CRWV | Funds or accounts managed or advised by Magnetar | 2021 Convertible Senior Secured Notes due 2025 (Magnetar) | S-1 (Note 10 + related-party + Description of Material Indebtedness) | Convertible | 50 | — | 10.00% | 2021-10-15 | 2025-12-31 | secured | confirmed |
| Nebius Group N.V. NBIS | MUFG (structuring agent, sole bookrunner, underwriter; MLA) +9 | $775M Senior Secured Facility (first secured debt in company history) | Form 6-K EX-99.1 (acc. 0001104659-26-084452) | Credit facility | 775 | n.d. | SOFR +2.50% | 2026-07-10 | 2030-10-31 | secured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank Trust Co. (trustee) | 2.00% Convertible Senior Notes due 2029 | 6-K PR 6/2/25 | Convertible | 487.5 | — | 2.00% | 2025-06-05 | 2029-06-05 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank Trust Co. (trustee) | 3.00% Convertible Senior Notes due 2031 | 6-K PR 6/2/25 | Convertible | 487.5 | — | 3.00% | 2025-06-05 | 2031-06-05 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank (trustee) | 1.00% Convertible Senior Notes due 2030 | 424B5 9/12/25 (supplement) | Convertible | 1,581 | — | 1.00% | 2025-09-15 | 2030-09-15 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank Trust Co. (trustee) | 0.50% Convertible Senior Notes due Feb 2030 (August series) | 6-K 8/20/26 EX-99.1 (pricing), acc 0001104659-26-098924 | Convertible | 3,450 | — | 0.50% | 2026-08-24 | 2030-02-15 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank Trust Co. (trustee) | 4.50% Convertible Senior Notes due 2034 | 6-K 8/20/26 EX-99.1 (pricing), acc 0001104659-26-098924 | Convertible | 2,300 | — | 4.50% | 2026-08-24 | 2034-02-15 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank (trustee) | 2.75% Convertible Senior Notes due 2032 | 424B5 9/12/25 (supplement) | Convertible | 1,581 | — | 2.75% | 2025-09-15 | 2032-09-15 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank (trustee) | 1.250% Convertible Senior Notes due 2031 (March series) | Pricing 6-K 3/18/26 | Convertible | 2,588 | — | 1.25% | 2026-03-20 | 2031-03-15 | unsecured | confirmed |
| Nebius Group N.V. NBIS | 144A QIBs; U.S. Bank (trustee) | 2.625% Convertible Senior Notes due 2033 | Pricing 6-K 3/18/26 | Convertible | 1,750 | — | 2.625% | 2026-03-20 | 2033-03-15 | unsecured | confirmed |
| ChronoScale Holdings Corporation CHRN | Applied Digital Corporation | Demand Grid Promissory Note (Applied Digital) | CHRN 10-K for the fiscal year ended 2026-05-31, Note 8 Debt, filed 2026-08-19, acc 0001628280-26-058018 | Credit facility | 100 | — | Short-term Applicable Federal Ra… | 2026-06-26 | Payable on demand | unsecured | confirmed |
| ChronoScale Holdings Corporation CHRN | Not named | Computing-equipment finance leases | CHRN 10-K for the fiscal year ended 2026-05-31, Note 8 Debt, filed 2026-08-19, acc 0001628280-26-058018 | Lease | 291.1 | 58.3 May '26 | Undisclosed | 2026-05-31 | 2028 | other | confirmed |
| ChronoScale Holdings Corporation CHRN | B. Riley Commercial Capital, LLC | B. Riley Secured Promissory Note | CHRN 8-K Item 1.01 (event 2026-09-12, filed 2026-09-16), acc 0001493152-26-042947, with EX-10.1 First Amendment to Secured Promissory Note and Security Agreement | Credit facility | 2 | — | 10.00% | 2025-09-12 | 2026-11-12 | secured | confirmed |
| ChronoScale Holdings Corporation CHRN | Parker Hannifin Corporation | Parker Hannifin Promissory Note | CHRN 10-K for the fiscal year ended 2026-05-31, Note 8 Debt, filed 2026-08-19, acc 0001628280-26-058018 | Credit facility | 1.88 | — | 0.00% | 2023-12-31 | 2027-09-30 | unsecured | confirmed |
| IREN Limited IREN | 144A QIBs | 3.25% Convertible Senior Notes due 2030 | Q3 FY26 10-Q Note 16 | Convertible | 212.3 | — | 3.25% | 2024-12-06 | 2030-06-15 | unsecured | confirmed |
| IREN Limited IREN | 144A QIBs | 3.50% Convertible Senior Notes due 2029 | Q3 FY26 10-Q Note 16 | Convertible | 233.4 | — | 3.50% | 2025-06-13 | 2029-12-15 | unsecured | confirmed |
| IREN Limited IREN | 144A; U.S. Bank Trust Co. (trustee) | 0.00% Convertible Senior Notes due 2031 | 8-K 10/14/25 | Convertible | 1,000 | — | 0.00% | 2025-10-14 | 2031-07-01 | unsecured | confirmed |
| IREN Limited IREN | 144A; U.S. Bank (trustee) | 0.25% Convertible Senior Notes due 2032 | 8-K 12/8/25 | Convertible | 1,150 | — | 0.25% | 2025-12-08 | 2032-06-01 | unsecured | confirmed |
| IREN Limited IREN | 144A; U.S. Bank (trustee) | 1.00% Convertible Senior Notes due Jun 2033 | 8-K 12/8/25 | Convertible | 1,150 | — | 1.00% | 2025-12-08 | 2033-06-01 | unsecured | confirmed |
| IREN Limited IREN | 144A; U.S. Bank (trustee) | 1.00% Convertible Senior Notes due Dec 2033 | 8-K 5/14/26 | Convertible | 3,000 | — | 1.00% | 2026-05-14 | 2033-12-01 | unsecured | confirmed |
| IREN Limited IREN | Goldman Sachs Bank +2 | Hardware 3 DDTL (Microsoft-contract financing) | FY26 10-K (year ended 6/30/26), filed 8/27/26, Note 23 Debt | Credit facility | 1,545 | 413 Jun '26 | SOFR +2.25% | 2026-05-29 | 2031-12-31 | secured | confirmed |
| IREN Limited IREN | Institutional purchasers +1 | Hardware 3 5.96% Senior Notes due 2031 | FY26 10-K (year ended 6/30/26), filed 8/27/26, Note 23 Debt | Bond | 2,100 | 525 Jun '26 | 5.96% | 2026-05-29 | 2031-12-31 | secured | confirmed |
| IREN Limited IREN | Dell Financial Services +1 | GPU leases (Aug-23 2025 36-mo; Aug-28 2025 24-mo; Nov 2025 24-mo Dell Financial) | FY26 10-K Note 22, filed 8/27/26 | Lease | 397.8 | 243.8 Jun '26 | 9.90% | 2025-08-23 | FY2027 to FY2029 | other | confirmed |
| IREN Limited IREN | Blue Owl Capital Corporation (OBDC) — admin/collateral/intercreditor agent, lender +1 | Mackenzie Term Loan (Blue Owl-led $2.4B GPU package, senior secured) | FY26 10-K subsequent events (filed 8/27/26) | Credit facility | 1,200 | n.d. | 9.00% | 2026-08-25 | — | secured | confirmed |
| IREN Limited IREN | Institutional purchasers (PIMCO as adviser to certain purchasers) +1 | Mackenzie Notes (Blue Owl-led $2.4B GPU package, senior secured) | FY26 10-K subsequent events (filed 8/27/26) | Bond | 1,200 | n.d. | 9.00% | 2026-08-25 | — | secured | confirmed |
| IREN Limited IREN | NYDIG ABL LLC (formerly Arctos Credit, LLC) | NYDIG limited-recourse equipment financings (three SPVs) | FY23 20-F (facilities) | Credit facility | 125.1 | — | 12.00% | 2021-07-01 | — | other | confirmed |
| WhiteFiber, Inc. WYFI | 144A QIBs; U.S. Bank Trust Co. (trustee) | 4.500% Convertible Senior Notes due 2031 | WYFI 10-Q for the quarter ended 2026-06-30, Note 10 Debt, filed 2026-08-12, acc 0001213900-26-088026 | Convertible | 31.9 | — | 4.50% | 2026-01-26 | 2031-02-01 | unsecured | confirmed |
| WhiteFiber, Inc. WYFI | 144A QIBs; U.S. Bank Trust Co. (trustee) | 5.00% Convertible Senior Notes due 2032 | 8-K Items 1.01/2.03/3.02/8.01 (event 2026-08-18, filed 2026-08-21), acc 0001213900-26-092599 | Convertible | 310 | — | 5.00% | 2026-08-21 | 2032-09-01 | unsecured | confirmed |
| WhiteFiber, Inc. WYFI | Landsbankinn hf. | Landsbankinn term facility | WYFI 10-Q for the quarter ended 2026-06-30, Note 10 Debt, filed 2026-08-12, acc 0001213900-26-088026 | Credit facility | 20 | 18 Jun '26 | SOFR +4.25% | 2026-03-25 | 2028-03-25 | secured | confirmed |
| WhiteFiber, Inc. WYFI | B. Riley Securities (by assignment) | B. Riley-assigned advance — NC-1 bridge | WYFI 10-Q for the quarter ended 2026-06-30, Note 10 Debt, filed 2026-08-12, acc 0001213900-26-088026 | Credit facility | 20 | — | 9.50% | 2026-05-20 | ~2026-08-24 | secured | confirmed |
| WhiteFiber, Inc. WYFI | Bit Digital Capital, Inc. +1 | Delayed Draw Term Loan Facility — NC-1 (Bit Digital Capital) | BTBT 8-K Items 1.01/2.03 filed 2026-05-27, acc 0001213900-26-061574 | Credit facility | 100 | — | 9.50% | 2026-05-20 | 2026-08-24 | secured | confirmed |
| WhiteFiber, Inc. WYFI | Royal Bank of Canada +1 | Syndicated RBC Credit Facility | WYFI 10-Q for the quarter ended 2026-06-30, Note 10 Debt, filed 2026-08-12, acc 0001213900-26-088026 | Credit facility | 80.8 | — | Undisclosed | 2026-07-06 | Undisclosed | other | confirmed |
| WhiteFiber, Inc. WYFI | Royal Bank of Canada | RBC Amended Credit Agreement (MTL-3 acquisition bridge) | Q2-26 10-Q (Note 10, RBC facility) | Credit facility | 20 | — | Daily Simple CORRA + 2.75% or Ro… | 2026-04-27 | 2026-11-08 | other | confirmed |
| HIVE Digital Technologies Ltd. HIVE | 144A QIBs; U.S. Bank (trustee) | 0% Exchangeable Senior Notes due 2031 — Tranche 1 | 8-K 4/22/26 | Convertible | 115 | — | 0.00% | 2026-04-21 | 2031-04-15 | unsecured | confirmed |
| HIVE Digital Technologies Ltd. HIVE | 144A QIBs; U.S. Bank Trust Co. (trustee) | 0% Exchangeable Senior Notes due 2031 — Tranche 2 | 8-K 7/1/26 | Convertible | 130 | — | 0.00% | 2026-06-30 | 2031-07-01 | unsecured | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Property seller | Vendor takeback mortgage #1 (Toronto–Waterloo land) | HIVE 10-Q for the quarter ended 2026-06-30, Notes 13/14, filed 2026-08-14, acc 0001062993-26-004434 | Credit facility | 14.7 | — | 6.00% | 2026-01-30 | ~2028-01-30 | secured | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Seller | Vendor mortgage #2 (second property) | HIVE 10-Q for the quarter ended 2026-06-30, Notes 13/14, filed 2026-08-14, acc 0001062993-26-004434 | Credit facility | 4.3 | — | 6.00% | 2026-05-15 | ~2029-05-15 | secured | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Not named | Boden (Sweden) loan payable | 10-K Note 13 | Credit facility | 10.9 | — | Swedish government borrowing rat… | 2021-03-31 | 2035-12-31 | other | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Not named | Atlantic Term Loans 1 & 2 (New Brunswick) | HIVE 10-Q for the quarter ended 2026-06-30, Notes 13/14, filed 2026-08-14, acc 0001062993-26-004434 | Credit facility | 1.6 | — | 4.39–5.15% | Assumed 2021 | 2026-06-30 | other | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Dell Financial | Dell finance lease — 504 Nvidia B200 GPUs | 10-K Note 16 + MD&A | Lease | 29.9 | 27.7 Jun '26 | 9.90% | 2026-03 | ~2029-03 | other | confirmed |
| HIVE Digital Technologies Ltd. HIVE | U.S. Global Investors, Inc. | 8% unsecured convertible debentures (U.S. Global Investors) | FY26 10-K (Note 11 Convertible Loan) | Convertible | 15 | — | 8.00% | 2021-01-12 | 2026-01-12 | unsecured | confirmed |
| HIVE Digital Technologies Ltd. HIVE | Bitfarms Ltd. (seller) | Zunz S.A. acquisition loan payable (Yguazu, Paraguay) | FY26 10-K (Note 4 + acquisition loan payable) | Other | 31 | — | Undisclosed | 2025-03-17 | 2025-09-17 | other | confirmed |
| Crusoe Energy Systems | Upper90 | Upper90 initial equipment loan | Upper90 release (disclosed 2025) | Credit facility | 0 | — | Undisclosed | 2019 | Undisclosed | secured | confirmed |
| Crusoe Energy Systems | Upper90 | Upper90 project financing | Crusoe newsroom (Series B) | Credit facility | 40 | — | Undisclosed | 2021-04 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | SVB Capital +2 | SVB Capital / Sparkfund / Generate credit facilities | Crusoe newsroom | Credit facility | 155 | — | Undisclosed | 2022-04-21 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | Upper90 (lead) | First GPU debt facility | Crusoe newsroom | Credit facility | 200 | n.d. | Undisclosed | 2023-10-23 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | Upper90 (lead) +5 | Upper90-led syndicated credit facility | Upper90 release + Crusoe newsroom | Credit facility | 225 | n.d. | Undisclosed | 2025-03-27 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | Brookfield Asset Management (Infrastructure Debt); Eastdil advised | Brookfield credit facility | Crusoe newsroom | Credit facility | 750 | — | Undisclosed | 2025-06-11 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | Victory Park Capital (Janus Henderson affiliate) | Victory Park Capital facility | Crusoe newsroom | Credit facility | 175 | n.d. | Undisclosed | 2025-08-25 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | Goldman Sachs (arranger) +1 | Goldman Sachs loan, AMD backstop | The Information | Credit facility | 300 | — | 6.00% | Reported 2026-02-19/20 | Undisclosed | secured | press |
| Crusoe Energy Systems | J.P. Morgan; Newmark arranged | Abilene Phase 1 construction loan | Newmark release | Credit facility | 2,300 | — | Undisclosed | 2025-01-22 | Undisclosed | other | confirmed |
| Crusoe Energy Systems | J.P. Morgan-led consortium (others unnamed); Newmark arranged | Abilene Phase 2 construction loan | Newmark release | Credit facility | 7,100 | — | Undisclosed | 2025-05-22 | Undisclosed | other | confirmed |
| Lambda | Macquarie Group (lead) +2 | GPU-backed SPV financing | Business Wire | Credit facility | 500 | n.d. | Undisclosed | 2024-04-04 | Undisclosed | other | confirmed |
| Lambda | J.P. Morgan (lead) +4 | Syndicated senior secured credit facility | Business Wire | Credit facility | 275 | — | Undisclosed | 2025-08-19 | Undisclosed | secured | confirmed |
| Lambda | J.P. Morgan (lead arranger) +1 | Upsized syndicated senior secured facility | lambda.ai release | Credit facility | 1,000 | — | Undisclosed | 2026-05-07 | Undisclosed | secured | confirmed |
| Nscale | Funds managed by PIMCO (29 funds and vehicles sign the filed amendments) +10 | GPU-backed delayed-draw term loan (DDTL) | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.14 Credit Agreement dated 2026-02-11, Exhibits 10.15 to 10.17 amendments, and the prospectus | Credit facility | 1,422 | 48.2 Jun '26 | SOFR +5.00% | 2026-02-11 | 2032-09-30 | secured | confirmed |
| Nscale | ABN AMRO Bank N.V. (mandated lead arranger, bookrunner) +4 | Norway (Narvik) project financing: Kvandal South DC Facility | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.21 Senior Facilities Agreement dated 2026-07-07 and the prospectus | Credit facility | 790 | — | SOFR +3.00–3.75% | 2026-07-07 | 2033-04 | other | confirmed |
| Nscale | J.P. Morgan +11 | Revolving Credit Facility | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.18 Revolving Credit and Guaranty Agreement dated 2026-05-08, Exhibits 10.18(a) and 10.18(b) amendments, and the prospectus | Credit facility | 900 | — | SOFR +1.75% | 2026-05-08 | 2029 | other | confirmed |
| xAI | Morgan Stanley (arranger) | Morgan Stanley-led secured debt package ($3B senior secured notes + $1B fixed-rate TL + $1B TLB) | SpaceX Form S-1 filed 2026-05-20, acc 0001628280-26-036936, Note 10 Debt (terms, maturity, repayment) | Bond | 5,000 | — | 12.50% | 2025-07-01 | 2030-06-30 | secured | confirmed |
| xAI | Valor Equity Partners SPV +1 | Valor GPU SPV program (context) | Bloomberg Oct 16, 2025 | Lease | 20,000 | — | Undisclosed | Reported 2025-10-16 | ~5-yr lease horizon | other | press |
| xAI | Valor Compute Infrastructure LP (lessor) +2 | Valor compute lease I (CTC Property LLC, failed sale-leaseback) | SpaceX Form S-1 (acc 0001628280-26-036936) Notes 10 and 18 | Lease | 4,507 | 4,507 Dec '25 | Undisclosed | 2025-11-10 | Undisclosed | other | confirmed |
| QumulusAI QMLS | USD.AI Protocol (structured by Permian Labs) | USD.AI non-recourse GPU financing facility | 10-Q for the quarter ended 2026-06-30, Note 14 (acc. 0001437749-26-028924) | Credit facility | 36 | 18.9 Jun '26 | Undisclosed | 2025-09-19 | Undisclosed | other | confirmed |
| QumulusAI QMLS | Unnamed investor (securities purchase agreement) | 7% Senior Secured Convertible Notes (March 2026 facility, up to $45M) | 10-Q for the quarter ended 2026-06-30, Note 17 (acc 0001437749-26-028924) | Convertible | 45 | — | 7.00% | 2026-03-26 | 2028-07-16 | secured | confirmed |
| Sharon AI SHAZ | 144A QIBs | 4.75% Convertible Senior Notes due 2032 | 8-K 6/25/26 Item 1.01 (acc 0001493152-26-030158) | Convertible | 700 | — | 4.75% | 2026-06-22 | 2032-06-15 | unsecured | confirmed |
| Sharon AI SHAZ | 144A QIBs | 6.00% Convertible Senior Notes due 2031 | S-1 (acc. 0001493152-26-035629), Recent Developments + Description of Securities | Convertible | 350 | — | 6.00% | 2026-05-18 | 2031-05-01 | other | confirmed |
| Sharon AI SHAZ | Lender names redacted in EX-10.1; press release names Goldman Sachs and 'select large private credit funds' +2 | US$206M Facility B, Senior Secured GPU SPV Term Loan (Australia) | 8-K 10/1/26 Items 1.01/2.03, Syndicated Facility Agreement EX-10.1, Guarantee Deed Poll EX-10.2, press release EX-99.1 (acc 0001493152-26-045368) | Credit facility | 206 | 0 Oct '26 | 9.95% | 2026-09-28 | — | secured | confirmed |
| Crucible (Crucible Compute) | USD.AI Protocol (Permian Labs) | USD.AI onchain debt facility — Washington B300 cluster | Crucible Capital announcement | Credit facility | 26.8 | 26.8 Apr '26 | Undisclosed | 2026-04 | Undisclosed | secured | confirmed |
| Duos Edge AI, Inc. (Duos Technologies Group) DUOT | USD.AI Protocol (Permian Labs) | USD.AI debt financing — 2,304 NVIDIA B300 GPU deployment | DUOT 8-K Item 8.01 filed 2026-06-11 (event 2026-06-05), acc 0001079973-26-000826 | Credit facility | 98.1 | 0 Jun '26 | Undisclosed | 2026-06-05 | ~2029 | other | confirmed |
| Corvex | GPU Finance Ltd. (a subsidiary of the USD.AI Foundation), initial lender | GPU Loan Agreement with GPU Finance Ltd. (USD.AI), Series A | Corvex 10-Q for Q2 2026, subsequent events, filed 2026-08-14 (acc 0001213900-26-090091) | Credit facility | 7.5 | 7.5 Aug '26 | 10.00% | 2026-08-03 | 2029-09-01 | secured | confirmed |
| Lambda | Morgan Stanley (lead left arranger, bookrunner, administrative agent) +2 | $926M senior secured Term Loan B (Moody's Baa2 — first IG-rated TLB by a private neocloud, per company) | Lambda close release 8/27/26 | Credit facility | 926 | n.d. | SOFR +3.00% | 2026-08-12 | 2030-12-31 | secured | confirmed |
| Lambda | J.P. Morgan (sole coordinating lead arranger, structuring agent and bookrunner) +1 | $1.008B senior secured fixed-rate delayed draw term loan due 2033 | Business Wire, Lambda release 10/1/26 (also lambda.ai blog) | Credit facility | 1,008 | n.d. | 6.78% | 2026-10-01 | 2033-05-30 | secured | confirmed |
| Nscale | J.P. Morgan (lead; joint lead arranger, joint bookrunner, co-structuring agent) +4 | Up to $1.85B senior secured DDTL (Moody's first-time Baa1, stable — Ward County, TX GPU-as-a-service SPV; closed per issuer release 2026-08-31) | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.23 Credit Agreement dated 2026-08-27 and the prospectus | Credit facility | 1,850 | n.d. | SOFR +2.38% | 2026-08-27 | 2033-02-27 | secured | confirmed |
| Nscale | Goldman Sachs (lead; joint lead arranger, joint bookrunner, co-structuring agent) +2 | Up to $1.2B senior secured DDTL (investment-grade rated per S-1 — Madison County, NC colocation site) | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.24 Credit Agreement and the prospectus ('The loan facility received investment-grade ratings with a stable outlook.') | Credit facility | 1,200 | n.d. | SOFR +2.38% | 2026-08-27 | 2031-12-27 | secured | confirmed |
| Nscale | Macquarie Bank Limited (London Branch) (mandated lead arranger, agent and security agent) +1 | Macquarie Iceland senior term loan ($331.9M, GPU purchase financing) | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.22 Senior Facility Agreement dated 2026-07-29 and the prospectus | Credit facility | 331.9 | n.d. | SOFR +5.50% | 2026-07-29 | — | secured | confirmed |
| Nscale | Macquarie Bank Limited (London Branch) (sole original lender, issuing bank, agent and security agent) | Macquarie Senior Facility ($105M, Glomfjord GPU cluster) | Nscale Form S-1 filed 2026-09-18 (acc 0001193125-26-395475): Exhibit 10.12 Amendment and Restatement Agreement dated 2025-09-22 and the prospectus | Credit facility | 105 | 89.2 Jun '26 | SOFR +7.50% | 2025-06-12 | 2029-06-12 | secured | confirmed |
| Alpha Compute Corp. ALP | Undisclosed institutional lender | $31.9M non-recourse GPU loan facility (B300 collateral; binding term sheet) | 6-K Exhibit 99.1, acc 0001171843-26-002823 (filed 2026-04-29) | Credit facility | 31.9 | n.d. | Undisclosed | 2026-04-22 | — | secured | press |
| xAI | Valor Compute Infrastructure LP (lessor) +1 | Valor compute lease II (CTC Property LLC, failed sale-leaseback) | SpaceX 424B4 (acc 0001628280-26-042639) | Lease | 5,365 | n.d. | Undisclosed | 2026-02-18 | Undisclosed | other | confirmed |
| xAI | Valor Compute Infrastructure LP (lessor) | Valor compute lease III (CTC Property LLC, five-year equipment lease) | SpaceX Q2-2026 10-Q (acc 0001628280-26-052535) | Lease | 4,288 | n.d. | Undisclosed | 2026-04-24 | Undisclosed | other | confirmed |
† 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 35 GPU-collateralized instruments (33 deals), 23 loans and notes disclose how principal repays. Four repay in full by maturity. Seven pay down to a coverage or cash-sweep target. One amortizes and ends in a balloon. The rest follow schedules whose amounts are redacted. Six leases disclose payment totals only, and six instruments disclose no repayment terms in any issuer document.
Lenders test seven of these loans against cost written down on a straight line over about six years. Five cap the loan at a share of cost when each draw funds, and four size it on contracted cash flow. None runs an ongoing market-value test.
No GPU loan prices the hardware at a market residual. One GPU lease prices a purchase option: IREN's August 2025 lease lets IREN buy the GPUs at the lower of fair market value and 18% of their cost. Two loan packages, IREN Hardware 3 and Nscale Ward, carry parent residual value guarantees. They apply only if Microsoft rejects a tranche before acceptance. Other residual-value references on the ledger sit outside GPU collateral: the Hyperion data-center JV notes, where the guarantee is Meta's, on real-estate leases; the Apollo / Blackstone Anthropic SPV, where Broadcom guarantees the residual on Google TPUs; and NVIDIA's residual value guaranties on the PORTS-Pike data-center leases in Ohio, capped at $105 billion.
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. How the market prices chips of different ages on one date 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. Bridge loans expected to be repaid from escrowed customer cash are also excluded. They are recorded here so the panel's history stays auditable.
- CoreWeave, Inc.
- 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
- Legacy 0.75% converts due 2025-03-03 ($1,250M issued 2020-03-03, Yandex-era) — matured 2025-03-03; >99% repurchased after the March 2022 delisting-event put (93.2% in the June 2022 settlements); residual cash consideration for the remaining notes $5.3M at 12/31/25 and 3/31/26 (FY2025 20-F Note 12; Q1-26 6-K Ex. 99.2), no longer referenced in the Q2-26 6-K Ex. 99.2 — retired 2026-09-17 as matured, formerly nbis-legacy-2025
- 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
- HIVE Digital Technologies Ltd.
- Filing-explicit negative: no BTC pledged as debt collateral; no revolver
- 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
- lambda-jpm-shortdated-2026, ~$1B private debt reported by Bloomberg on 2026-08-28 (JPMorgan-arranged, for NVIDIA chips leased to Microsoft; press only): retired as the same transaction as the $1.008B senior secured fixed-rate delayed draw term loan Lambda announced closed on 2026-10-01 (instrument lambda-ddtl-678-2033). Same size, same sole arranger (J.P. Morgan), private institutional investors and an investment-grade customer. The press 'short-dated' tag differs from the filed May-2033 final maturity of a fully amortizing loan; no separate closing was ever announced. Ruled 2026-10-03.
- 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.
- Facility A of the 2026-09-28 syndicated facility agreement, up to US$150M (8-K acc 0001493152-26-045368): excluded as a bridge. The company expects to prepay it from a customer deposit held in escrow on customer acceptance, and the parent guarantees it until then. Its rate steps from 7.25% to 8.25%, 9.25% and 9.95% on redacted dates, so neither rate prices the GPUs and the customer contract. Facility B (US$206M, 9.95% fixed) is the GPU term loan and stays on the ledger. Ruled 2026-10-03.
- WhiteFiber, Inc.
- Original RBC credit agreement of 2025-06-18 (as amended 2025-07-04), up to ~CAD 60M (~$43.8M) across three facilities — conditions precedent were never satisfied, nothing was ever drawn and no borrowings were available; replaced by the Amended Credit Agreement on 2026-04-27.
- xAI
- xai-apollo-t2 (~$3.4B Apollo second tranche, press) folded into Valor compute lease II, 2026-09-25