GPU-backed debt raised in 2026
$48.4B across 21 public financings to October 10, 2026, out of $103B of GPU and AI data center debt.
Updated October 10, 2026. Recomputed from the GPU Financing Tracker on every build.
- GPU-backed debt, 2026 to date
- $48.4B
- 21 financings
- All GPU and AI data center debt, 2026
- $103B
- 49 financings
- Since 2023
- $197B
- 101 financings, $66.8B GPU-backed
New debt by quarter, by what secures it
Q2 2023 to Q4 2026
- GPU-backed debt
- Data center and campus debt
- Corporate debt
* Q4 2026 to October 10, 2026. Counted new money: upsizes count only their increase; launched or reported-only deals and uncommitted frameworks count zero.
What the data shows
That is $48.4B of debt secured on GPUs in 2026, against $6.6B in all of 2025. Last year's money went mostly to campuses: $46.1B of data center debt, led by $27.3B for Meta Hyperion JV (Blue Owl) and $7.1B for Crusoe Abilene JV (Blue Owl, Primary Digital).
Since 2023 the tracker counts $197B of new money across 101 financings: $66.8B GPU-backed, $68.7B data center and campus debt, and $61.9B of corporate debt.
By what secures the debt
| Secured on | 2026 to date | Deals | 2025 | Since 2023 | What it includes |
|---|---|---|---|---|---|
| GPU-backed debt | $48.4B | 21 | $6.6B | $66.8B | Secured on GPUs or financed compute equipment: GPU delayed draw term loans, GPU-backed facilities, equipment leases, sale-leasebacks, vendor financing |
| Data center and campus debt | $22.4B | 11 | $46.1B | $68.7B | Secured on a data center campus, its lease or the project: construction loans, project finance, secured campus bonds |
| Corporate debt | $32.1B | 17 | $26.4B | $61.9B | Not ring-fenced on GPUs or a campus: convertible notes, unsecured notes, revolvers, corporate term loans |
| Total | $103B | 49 | $79B | $197B |
By instrument
| Instrument | Mostly secured on | 2026 to date | Deals | All time | Deals |
|---|---|---|---|---|---|
| Senior notes | Data center and campus debt | $29.2B | 13 | $67.6B | 20 |
| Convertible notes | Corporate debt | $22.3B | 6 | $36.7B | 19 |
| DDTL | GPU-backed debt | $21.5B | 9 | $36.9B | 13 |
| GPU-backed facility | GPU-backed debt | $14B | 6 | $15.2B | 11 |
| Term loan | Corporate debt | $4B | 2 | $10.3B | 6 |
| Sale-leaseback | GPU-backed debt | $3.5B | 1 | $3.5B | 1 |
| Revolver | Corporate debt | $3.5B | 7 | $6.5B | 12 |
| Vendor financing | GPU-backed debt | $2.5B | 1 | $3.8B | 2 |
| Construction loan | Data center and campus debt | $800M | 2 | $10.9B | 6 |
| Project finance | Data center and campus debt | $790M | 1 | $2.2B | 2 |
| Equipment lease | GPU-backed debt | $725M | 1 | $1.2B | 4 |
| Other | Corporate debt | - | - | $1.7B | 4 |
| Preferred equity | Corporate debt | - | - | $900M | 1 |
By quarter
| Quarter | GPU-backed debt | Data center and campus debt | Corporate debt | Total | Deals |
|---|---|---|---|---|---|
| Q4 2026 (to date) | $1.4B | - | - | $1.4B | 2 |
| Q3 2026 | $14.4B | $4.3B | $12.5B | $31.1B | 17 |
| Q2 2026 | $9.3B | $13.5B | $15.4B | $38.2B | 21 |
| Q1 2026 | $23.4B | $4.7B | $4.2B | $32.3B | 9 |
| Q4 2025 | $200M | $34.6B | $8B | $42.8B | 12 |
| Q3 2025 | $6B | $1.4B | $12.1B | $19.4B | 11 |
| Q2 2025 | $179M | $7.4B | $5.4B | $13B | 10 |
| Q1 2025 | $225M | $2.7B | $900M | $3.8B | 4 |
| Q4 2024 | - | - | $2.3B | $2.3B | 5 |
| Q3 2024 | - | - | $230M | $230M | 1 |
| Q2 2024 | $8B | - | $150M | $8.2B | 3 |
| Q1 2024 | $1.3B | $163M | - | $1.5B | 2 |
| Q4 2023 | $200M | - | $610M | $810M | 2 |
| Q3 2023 | $2.3B | - | - | $2.3B | 1 |
| Q2 2023 | - | - | $77M | $77M | 1 |
The detail
- Largest GPU-backed loans
What are the largest GPU-backed loans?
- Recent GPU financing deals
What are the most recent GPU financing deals?
- GPU loan spreads and interest rates
What spreads and interest rates do GPU-backed loans price at?
- Covenants in GPU financing facilities
What covenants are common in GPU financing facilities?
- Lenders for GPU deals under $20 million
Which lenders finance neocloud GPU deployments under $20 million?
- Banks financing and leasing GPUs
Which banks are leasing GPUs, and how big is the market?
How we count
Show the method and sources
- Every row is a public financing in the GPU Financing Tracker (110 rows), each with a dated press release, filing or report. Private deals we see are not in it.
- Totals count new money only: an upsize adds its increase, and deals that were launched, reported but not confirmed, or terminated add nothing. Uncommitted “up to” frameworks (the USD.AI facilities) also add nothing; their drawn loans are in the onchain GPU financing tracker. Single deals are shown at the headline amount.
- What secures the debt is read from each row: GPU-backed when the collateral is GPUs or financed compute equipment (or the instrument is a GPU facility, lease, sale-leaseback or vendor financing); data center when it is a construction loan, project financing or a secured campus bond; corporate otherwise.
- Dates are announcement dates. "2026 to date" runs to the last sweep of the tracker, October 10, 2026.
- Not included: hyperscalers’ own corporate bonds and loans, which fund far more than AI data centers.
Related
- Largest GPU-backed loans
What are the largest GPU-backed loans?
- Recent GPU financing deals
What are the most recent GPU financing deals?
- GPU loan spreads and interest rates
What spreads and interest rates do GPU-backed loans price at?
- Covenants in GPU financing facilities
What covenants are common in GPU financing facilities?
- Lenders for GPU deals under $20 million
Which lenders finance neocloud GPU deployments under $20 million?
- Banks financing and leasing GPUs
Which banks are leasing GPUs, and how big is the market?
Cite this
Suggested citation
American Compute, GPU-backed debt raised in 2026, October 2026, https://www.amcompute.com/gpu-debt
Free to use with attribution.
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Questions
- How much debt has been raised for AI data centers?
- The GPU Financing Tracker counts $197B of new debt across 101 public GPU and AI data center financings from 2023 to October 10, 2026: $66.8B secured on GPUs, $68.7B secured on data center campuses and $61.9B of corporate debt such as convertible notes. $103B of it was raised in 2026. It counts public deals only, and hyperscalers' own corporate bonds are not in it.
- How much GPU-backed debt has been raised in 2026?
- $48.4B across 21 public financings to October 10, 2026, against $6.6B in all of 2025. GPU-backed debt is 47% of the 2026 total, up from 8% in 2025.
- What counts as GPU-backed debt?
- Debt secured on GPUs or other financed compute equipment, usually with the customer contracts they serve: GPU delayed draw term loans, GPU-backed facilities, equipment leases, sale-leasebacks and vendor financing. Loans secured on a data center building or campus, and unsecured or convertible notes, are counted separately.