Largest GPU-backed loans (2026)

The 25 largest closed GPU-backed financings, ranked by headline amount.

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Updated October 10, 2026. Ranked by headline amount as announced.

#BorrowerAmountDateInstrumentLendersPricingTenorCollateralSource
1FirmusUp to $10BFeb 9, 2026GPU-backed facilityBlackstone +1Not disclosed-GPUs and customer contracts (draws tied to executed contracts)Kirkland & EllisThe Lawyer Mag
2CoreWeave$8.5BMar 31, 2026DDTLMUFG, Morgan Stanley, Goldman Sachs +2Floating: daily SOFR + 2.25%; fixed: UST + 2.00% (~5.9%); 0.50% undrawn feematures 2032-03-31; draws through June 2027GPUs and an associated customer contract (substantially all assets of CCAC VIII plus equity pledge); non-recourse to parent except bad-act guaranteeSEC / CoreWeaveLatham & Watkins
3CoreWeaveUp to $7.5BMay 17, 2024DDTLBlackstone, Magnetar +7Term SOFR + 6.00% to 13.00% depending on customer credit rating (IG contracts SOFR + 6.00-6.50%; non-IG SOFR + 13.00%)each loan matures 5 years after funding (FY2025 10-K lists final maturity August 2030)GPUs and customer contracts (substantially all assets of CCAC IV plus 100% equity pledge; parent guarantee)SEC / CoreWeaveSEC / CoreWeave
4xAIUp to $3.5BJan 7, 2026Sale-leasebackApolloNot disclosedFive-year lease (reported)NVIDIA GB200 GPUs and data center equipmentApollo
5CoreWeave$3.1BMay 18, 2026DDTLMorgan Stanley, MUFGSOFR + 4.50% (tightened 50 bps in syndication); 0.50% undrawn fee~5.5 years; 10-Q lists maturity November 2031 (text says expected final payment May 2031)GPUs and customer contracts (substantially all assets of borrower subsidiaries plus equity pledge; parent guarantee)SEC / CoreWeaveCoreWeave
6Zankore$3.1BSep 9, 2026Term loanCiti, ING, Natixis +2Not disclosed-GPUs; NVIDIA revenue-sharing and credit supportMayer BrownFinanceAsia
7CoreWeave$3BSep 29, 2025DDTLNot namedTerm SOFR + 4.25% (base rate + 3.25%); 1.50% upfront fee per draweach draw matures 5 years after funding; draw period to March 2026GPUs and customer contracts (CCAC IV assets; parent guarantee)SEC / CoreWeaveSEC / CoreWeave
8CoreWeave$2.6BJul 31, 2025DDTLMorgan Stanley, MUFG, Goldman Sachs +7SOFR + 4.00%; 0.50% undrawn feematures 2030-08-21; monthly amortization from April 2026GPUs and OpenAI contract (substantially all assets of CCAC VII; parent guarantee and pledge)SEC / CoreWeaveCoreWeave
9CoreWeave$2.6BAug 10, 2026DDTLJPMorgan, MUFGTerm SOFR + 5.50% (base rate + 4.50%); 0.50% undrawn feematures 2031-09-01 (~5 years); draws to December 2026GPUs and customer contracts (substantially all assets of borrower and subsidiaries plus equity pledge; parent guarantee)SEC / CoreWeaveCoreWeave
10Nscale$2.5BApr 17, 2026Vendor financingDell Financial Servicescombined financing charges ~$34.8Mshort initial terms of 3-4 months (with 1-2 month extensions) from Aug/Sep 2026financed equipment and proceeds; Nscale Global Holdings guaranteeSEC / Nscale
11IREN$2.4BAug 25, 2026GPU-backed facilityBlue Owl, Pimco9.0% fixed30 months from each funding, amortizingFirst-priority lien on financed GPUs and equipment at Mackenzie, British ColumbiaSECBusiness Wire via Barchart
12CoreWeave$2.3BAug 3, 2023DDTLMagnetar, Blackstone +5Term SOFR + 9.6196% (base rate + 8.6196%)matures 2028-03-28; quarterly amortizationGPUs and customer contracts (substantially all assets of CCAC II plus 100% equity pledge; parent guarantee)SEC / CoreWeaveBlackstone
13IRENUp to $2.1BJun 1, 2026Senior notesNot named5.96% fixedAmortizing to Dec 31, 2031GPUs and the Microsoft contract cash flows (non-recourse SPV)SECSEC
14Nscale$1.9BAug 31, 2026DDTLJPMorgan, Goldman Sachs +6Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375%matures February 2033GPU infrastructure and project contracts at Ward County, TexasSEC / NscaleRuntime Wire
15IREN$1.5BJun 1, 2026DDTLGoldman Sachs, JPMorganSOFR + 2.25%Amortizing to Dec 31, 2031GPUs and the Microsoft contract cash flows (non-recourse SPV)SECSEC
16Nscale$1.4BFeb 12, 2026DDTLGoldman Sachs, Blue Owl +5Term SOFR + 5.00% (possible 0.25% step-up)-GPUs; substantially all assets of borrower and subsidiary guarantors; parent guaranteeSEC / NscaleLatham & Watkins
17CoreWeave$1.3BFeb 2024Vendor financingNot namedeffective interest rates 9% to 11%2 to 3 yearssecurity interest in the financed equipmentSEC / CoreWeave
18Nscale$1.2BAug 31, 2026DDTLGoldman Sachs, JPMorganFloating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375%matures December 2031GPU infrastructure and project contracts in North CarolinaSEC / NscaleRuntime Wire
19Lambda$1BOct 1, 2026DDTLJPMorgan6.78% fixedmatures 2033-05-30; fully amortizingGPU servers, related infrastructure and contracted cash flowsLambdaTechCrunch
20Lambda$926MAug 27, 2026Term loanMorgan Stanley, MUFG +3SOFR + 3.00%, OID 99.5matures 2030-12-31; fully amortizingGPU servers, related infrastructure and their contracted cash flowsLambdaTechCrunch
21Nebius$775MJul 17, 2026GPU-backed facilityMUFG, ABN AMRO, Bank of America +71-month Term SOFR (0% floor) + 2.50%matures 2030-10-31GPUs and contracted cash flows from an investment-grade customer; substantially all borrower assets and share pledges; no full parent guaranteeSEC / NebiusNebius
22DigitalOceanUp to $725MSep 10, 2026Equipment leaseMUFG +4Fixed per advance at the term SOFR swap rate + 2.75%; commitment fee 0.20%, rising to 0.40% after six monthsAdvances until Sep 10, 2027; monthly rent amortizes each advance in full by Sep 10, 2030Leased data center equipment (GPUs, CPUs and other equipment); parent and subsidiary guarantySECSEC
23LambdaUp to $500MApr 4, 2024GPU-backed facilityMacquarie +1Not disclosed-NVIDIA GPUs and their cash flowsBusiness Wire / LambdaLatham & Watkins
24GMI Cloud$445MSep 30, 2026GPU-backed facilityCTBCNot disclosed-GPUs / Taiwan AI Factory (~7,488 NVIDIA GPUs, 16 MW) and NVIDIA MSA cash flowsPulse 2.0AI Weekly
25Sharon AI$356MOct 1, 2026GPU-backed facilityGoldman Sachs9.95% fixed (excluding fees)-GPUs and associated cash flowsSEC / Sharon AIDealroom

What the data shows

The largest is Firmus's up to $10B GPU-backed facility (Feb 9, 2026). The 25 largest closed GPU-backed financings total $65.3B at headline size, undrawn commitments included, of $66.8B of GPU-backed debt since 2023.

The top five: Firmus $10B, CoreWeave $8.5B, CoreWeave $7.5B, xAI $3.5B, CoreWeave $3.1B. CoreWeave has 8 of the 25; 19 were signed in 2026. The 25th largest is $356M.

Each loan here is secured on GPUs or financed compute equipment, usually with the customer contracts they serve. The bigger campus and corporate financings, secured on buildings or on nothing, are listed separately below.

Larger financings not secured on GPUs

Often quoted alongside GPU loans, but secured on a data center campus and its lease, or unsecured. Shown for scale.

BorrowerAmountDateInstrumentSecured onSource
Meta Hyperion JV (Blue Owl)$27.3BOct 2025Senior notesData center and campus debtIFR
Crusoe Abilene JV (Blue Owl, Primary Digital)$7.1BMay 22, 2025Construction loanData center and campus debtBloomberg
xAI$5BJul 1, 2025Term loanCorporate debtTechCrunch
Nebius$5BAug 19, 2026Convertible notesCorporate debtNebius
Hut 8$4.3BJun 9, 2026Senior notesData center and campus debtSEC
CoreWeave$4.2BSep 18, 2026Convertible notesCorporate debtSEC / CoreWeave
Nebius$4BMar 18, 2026Convertible notesCorporate debtNebius
CoreWeave$4BApr 10, 2026Convertible notesCorporate debtSEC / CoreWeave

How the ranking works

Show the method and sources
  • Every public financing in the GPU Financing Tracker secured on GPUs or financed compute equipment, closed, with a disclosed amount. Reported-only, launched and terminated deals are left out, and so are uncommitted “up to” frameworks, because none of them adds to the totals.
  • Ranked by the headline amount as announced, including undrawn delayed-draw commitments, so the sum here is at headline size; the running total counts new money only. An upsize appears as its own row at the new facility size. A financing in two instruments (IREN’s Microsoft GPU financing: notes and a delayed draw term loan) appears as two rows.
  • Lenders are the named leads; "+n" counts the other named lenders. Pricing, tenor and collateral are as the sources state them; the most primary source (a filing or the parties’ own release) is listed first.
  • Private financings are not in the tracker, so this is a floor, not a census.

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American Compute, Largest GPU-backed loans, October 2026, https://www.amcompute.com/gpu-debt/largest-gpu-loans

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