Covenants in GPU financing facilities
Covenants and structural terms stated in the filings behind 21 public GPU and AI data center facilities.
Updated October 10, 2026. Filings read on SEC EDGAR; a blank cell means the sources we read do not state it.
GPU facilities
| Borrower and facility | DSCR | Advance / LTV | Amortization | Cash sweep | Reserves | Guarantee / recourse | Liquidity tests | Sources |
|---|---|---|---|---|---|---|---|---|
| CoreWeaveDDTL 5.5, $2.6B | Minimum 1.35x from the end of the draw period | - | - | - | - | Parent guarantee and pledge | - | Form 8-KForm 10-Q |
| CoreWeaveDDTL 5.0, $3.1B | - | Capped at a share of GPU server cost | Monthly from Nov 2026; expected final payment May 2031 (stated maturity Nov 2031) | - | - | Parent guarantee | - | Form 10-Q |
| CoreWeaveDDTL 4.0 (Meta contract, per Bloomberg), $8.5B | Projected DSCR sizes the loan (no ratio stated) | Sized on the depreciable cost of compute | Monthly after the draw period; balloon 2032 | - | Three months of debt service, swaps and opex | Non-recourse; bad-act carve-outs only | - | Form 10-QForm 8-K Ex. 99Bloomberg |
| IRENMicrosoft GPU financing (DDTL + notes), $3.6B | Minimum DSCR (ratio not stated) | Funded share, not a cap: with customer prepayments, 96% of GPU capex | Monthly | SPV distributions restricted | Reserve accounts; note proceeds in escrow | Non-recourse SPV; parent covers a Microsoft termination shortfall | - | Form 10-KForm 8-K Ex. 99Form 8-K Ex. 99 |
| IRENMackenzie GPU financing (Blue Owl, Pimco), $2.4B | - | Funded share, not a cap: 90% of GPU capex | Amortizing; 30 months per draw | - | - | Parent payment guarantee | No financial maintenance covenants on the parent | Form 8-K Ex. 99Form 10-K |
| NebiusSecured GPU term loan, $775M | Minimum 1.15x | Funded share: with contract cash flows, over 100% of capex | - | - | - | Non-recourse; bad-act guaranty and a performance guarantee only | Minimum liquidity (amount not stated) | Form 6-KForm 6-K Ex. 99Form 6-K Ex. 99 |
| DigitalOceanEquipment lease facility (MUFG lessor), $725M | - | Advances up to 90% of equipment cost | Monthly rent, fully amortizing by Sep 2030 | - | - | Parent and subsidiary guaranty; secured on the equipment | Financial covenants as in its May 2025 credit agreement | Form 8-K |
| CrusoeIceland GPU DDTL (launched), $509M | 1.075x covenant; sized at the lower of 75% of cost and 1.30x DSCR | Up to 75% loan-to-cost (as launched) | Full, over the contract term | - | - | - | - | Octus |
| USD.AIOnchain GPU loans (published terms), $200K to $129M | Minimum 1.15x, tested quarterly | Up to 80% of cost; 20% equity | Straight-line over three years (up to five) | - | Three-month debt service reserve; escrow until online | - | - | USD.AI |
| QumulusAIUSD.AI facility (uncommitted framework), Up to $500M | - | Up to a 70% advance rate on the GPUs | - | - | - | Non-recourse | - | ACCESS Newswire / QumulusAI |
| IRENGPU equipment leases, $398M | - | - | 24- and 36-month leases, monthly payments | - | - | Parent guarantee | - | Form 10-K |
Data center and campus debt
| Borrower and facility | DSCR | Advance / LTV | Amortization | Cash sweep | Reserves | Guarantee / recourse | Liquidity tests | Sources |
|---|---|---|---|---|---|---|---|---|
| GalaxyHelios I term loan (Deutsche Bank), $1.4B | Minimum 1.40x after stabilization | Maximum 80% loan-to-cost until stabilization | - | - | - | - | Sponsor net worth at least the loan; liquidity 10% of loan | Form 10-Q |
| GalaxyHelios II 9.875% notes, $3.5B | Below 1.1x: one par redemption allowed | - | Semi-annual, from 10 months after completion | Lease termination fees go to repurchase notes | Debt service reserves | Uncapped completion guarantee | - | Form 8-KForm 10-Q |
| Hut 8River Bend notes, $3.25B | - | Funded share: about 95% loan-to-cost | Fully amortizing; semi-annual from 2028 | - | Debt service reserve account | None: not guaranteed by Hut 8 or the tenant | - | Form 10-QForm 8-K Ex. 99 |
| Hut 8Beacon Point notes, $4.25B | - | - | Semi-annual from 2030 | - | Debt service reserve account | None: not guaranteed by the parent or tenant | - | Form 10-QForm 8-K Ex. 99 |
| TeraWulfWULF Compute 7.75% notes, $3.2B | - | - | Semi-annual after phase 1 completion | Excess cash flow repurchase offer each half-year | - | Completion guarantee; Google backs the termination fee | - | Form 10-Q |
| Applied DigitalComputeCo 3 7.00% notes, $1.59B | - | - | Semi-annual after lease start; 2.70% a year, rising | Lease termination fees redeem notes at par | Debt service reserve; interest during construction | Completion guarantee only | - | Form 10-Q |
| Cipher DigitalCampus notes (Barber Lake, Black Pearl, Stingray), $4.5B | - | - | Semi-annual after completion; Stingray sized on income | - | Debt service accounts | - | - | Form 10-Q |
Corporate revolvers and loans
| Borrower and facility | DSCR | Advance / LTV | Amortization | Cash sweep | Reserves | Guarantee / recourse | Liquidity tests | Sources |
|---|---|---|---|---|---|---|---|---|
| Cipher DigitalRevolver (Morgan Stanley), $200M | - | $50M cap until a campus opens | - | - | - | First lien on substantially all assets | Minimum liquidity $100M, rising to $200M | Form 10-Q |
| Hut 8Revolver (JPMorgan), $1.07B | - | - | - | - | - | Subsidiary guarantees; first lien | Minimum liquidity 40% of commitments, then 25% | Form 8-K |
| TeraWulfRevolver (Morgan Stanley), $250M | - | $75M cap until the first lease starts | - | - | - | Subsidiary guarantees; substantially all assets | Minimum liquidity (amount not stated) | Form 10-Q |
What the data shows
In closed GPU facilities: minimum DSCR of 1.15x to 1.35x where stated, and stated advance caps of 70% to 90% of cost; some financings fund more, up to 96% of GPU capex once customer prepayments count. Amortization follows the customer contract, and reserves sit in controlled accounts.
We read the SEC filings (10-Qs, 10-Ks, and the 8-Ks and 6-Ks that summarize each debt agreement) behind 21 public GPU and AI data center facilities, plus published lender terms, and recorded every covenant and structural term they state: 162 terms from 25 sources. The filings summarize the agreements; most do not file them in full.
The pattern: GPU loans sit in a special-purpose borrower that owns the GPUs and the customer contract, amortize from the contract’s cash flows, hold reserves, and are either guaranteed by the parent or non-recourse with bad-act carve-outs. Campus bonds add completion guarantees and send lease termination fees to noteholders. Most public filings do not disclose the ratio behind each test.
Every term, by facility
CoreWeave: DDTL 5.5 FacilityGPU facilities
| Debt service coverage (DSCR) | Borrower must keep DSCR of at least 1.35x, starting the first full month after the earlier of commitments reaching zero or Dec 31, 2026. | Form 8-KAug 10, 2026 |
| Guarantees and recourse | All obligations unconditionally guaranteed by CoreWeave, Inc. under a parent guarantee and pledge agreement; also guaranteed by Borrower subsidiaries. | Form 8-KAug 10, 2026 |
| Other terms | Secured by substantially all Borrower and subsidiary assets plus a pledge of 100% of Borrower equity held by its Holdco. | Form 8-KAug 10, 2026 |
| Other terms | Events of default include adverse events under certain material (customer) contracts. | Form 8-KAug 10, 2026 |
| Other terms | Events of default include cross-default to other indebtedness and a change of control. | Form 8-KAug 10, 2026 |
CoreWeave: DDTL 4.0 FacilityGPU facilities
| Debt service coverage (DSCR) | Projected debt service coverage is a debt-sizing input; no DSCR ratio is disclosed. | Form 10-QAug 12, 2026 |
| Advance rate, LTV or loan-to-cost | Draws limited by debt-sizing tied to purchase price of eligible assets, based on depreciable cost of compute, projected debt service coverage and project conditions. | Form 10-QAug 12, 2026 |
| Amortization | Monthly principal starts after earliest of commitment termination (Jun 30, 2027), site delay amortization date, or top-up draw; balloon at Mar 2032. | Form 10-QAug 12, 2026 |
| Reserves and controlled accounts | Restricted cash sized to forward three months of scheduled interest, principal, swap settlements and operating expenses. | Form 10-QAug 12, 2026 |
| Reserves and controlled accounts | After commitment termination, reserve is based on the maximum projected three-month obligations through maturity. | Form 10-QAug 12, 2026 |
| Guarantees and recourse | Non-recourse to CoreWeave, Inc. except limited guarantees for customary non-recourse carve-outs. | Form 10-QAug 12, 2026 |
| Other terms | Must hedge at least 95% of anticipated floating-rate borrowings after commitment termination; power cost hedging also required. | Form 10-QAug 12, 2026 |
| Other terms | Mandatory prepayment on event of default, change in control, and from certain asset sale or debt proceeds; voluntary prepayment allowed anytime. | Form 10-QAug 12, 2026 |
| Other terms | Borrower (CCAC VIII) restricted from incurring debt and from paying dividends or other distributions, among other negative covenants. | Form 10-QAug 12, 2026 |
| Other terms | Facility is investment grade rated. | Form 8-K Ex. 99May 7, 2026 |
| Other terms | Customer reported by Bloomberg as Meta; CoreWeave’s filings describe it only as a large AI enterprise customer. | BloombergMar 31, 2026 |
CoreWeave: Non-recourse debt (DDTL 4.0 and non-recourse OEM financing)GPU facilities
| Guarantees and recourse | Parent carve-out guarantees triggered only by fraud, willful misconduct, collateral misappropriation, voluntary bankruptcy and similar events; not repayment guarantees. | Form 10-QAug 12, 2026 |
CoreWeave: DDTL 5.0 FacilityGPU facilities
| Advance rate, LTV or loan-to-cost | Borrowing constrained to a percentage of asset purchase price based on depreciable cost of GPU servers. | Form 10-QAug 12, 2026 |
| Amortization | Monthly installments starting November 2026, expected final payment May 2031. | Form 10-QAug 12, 2026 |
| Guarantees and recourse | All obligations unconditionally guaranteed by CoreWeave, Inc. | Form 10-QAug 12, 2026 |
| Other terms | Must swap at least 95% of anticipated floating-rate loans until maturity. | Form 10-QAug 12, 2026 |
| Other terms | Mandatory prepayment on event of default, change of control of CoreWeave, Inc., or from certain asset sale or debt proceeds. | Form 10-QAug 12, 2026 |
CoreWeave: DDTL 1.0, 2.0, 2.1, 3.0 FacilitiesGPU facilities
| Guarantees and recourse | All DDTL facilities other than DDTL 4.0 are unconditionally guaranteed by CoreWeave, Inc. | Form 10-QAug 12, 2026 |
CoreWeave: DDTL facilities (all)GPU facilities
| Amortization | DDTLs amortize from contracted customer cash flows, with excess cash released to CoreWeave. | Form 10-QAug 12, 2026 |
| Other terms | Collateral is contract assets and pledged contractual cash flows, generally from investment grade counterparties. | Form 10-QAug 12, 2026 |
| Other terms | Borrowers are bankruptcy-remote SPVs holding the financed infrastructure and related customer contracts. | Form 10-QAug 12, 2026 |
CoreWeave: Credit Facilities (DDTLs and Revolving Credit Facility)GPU facilities
| Liquidity and other financial covenants | Specified financial covenant ratios and financial condition tests apply; the ratios are not disclosed. | Form 10-QAug 12, 2026 |
Nebius: Senior secured debt facility (~$775M, SOFR+2.50%, due Oct 31, 2030)GPU facilities
| Debt service coverage (DSCR) | Borrowers must comply with financial covenants including a debt service coverage ratio of 1.15:1.00. | Form 6-KJul 17, 2026 |
| Guarantees and recourse | Secured on substantially all borrower assets and the borrowers’ shares; Nebius gives only a non-recourse guaranty for specified bad acts and a performance guarantee of its manager and colocation subsidiaries. | Form 6-KJul 17, 2026 |
| Liquidity and other financial covenants | Minimum liquidity requirement on the borrowers (amount not stated). | Form 6-KJul 17, 2026 |
| Other terms | Term SOFR (0% floor) + 2.50%; matures Oct 31, 2030; prepayable without premium. MUFG Bank mandated lead arranger, sole bookrunner and agent. | Form 6-KJul 17, 2026 |
| Other terms | Collateral is deployed GPU infrastructure plus contracted cash flows from an investment-grade customer agreement. | Form 6-K Ex. 99Aug 12, 2026 |
| Other terms | Facility plus customer-agreement cash flows cover more than 100% of the GPU deployment capex. | Form 6-K Ex. 99Jul 17, 2026 |
DigitalOcean: Equipment Finance Facility ($725M lease facility, MUFG as lessor)GPU facilities
| Advance rate, LTV or loan-to-cost | Advances fund up to 90% of equipment cost; the lessee funds the balance as prepaid rent. | Form 8-KSep 10, 2026 |
| Amortization | Rent is paid monthly in arrears and amortizes each advance in full by September 10, 2030; advances available until September 10, 2027. | Form 8-KSep 10, 2026 |
| Guarantees and recourse | Guaranteed by DigitalOcean Holdings and certain subsidiaries; secured by the equipment and related collateral. | Form 8-KSep 10, 2026 |
| Liquidity and other financial covenants | Financial covenants and events of default substantially consistent with the May 5, 2025 credit agreement, plus covenants customary for an equipment lease. | Form 8-KSep 10, 2026 |
| Other terms | Fixed rate per advance at a term SOFR swap rate + 2.75%; commitment fee 0.20%, rising to 0.40% six months after closing; prepayment premium 5% in year one, 3% in year two; title passes for nominal consideration at payoff. | Form 8-KSep 10, 2026 |
| Other terms | MUFG Americas Capital Leasing & Finance is lessor; MUFG Bank is administrative and collateral agent; other banks are rent assignees. $300M accordion to $1.025B. | Form 8-KSep 10, 2026 |
IREN: GPU Financing (Microsoft; $1.545B DDTL + $2.1B USPP Senior Notes, IE US Hardware 3)GPU facilities
| Debt service coverage (DSCR) | Minimum debt service coverage ratio covenant (ratio not disclosed), plus limits on debt and SPV distributions. | Form 10-KAug 27, 2026 |
| Advance rate, LTV or loan-to-cost | Investment-grade GPU financing plus customer prepayments funds 96% of associated GPU capex (a funded share, not a stated cap). | Form 8-K Ex. 99Aug 27, 2026 |
| Amortization | DDTL principal repaid monthly per the Credit Agreement amortization schedule (matures Dec 31, 2031). | Form 10-KAug 27, 2026 |
| Amortization | USPP notes repaid monthly per the Note Purchase Agreement amortization schedule. | Form 10-KAug 27, 2026 |
| Reserves and controlled accounts | Subsidiaries restricted from distributing cash to the group; certain amounts must be held as restricted cash. | Form 10-KAug 27, 2026 |
| Reserves and controlled accounts | Restricted cash held in reserve accounts under the debt financing arrangements. | Form 10-KAug 27, 2026 |
| Reserves and controlled accounts | About $1.7bn of restricted cash tied to the Microsoft GPU financing at Jun 30, 2026 (preliminary). | Form 8-K Ex. 99Jul 20, 2026 |
| Reserves and controlled accounts | USPP note proceeds go into restricted escrow each tranche, released on satisfying release conditions. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | Non-recourse SPV financing; recourse to IREN Limited limited to specified guarantees. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | Parent guarantees tranche debt (net of GPU sale proceeds) if Microsoft terminates and no replacement customer is found. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | Parent guarantees pre-closing interest rate and power hedge payments as interim credit support, stepping down by tranche. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | Parent performance guarantee of the affiliated data center provider under the managed services agreement. | Form 10-KAug 27, 2026 |
| Other terms | Covenants include DSCR requirements and mandatory prepayment triggers. | Form 10-KAug 27, 2026 |
| Other terms | Interest rate hedging and power cost hedging are required. | Form 10-KAug 27, 2026 |
| Other terms | DDTL drawn in four tranches tied to Microsoft delivery milestones and conditions precedent. | Form 10-KAug 27, 2026 |
IREN: August 2026 Financing Agreements (Mackenzie; ~$1.2B Blue Owl MFSA + ~$1.2B notes, 9.0%)GPU facilities
| Advance rate, LTV or loan-to-cost | Financing funds 90% of associated GPU capex for the Mackenzie air-cooled expansion. | Form 8-K Ex. 99Aug 27, 2026 |
| Amortization | Each MFSA drawdown and note issuance amortizes on its own schedule. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | IREN Limited unconditionally guarantees the borrower's payment obligations (not other obligations). | Form 10-KAug 27, 2026 |
| Liquidity and other financial covenants | No financial maintenance covenants on IREN Limited; IREN Limited grants no security. | Form 10-KAug 27, 2026 |
| Other terms | Each borrowing or note matures 30 months after its funding date. | Form 10-KAug 27, 2026 |
| Other terms | Cross-default to payment defaults on other debt of borrower, IREN Limited and certain subsidiaries above thresholds. | Form 10-KAug 27, 2026 |
| Other terms | Borrower must remain a wholly owned subsidiary of IREN Limited. | Form 10-KAug 27, 2026 |
| Other terms | Secured by first-priority security interest in the financed GPUs and associated rights. | Form 10-KAug 27, 2026 |
IREN: GPU equipment leases (Aug and Nov 2025, ~$398M total)GPU facilities
| Amortization | ~$102M 36-month lease with monthly payments; purchase option at lower of FMV or 18% of initial price. | Form 10-KAug 27, 2026 |
| Amortization | ~$200M (Nov 2025) 24-month lease with fixed monthly payments and $1 purchase option. | Form 10-KAug 27, 2026 |
| Guarantees and recourse | IREN Limited guarantees the payment obligations under the GPU leasing arrangements. | Form 10-KAug 27, 2026 |
Crusoe: Iceland GPU DDTL ($509M, syndication launch, Sep 2026)GPU facilities
| Debt service coverage (DSCR) | DSCR covenant of 1.075x; loan sized at the lower of 75% of cost and a 1.30x DSCR (as launched; final terms not confirmed). | OctusSep 10, 2026 |
| Advance rate, LTV or loan-to-cost | Sized at no more than 75% loan-to-cost (as launched). | OctusSep 10, 2026 |
| Amortization | Fully amortizing over the customer contract term. | OctusSep 10, 2026 |
USD.AI borrowers: USD.AI onchain GPU loans (published loan terms)GPU facilities
| Debt service coverage (DSCR) | Minimum DSCR 1.15x, tested quarterly against trailing offtake receipts (two consecutive quarters below it open a 30-day cure requiring a partial prepayment); three-month debt service reserve funded from borrower equity before any loan capital is released; loan proceeds held in escrow at Wilmington Trust until the hardware is verified on site. | USD.AIMay 15, 2026 |
| Advance rate, LTV or loan-to-cost | Up to 80% of verified acquisition cost, at least 20% borrower equity, three years straight-line (up to five to match an offtake contract). Property insurance for flood, fire and theft required at close. | USD.AIMay 15, 2026 |
QumulusAI: USD.AI facility (up to $500M, Oct 2025)GPU facilities
| Advance rate, LTV or loan-to-cost | Up to a 70% advance rate on the GPUs (tokenized warehouse receipts); non-recourse. | ACCESS Newswire / QumulusAIOct 9, 2025 |
TeraWulf: 2030 Secured Notes (Wulf Compute, $3.2B 7.75%)Data center and campus debt
| Amortization | Semi-annual principal (Apr 15 / Oct 15) begins after completion of the initial Lake Mariner HPC buildout phase. | Form 10-QAug 5, 2026 |
| Cash sweep | Must offer to repurchase notes from excess cash flow on or before each semiannual payment date. | Form 10-QAug 5, 2026 |
| Guarantees and recourse | TeraWulf provided customary completion guarantees, funding Wulf Compute as needed to complete the Lake Mariner HPC buildings. | Form 10-QAug 5, 2026 |
| Guarantees and recourse | Guaranteed by Wulf Compute subsidiaries La Lupa Data, Akela Data Holdings and Akela Data. | Form 10-QAug 5, 2026 |
| Guarantees and recourse | A Google affiliate unconditionally agreed with the collateral agent to pay the lease Termination Fee. | Form 10-QAug 5, 2026 |
| Other terms | Collateral includes Wulf Compute equity held by Brookings and a designated Fluidstack lockbox account. | Form 10-QAug 5, 2026 |
| Other terms | Google pledged its TeraWulf warrants as collateral until Fluidstack lease commencement or note discharge. | Form 10-QAug 5, 2026 |
| Other terms | Make-whole premium on redemption before Oct 15, 2027. | Form 10-QAug 5, 2026 |
| Other terms | Negative covenants limit Wulf Compute debt, liens, asset sales/acquisitions, and distributions or dividends. | Form 10-QAug 5, 2026 |
TeraWulf: Abernathy JV 7.250% Senior Secured Notes due 2030 ($1.3B; JV stake sold Jul 2026)Data center and campus debt
| Reserves and controlled accounts | Note proceeds funded debt reserves and $75M cash collateral securing a guarantor letter of credit. | Form 10-QAug 5, 2026 |
Cipher Digital: Cipher Compute 2030 Senior Secured Notes ($1.733B 7.125%)Data center and campus debt
| Amortization | Semi-annual scheduled amortization (May 15 / Nov 15); none before Barber Lake Facility completion. | Form 10-QAug 4, 2026 |
| Other terms | Make-whole premium on redemption before Nov 15, 2027. | Form 10-QAug 4, 2026 |
Cipher Digital: Black Pearl Compute 2031 Senior Secured Notes ($2.0B 6.125%)Data center and campus debt
| Amortization | Semi-annual scheduled amortization (Feb 15 / Aug 15); none before Black Pearl Facility completion. | Form 10-QAug 4, 2026 |
| Other terms | Make-whole premium on redemption before Feb 15, 2028. | Form 10-QAug 4, 2026 |
Cipher Digital: Stingray Compute 2031 Senior Secured Notes ($810M 6.000%)Data center and campus debt
| Amortization | Semi-annual amortization (Jun 15 / Dec 15) sized on Stingray consolidated net operating income; none before Stingray Facility completion. | Form 10-QAug 4, 2026 |
Cipher Digital: Senior secured notes (Cipher Compute, Black Pearl, Stingray)Data center and campus debt
| Reserves and controlled accounts | Noncurrent restricted cash includes cash required to be held in debt service accounts for the senior secured notes. | Form 10-QAug 4, 2026 |
| Reserves and controlled accounts | Note proceeds are restricted to financing specific site developments, not general corporate use. | Form 10-QAug 4, 2026 |
Hut 8: River Bend Notes (Hut 8 DC, $3.25B 6.192% due 2042)Data center and campus debt
| Advance rate, LTV or loan-to-cost | Loan-to-cost of 95% (up from about 85% contemplated at lease announcement). | Form 8-K Ex. 99May 6, 2026 |
| Amortization | Semi-annual scheduled principal begins May 15, 2028 and runs through maturity. | Form 10-QAug 4, 2026 |
| Amortization | Fully amortizing 16.5-year investment-grade senior secured notes. | Form 8-K Ex. 99May 6, 2026 |
| Reserves and controlled accounts | Indenture requires project accounts including a debt service reserve account. | Form 10-QAug 4, 2026 |
| Guarantees and recourse | Obligations solely of Hut 8 DC; not guaranteed by Hut 8, the tenant, or the lease guarantor. | Form 10-QAug 4, 2026 |
| Other terms | Make-whole redemption before May 15, 2042 par call; par thereafter. | Form 10-QAug 4, 2026 |
| Other terms | Qualifying change of control may require an offer to repurchase. | Form 10-QAug 4, 2026 |
| Other terms | Single tenant (Fluidstack); lease rent backstopped by Google LLC. | Form 10-QAug 4, 2026 |
Hut 8: Beacon Point Notes (Beacon Point DC, $4.25B 6.129% due 2042)Data center and campus debt
| Amortization | Semi-annual scheduled principal begins May 30, 2030 and runs through maturity. | Form 10-QAug 4, 2026 |
| Reserves and controlled accounts | Indenture requires project accounts including a debt service reserve account. | Form 10-QAug 4, 2026 |
| Guarantees and recourse | Obligations solely of Beacon Point DC; not guaranteed by parent, tenant or affiliates. | Form 10-QAug 4, 2026 |
| Other terms | Make-whole redemption before May 30, 2042 par call; par thereafter. | Form 10-QAug 4, 2026 |
| Other terms | Single high-investment-grade tenant on a triple-net lease. | Form 10-QAug 4, 2026 |
| Other terms | Notes rated Baa2. | Form 8-K Ex. 99Aug 4, 2026 |
Galaxy Digital: Helios I senior secured term loan (Deutsche Bank, up to $1.4B)Data center and campus debt
| Debt service coverage (DSCR) | Minimum DSCR of 1.40 starting with the first full quarter after Stabilization (financial maintenance covenant). | Form 10-QAug 10, 2026 |
| Advance rate, LTV or loan-to-cost | Maximum loan-to-cost of 80% at closing and each fiscal quarter until Stabilization. | Form 10-QAug 10, 2026 |
| Liquidity and other financial covenants | Sponsor GDH LP must keep tangible net worth at least equal to the Loan Amount, tested quarterly. | Form 10-QAug 10, 2026 |
| Liquidity and other financial covenants | GDH LP must hold liquidity of at least 10% of outstanding Loan Amount at all times (5% once conditions met). | Form 10-QAug 10, 2026 |
| Other terms | Voluntary repayment or commitment termination subject to a Prepayment Premium. | Form 10-QAug 10, 2026 |
| Other terms | Events of default include change of control and termination of certain contracts. | Form 10-QAug 10, 2026 |
Galaxy Digital: Helios II 9.875% Senior Secured Notes due 2031 ($3.507B)Data center and campus debt
| Debt service coverage (DSCR) | If DSCR falls below 1.1x after the Commencement Date, issuer may once redeem notes at par to bring DSCR to no more than 1.1x. | Form 8-KJul 28, 2026 |
| Amortization | Semi-annual amortization (Feb 1 / Aug 1); first payment at least ten months after Project completion. | Form 8-KJul 28, 2026 |
| Cash sweep | 100% of any Data Center Lease Termination Fee must be offered to repurchase notes at par. | Form 8-KJul 28, 2026 |
| Reserves and controlled accounts | Note proceeds fund debt service reserves alongside construction. | Form 8-KJul 28, 2026 |
| Guarantees and recourse | Galaxy Digital Holdings LP gave a customary, uncapped completion guarantee for the Project. | Form 8-KJul 28, 2026 |
| Guarantees and recourse | Guaranteed by Galaxy Helios II LLC (issuer subsidiary); senior secured obligations of issuer and guarantor. | Form 10-QAug 10, 2026 |
| Other terms | Make-whole premium on redemption before Aug 1, 2028. | Form 8-KJul 28, 2026 |
| Other terms | Before Aug 1, 2028, up to 10% of original principal redeemable each calendar year at 103%. | Form 8-KJul 28, 2026 |
| Other terms | Issuer may redeem at par upon a Data Center Lease Termination Event. | Form 8-KJul 28, 2026 |
| Other terms | Change of Control Trigger Event requires an offer to repurchase at 101%. | Form 8-KJul 28, 2026 |
| Other terms | Indenture limits dividends, distributions and other restricted payments by issuer and guarantor. | Form 8-KJul 28, 2026 |
| Other terms | Non-Project assets or operations, new subsidiaries or JVs require Rating Agency Confirmation. | Form 8-KJul 28, 2026 |
| Other terms | Single tenant: phases must be delivered to CoreWeave, Inc. under the Aug 8, 2025 lease. | Form 8-KJul 28, 2026 |
Applied Digital: 2031 7.000% Senior Secured Notes (APLD ComputeCo 3, $1.59B, ELN-04)Data center and campus debt
| Amortization | Semi-annual amortization begins after final lease commencement; initial annual amount 2.70% of original principal. | Form 10-QOct 7, 2026 |
| Amortization | Annual amortization amount steps up 0.50% per annum on each anniversary after the first installment. | Form 10-QOct 7, 2026 |
| Cash sweep | Lease termination fees generally must be applied to redeem notes at par (subject to deferral/replacement tenant provisions). | Form 10-QOct 7, 2026 |
| Reserves and controlled accounts | Proceeds fund debt service reserves and interest during construction. | Form 10-QOct 7, 2026 |
| Guarantees and recourse | Applied Digital gives only a customary completion guarantee for ELN-04; otherwise not a guarantor. | Form 10-QOct 7, 2026 |
| Other terms | First-priority liens on issuer and guarantor assets, including project accounts, plus pledge of issuer equity. | Form 10-QOct 7, 2026 |
| Other terms | Make-whole premium on redemption before Jun 15, 2028. | Form 10-QOct 7, 2026 |
| Other terms | Before Jun 15, 2028, up to 10% of original principal redeemable each calendar year at a set price. | Form 10-QOct 7, 2026 |
| Other terms | Specified change of control requires an offer to repurchase at 101%. | Form 10-QOct 7, 2026 |
| Other terms | Indenture limits dividends, distributions and other restricted payments. | Form 10-QOct 7, 2026 |
Applied Digital: Senior secured notes (2030 9.250%, 2031 6.750%, 2031 7.000%)Data center and campus debt
| Reserves and controlled accounts | Debt service reserves held in separate accounts fund interest and principal during construction. | Form 10-QOct 7, 2026 |
Applied Digital: 2030 9.250% Senior Secured Notes ($2.35B, Polaris Forge 1 ELN-02/ELN-03)Data center and campus debt
| Reserves and controlled accounts | Offering proceeds established required debt service reserves. | Form 8-K Ex. 99Jan 7, 2026 |
| Guarantees and recourse | Guaranteed by the ELN-02/ELN-03 HoldCo, OpCo and LandCo subsidiaries. | Form 10-QOct 7, 2026 |
| Other terms | Secured by issuer/guarantor equity, Project Accounts and substantially all issuer/guarantor assets. | Form 10-QOct 7, 2026 |
| Other terms | Tenant credit: CoreWeave SPV leases with springing CoreWeave, Inc. guarantees and $50M LC add security for the notes. | Form 8-K Ex. 99Jul 27, 2026 |
Applied Digital: 2031 6.750% Senior Secured Notes ($2.15B, Polaris Forge 2 FAR-01/FAR-02)Data center and campus debt
| Guarantees and recourse | Guaranteed by the FAR-01/FAR-02 HoldCo, OpCo and LandCo subsidiaries; secured by equity and Project Accounts. | Form 10-QOct 7, 2026 |
CoreWeave: Revolving Credit FacilityCorporate revolvers and loans
| Reserves and controlled accounts | Data center lease letters of credit ($533M at Jun 30, 2026) issued under the revolver LC subfacility reduce availability. | Form 10-QAug 12, 2026 |
| Other terms | Amended Nov 2025: capacity to $2.5B, covenant metrics modified, maturity extended to Nov 2029. | Form 10-QAug 12, 2026 |
| Other terms | Secured by pledges of certain assets. | Form 10-QAug 12, 2026 |
TeraWulf: Revolving Credit Facility ($250M, Morgan Stanley)Corporate revolvers and loans
| Advance rate, LTV or loan-to-cost | Borrowings plus LCs capped at $75M until the first Fluidstack CB-4/CB-5 lease commencement date. | Form 10-QAug 5, 2026 |
| Guarantees and recourse | Guaranteed by certain subsidiaries; secured by substantially all TeraWulf assets and certain subsidiary assets. | Form 10-QAug 5, 2026 |
| Liquidity and other financial covenants | Minimum liquidity covenant (amount not disclosed) plus customary restrictive covenants. | Form 10-QAug 5, 2026 |
| Other terms | After first commencement, margin steps between SOFR+1.25% and 1.75% based on total debt to market capitalization ratio. | Form 10-QAug 5, 2026 |
| Other terms | Matures May 7, 2030, springing to 91 days before 2030 Convertible Notes maturity if conditions exist. | Form 10-QAug 5, 2026 |
TeraWulf: Letter of credit facility (Muskie ESA/LOA collateral)Corporate revolvers and loans
| Reserves and controlled accounts | $286.7M of power-collateral LCs cash collateralized at 103% ($295.3M) in a collateral account. | Form 10-QAug 5, 2026 |
Cipher Digital: Revolving Credit Facility ($200M, Morgan Stanley)Corporate revolvers and loans
| Advance rate, LTV or loan-to-cost | Borrowings capped at $50M until the first of Barber Lake or Black Pearl begins operations. | Form 10-QAug 4, 2026 |
| Guarantees and recourse | First-priority security over substantially all borrower and guarantor assets, including pledges of material subsidiary equity. | Form 10-QAug 4, 2026 |
| Liquidity and other financial covenants | Minimum quarterly Liquidity of $100M, rising to $150M after first and $200M after both Barber Lake and Black Pearl commence. | Form 10-QAug 4, 2026 |
| Liquidity and other financial covenants | Liquidity shortfall curable with equity proceeds designated within 15 business days. | Form 10-QAug 4, 2026 |
| Other terms | Each borrowing conditioned on Cipher market capitalization meeting a specified minimum. | Form 10-QAug 4, 2026 |
| Other terms | Maturity springs to 91 days before 2030 Convertible Notes maturity if those notes remain outstanding. | Form 10-QAug 4, 2026 |
| Other terms | Margin adjusts with Consolidated Total Debt to Market Capitalization Ratio (SOFR+1.25% to 1.75%). | Form 10-QAug 4, 2026 |
Hut 8: Senior secured revolving credit facility ($1.07B, JPMorgan)Corporate revolvers and loans
| Guarantees and recourse | Guaranteed by restricted subsidiary loan parties; first-priority lien on substantially all assets of Hut 8 and guarantors. | Form 8-KSep 28, 2026 |
| Liquidity and other financial covenants | Minimum quarterly liquidity from Q1 2027 of 40% of aggregate commitments before the Stabilization Date. | Form 8-KSep 28, 2026 |
| Liquidity and other financial covenants | After the Stabilization Date, minimum liquidity steps down to 25% of aggregate commitments. | Form 8-KSep 28, 2026 |
| Liquidity and other financial covenants | Equity cure rights apply to the minimum liquidity covenant. | Form 8-KSep 28, 2026 |
| Other terms | Margin (SOFR+1.50% to 2.00%) set by Consolidated Total Debt to Market Capitalization Ratio. | Form 8-KSep 28, 2026 |
Applied Digital: Bridge Facility ($300M, repaid Jun 2026)Corporate revolvers and loans
| Guarantees and recourse | Guaranteed by APLD ComputeCo 3 subsidiaries and by Applied Digital; secured by ComputeCo 3 assets and equity pledge. | Form 10-QOct 7, 2026 |
Applied Digital: 2026 Revolving Credit Facility ($430M)Corporate revolvers and loans
| Guarantees and recourse | Guaranteed by Applied Digital and subsidiaries; secured by substantially all loan party assets. | Form 10-QOct 7, 2026 |
| Other terms | Matures earlier of May 29, 2029 or 91 days before a specified date under the Preferred Equity Purchase Agreement. | Form 10-QOct 7, 2026 |
Applied Digital: Texas Capital Note ($58.5M term loan, secured by corporate assets)Corporate revolvers and loans
| Liquidity and other financial covenants | Specified minimum liquidity based partly on market cap; market cap must stay above $2.0B every trading day. | Form 10-QOct 7, 2026 |
How we read them
Show the method and sources
- Public filings of the eight listed borrowers in our company debt profiles (CoreWeave, IREN, Nebius, TeraWulf, Cipher Digital, Hut 8, Galaxy, Applied Digital) and DigitalOcean’s equipment lease 8-K: the latest 10-Q or 10-K, debt 8-Ks and 6-Ks and results releases, read on SEC EDGAR in October 2026. These summarize the credit agreements and indentures; we did not read agreement exhibits.
- Plus terms stated in GPU Financing Tracker rows (Crusoe’s launch terms as reported by Octus, the QumulusAI facility, Bloomberg’s report of the DDTL 4.0 customer) and USD.AI’s published loan terms.
- Each term is restated in plain English from one sentence of its source and checked against the source text. Ratios and amounts appear only where the source gives them; we infer nothing from "customary covenants".
- Caps and funded shares are kept apart. A cap is the most the terms allow a lender to advance (a maximum advance rate, LTV or loan-to-cost). A funded share is what a deal covered at close, debt (sometimes with customer prepayments) over capex, and is not a covenant.
- Ranges in the summary use closed GPU facilities only; syndication launches and campus loans are named separately.
- Left out: bitcoin-backed loans, and unsecured convertible and senior notes, whose filings state only customary covenants.
- Private credit agreements are rarely filed in full, so most tests appear without their thresholds. Crusoe’s terms are from a syndication launch and may have changed at close.
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Cite this
Suggested citation
American Compute, Covenants in GPU financing facilities, October 2026, https://www.amcompute.com/gpu-debt/covenants
Free to use with attribution.
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Questions
- What covenants are common in GPU financing facilities?
- Closed GPU facilities state a minimum DSCR of 1.15x to 1.35x where a ratio is public, cap advances at 70% to 90% of cost, amortize with the customer contract and hold reserves in controlled accounts. 14 of the 21 facilities compared here state an amortization schedule and 17 state their guarantee, recourse or security.
- What DSCR do GPU loans require?
- In closed GPU facilities with a public ratio: CoreWeave, DDTL 5.5: 1.35x; Nebius, Secured GPU term loan: 1.15x; USD.AI, Onchain GPU loans (published terms): 1.15x. Crusoe, Iceland GPU DDTL (launched): 1.075x in its syndication launch (final terms not confirmed). Campus loans: Galaxy, Helios I term loan (Deutsche Bank): 1.4x after stabilization.
- What advance rates or loan-to-value do GPU lenders use?
- Stated caps in closed GPU facilities run from 70% to 90% of cost: DigitalOcean, Equipment lease facility (MUFG lessor): 90%; USD.AI, Onchain GPU loans (published terms): 80%; QumulusAI, USD.AI facility (uncommitted framework): 70%. Crusoe, Iceland GPU DDTL (launched): 75% as launched. Some GPU financings fund more of the cost than any stated cap, measured as debt (plus customer prepayments where noted) over capex at close: IREN, Microsoft GPU financing (DDTL + notes): 96%; IREN, Mackenzie GPU financing (Blue Owl, Pimco): 90%. These are funded ratios, not covenant ceilings.