Offtaker
An offtaker is the customer that commits to buy a cluster’s compute under an offtake agreement, such as a hyperscaler, an AI lab or an enterprise.
Its payments are usually what repays the debt on the hardware.
How it works
The buyer of the compute. The offtaker signs an offtake agreement, usually an MSA plus order forms, committing to buy a defined amount of GPU capacity for a fixed term (compute offtake agreements).
A short list of names. In our Offtake Tracker, Anthropic, Microsoft and Meta accounted for about three quarters of disclosed GPU contract value in October 2026.
Its rating travels to the loan. CoreWeave’s DDTL 4.0 was rated A3 on the strength of a take-or-pay contract reported to be with Meta, several notches above CoreWeave’s own Ba3 (Rated GPU Financings).
What lenders check
The offtaker is the repayment source, so offtaker risk is the core credit risk: Stability AI’s cloud suppliers forgave about $100 million in 2024, and nobody repossessed anything (every public case).
Lenders grade the buyer and the contract before funding (Offtaker Credit Score), route its payments to a controlled account, and back the gap with prepayment, a letter of credit, a parent guarantee or lost revenue cover.
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.
Prefer email? hello@amcompute.com
Questions
- What happens if the offtaker stops paying?
- The written non-payment notice starts the cure period, typically 30-45 days. The lender collects or replaces the offtaker, usually at a lower rate; lost revenue cover, where in place, pays part of the missed revenue for 30 days in a qualifying interruption.