Offtake agreement
A compute offtake agreement is a contract in which a customer commits to buy a defined amount of GPU capacity from an operator for a fixed term, usually as a master services agreement plus order forms that set the GPUs, price, term and payment schedule.
Public offtake commitments
| OpenAI to CoreWeave | About $11.9 billion over five years |
| Microsoft to IREN | $9.7 billion through 2031 |
| Meta to Nebius | $2.9 billion over five years |
| ESDS to SharonAI | $1.25 billion, 8,200 B300 GPUs in Australia |
From SEC filings summarized in compute offtake agreements.
How it works
An MSA plus order forms. The MSA sets the rules: liability caps, termination rights, the SLA. Order forms set the money: GPU type and count, price, term, payment schedule and deposits (compute offtake agreements).
Names vary, the structure does not. IREN’s $9.7 billion deal with Microsoft is a “Partner Statement of Work” and Nebius’s $2.9 billion deal with Meta is a “Commercial Agreement”.
Capacity is sold three ways. Reserved instances are take-or-pay on dedicated hardware, bulk credits are committed spend, and on-demand is neither. Lenders finance against the first two.
What lenders check
The contract is the repayment source. Lenders read it before the hardware list: payment terms and a no-offset clause, prepayment or letters of credit, termination for convenience, the SLA and its exit triggers, assignment to the financing entity, and change of control.
The buyer’s credit sets its value. Our Offtaker Credit Score grades the buyer and the contract structure on one 0-100 scale.
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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