Where GPU deals break
What appraisals and technical due diligence find before a GPU deal funds, one diagram per slide.
Where GPU Deals Break
October 2026 · 65 slides · PDF
A few of the slides
What's inside
The contracts
- Inside the GPU lease
- Behind the 36 months
- Before the walk-away date
- Walk away on 60 days
- One late order can end both
- Warranty ends first
- If the rent goes elsewhere
- If the operator walks
- Old contract, new contract
The order and delivery
- The paper trail
- The list is not the fleet
- Ordered to another spec
- Through the integrator
- Spent, and may be owed back
- Equity on paper
- Late by the week
- Credits off the first rent
- From the dock to rent
- No contract for the install
- Failed at burn-in
Power, cooling and uptime
- More servers than power
- One supply, no backup
- N+1 in words only
- One switch, every server
- The hottest day
- 99.9%: 43 minutes a month
- Active means billed
- Power back, servers not
- Promised down, not up
- Response is not repair
- No spare, 6 hours to swap
The site
- Who controls the site?
- Leased for another use
- The lease above ends first
- When the site lease ends
- Another lender's servers
- Cooled by the landlord
Value and recovery
- From invoice to recovery
- Owed more than it's worth
- Month 36 at today's price
- Memory bought at the peak
- Built for one customer
- Beyond the servers
- Lent on cost, sold for less
- Worth more where it stands
- Getting the servers out
- 100 servers, one sale
- Find a new offtaker?
Insurance
- Covered where, and when?
- Who the claim pays
- The cover the lease asks