How GPU financing is structured
Every party, payment and risk in a GPU deal, one diagram per slide.
How GPU Financing Is Structured
October 2026 · 72 slides · PDF
A few of the slides
What's inside
How GPU deals are structured
- A GPU loan, end to end
- Where each payment goes
- The term sheet, decoded
- Nine steps to a GPU loan
- The GPU capital stack
- Bridging the hardware PO
- Who’s who in a GPU deal
- Three ways to share a loan
- When GPU debt gets rated
- When NVIDIA backs the deal
- Covenants on a GPU loan
Residual value, leases and exits
- 18-month loan on 9 months
- Loan, lease or RVI loan?
- How an RVI claim gets paid
- Who sits under the floor?
- How much RVI, by loan term
- Three ways to lease a GPU
- How a sale-leaseback works
- Four ways out of a bridge
- Three clocks, one server
- Planes at day 60. GPUs?
The collateral and what it is worth
- The price is not the value
- How fast a GPU loses value
- Where the value sits
- The 40 kW wall
- Book life vs resale life
- Filing a lien on GPUs
- Is a GPU good collateral?
- The equipment costs more
- Own or rent the GPUs?
- Checked before funding
Where GPU loans break
- Seven signs before default
- The first 72 hours
- Run it, or take it back?
- When a neocloud files
- The worst case: a sale
- Colo step-in, five steps
- The colo contract traps
- The offtaker stops paying
- Where a deployment slips
- When a GPU dies
Offtakers, operators and the site
- The clauses a lender reads
- Where a GPU-hour goes
- Scoring a neocloud
- Scoring the offtaker
- How power reaches a GPU
- Power behind the meter
- Financing a modular site
- Bitcoin miners as AI hosts
- Insuring a GPU cluster
- GPU loans onchain
- Data center tiers