Delayed draw term loan (DDTL)
A delayed draw term loan (DDTL) is a term loan the borrower draws in pieces over an availability period instead of all at closing. In GPU finance, each draw usually funds a batch of servers as it arrives and is installed.
CoreWeave’s delayed draw term loans
| DDTL 1.0, August 2023 | SOFR + 9.62% |
| DDTL 2.0, May 2024 | SOFR + 6.00% on investment-grade contracts, 13.00% on the rest |
| DDTL 3.0 (OpenAI contract), July 2025 | SOFR + 4.00% |
| DDTL 4.0, March 2026 | SOFR + 2.25%, investment-grade contracts |
| DDTL 5.0, May 2026 | SOFR + 4.50% |
The margin follows the customer behind the loan, not the GPU.
Margins over SOFR from the GPU Financing Tracker, each row sourced to a filing or release.
How it works
Committed at closing, drawn as hardware arrives. The borrower draws during an availability period as each tranche of servers is delivered, racked and accepted. Interest runs only on what has been drawn; a commitment fee is often charged on the rest.
Large GPU facilities use it. Nscale signed a $1.4 billion DDTL in February 2026 (private credit and ABS), and CoreWeave has signed at least six since 2023.
What lenders check
Each draw is a checkpoint. Lenders condition draws on delivery and acceptance of the serial numbers being financed, on the offtake contract still being in force, and on no default.
Less capital is at risk during the build. If the site slips or a tranche never ships, the undrawn commitment has not been lent.
Discuss a transaction
Send us the equipment list and the loan or lease you have in mind. We will come back with an indication and the questions we would need answered.
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