GPU loan spreads and interest rates (2026)
Investment-grade backed GPU loans priced at SOFR + 2.25-3.00% in 2026; loans backed by other customers at SOFR + 4.00-5.50%.
Updated October 10, 2026. Observed prices from public deals, each dated. Not a quote or an offer.
| Deal profile | Deals | Range | Median | All-in today (median) | Deals dated |
|---|---|---|---|---|---|
| GPU loan, investment-grade customer, floatingGPUs plus a contract with an investment-grade customer, or a loan rated investment grade | 5 | SOFR + 2.25-3.00% | SOFR + 2.375% | 6.25% | Mar 31, 2026 to Aug 31, 2026 |
| GPU loan, investment-grade customer, fixedThe same collateral, priced as a fixed coupon | 3 | 5.90-6.78% | 5.96% | 5.96% | Mar 31, 2026 to Oct 1, 2026 |
| GPU loan, other customers, floatingGPUs plus contracts with unrated, sub-investment-grade or undisclosed customers | 6 | SOFR + 4.00-5.50% | SOFR + 4.75% | 8.62% | Jul 31, 2025 to Aug 10, 2026 |
| GPU facility, lease or vendor financing, fixed, no IG customerSecured on the GPUs, with no investment-grade customer behind them | 4 | 9.00-10.00% | 9.725% | 9.72% | Jan 1, 2025 to Oct 1, 2026 |
| Onchain GPU loan (USD.AI)Stablecoin-funded GPU loans, $0.2M to $98M, mostly to smaller operators | 15 | 10.00-15.00% | 12.00% | 12.00% | Jan 28, 2026 to Aug 3, 2026 |
| Unsecured notes of a GPU cloudFor comparison. No collateral: CoreWeave high-yield bonds (B where rated; the 8.50% issue is in euros) | 5 | 8.50-9.75% | 9.25% | 9.25% | May 21, 2025 to Jun 11, 2026 |
| AI data center bond, investment-grade backedFor comparison. The building and its lease, not the GPUs | 3 | 6.192-6.75% | 6.58% | 6.58% | Oct 16, 2025 to Apr 27, 2026 |
| AI data center bond, other tenantsFor comparison. The building and its lease, not the GPUs | 8 | 6.00-9.875% | 7.438% | 7.44% | Oct 16, 2025 to Jul 23, 2026 |
Floating GPU loans: spread over SOFR
Each dot is a deal; the dark tick is the median.
Fixed-rate GPU debt, with campus bonds and unsecured notes for comparison
Each dot is a deal; the dark tick is the median.
All-in today adds SOFR of 3.87% (Oct 8, 2026, Federal Reserve Bank of New York) to floating spreads; fixed coupons are shown as issued.
What the data shows
Across 13 floating-rate GPU loans since 2023 (14 priced tranches), the spread over SOFR ran from 2.25% to 13.00%. Within a year, the credit of the customer contract behind the GPUs explains most of the gap; spreads for the same credit have also tightened since 2024. Fixed-rate GPU facilities, leases and vendor financing with no investment-grade customer priced at 9.00-10.00%; onchain loans to smaller operators at 10.00-15.00%.
With SOFR at 3.87% on Oct 8, 2026, the median investment-grade backed loan is about 6.25% all-in and the median loan backed by other customers about 8.62%.
Spreads over time
Margin over SOFR on secured, floating-rate GPU loans, by announcement date. The first, CoreWeave DDTL 1.0 (Aug 3, 2023), priced at SOFR + 9.62%; the latest, Nscale Ward County DDTL, at SOFR + 2.375%.
- Investment-grade customer or rating
- Other customers
By instrument
| Instrument | Quoted as | Deals | Range | Median | Dated |
|---|---|---|---|---|---|
| DDTL | Spread over SOFR | 12 | SOFR + 2.25-13.00% | SOFR + 4.75% | Aug 3, 2023 to Aug 31, 2026 |
| Term loan | Spread over SOFR | 1 | SOFR + 3.00% | SOFR + 3.00% | Aug 27, 2026 to Aug 27, 2026 |
| GPU-backed facility | Spread over SOFR | 1 | SOFR + 2.50% | SOFR + 2.50% | Jul 17, 2026 to Jul 17, 2026 |
| Senior notes | Fixed coupon | 17 | 5.96-9.875% | 7.75% | May 21, 2025 to Jul 23, 2026 |
| DDTL | Fixed coupon | 2 | 5.90-6.78% | 6.34% | Mar 31, 2026 to Oct 1, 2026 |
| GPU-backed facility | Fixed coupon | 2 | 9.00-9.95% | 9.475% | Aug 25, 2026 to Oct 1, 2026 |
| Sale-leaseback | Fixed coupon | 1 | 9.50% | 9.50% | Feb 9, 2026 to Feb 9, 2026 |
| Vendor financing | Fixed coupon | 1 | 10.00% | 10.00% | Jan 1, 2025 to Jan 1, 2025 |
Every priced deal (37)
| Date | Deal | Amount | Profile | Credit | Price | All-in on the day | Rating | Source |
|---|---|---|---|---|---|---|---|---|
| Oct 1, 2026 | Lambda fixed-rate DDTL | $1.01B | Secured GPU loan, fixed | Investment-grade backed | 6.78% fixed | 6.78% | DBRS A (low) / Moody's Baa1 | Lambda |
| Oct 1, 2026 | Sharon AI GPU-backed facility | $356M | GPU facility, lease or vendor financing, fixed | No customer contract | 9.95% fixed | 9.95% | Unrated | SEC / Sharon AI |
| Aug 31, 2026 | Nscale Ward County DDTL | $1.85B | Secured GPU loan, floating | Investment-grade backed | SOFR + 2.375% | 6.05% | Moody's Baa1 | SEC / Nscale |
| Aug 27, 2026 | Lambda term loan B | $926M | Secured GPU loan, floating | Investment-grade backed | SOFR + 3.00% | 6.64% | Moody's Baa2 | Lambda |
| Aug 25, 2026 | IREN Mackenzie GPU facility | $2.4B | GPU facility, lease or vendor financing, fixed | No customer contract | 9.00% fixed | 9.00% | Unrated | SEC |
| Aug 10, 2026 | CoreWeave DDTL 5.5 | $2.6B | Secured GPU loan, floating | Other customers | SOFR + 5.50% | 9.13% | Moody's Ba2 / Fitch BB+ | SEC / CoreWeave |
| Jul 29, 2026 | Nscale GPU DDTL (July) | $332M | Secured GPU loan, floating | Other customers | SOFR + 5.50% | 9.15% | Unrated | SEC / Nscale |
| Jul 23, 2026 | Galaxy Helios notes | $3.51B | AI data center bond | Other customers | 9.875% fixed | 9.88% | Unrated | SEC |
| Jul 17, 2026 | Nebius GPU-backed loan | $775M | Secured GPU loan, floating | Investment-grade backed | SOFR + 2.50% | 6.09% | Unrated | SEC / Nebius |
| Jun 16, 2026 | Applied Digital ComputeCo 3 notes | $1.59B | AI data center bond | Other customers | 7.00% fixed | 7.00% | Unrated | SEC |
| Jun 15, 2026 | Cipher Stingray notes (AWS) | $810M | AI data center bond | Other customers | 6.00% fixed | 6.00% | Moody's Ba2 / Fitch BB- | SEC |
| Jun 11, 2026 | CoreWeave EUR notes due 2032 (8.50%, €2.0B) | $2.28B | Unsecured notes of a GPU cloud | No customer contract | 8.50% fixed | 8.50% | Unrated | SEC / CoreWeave |
| Jun 11, 2026 | CoreWeave notes due 2032 (9.625%) | $1.25B | Unsecured notes of a GPU cloud | No customer contract | 9.625% fixed | 9.63% | Unrated | CoreWeave |
| Jun 1, 2026 | IREN Microsoft DDTL | $1.54B | Secured GPU loan, floating | Investment-grade backed | SOFR + 2.25% | 5.90% | Fitch A / DBRS A (low) | SEC |
| Jun 1, 2026 | IREN Microsoft private placement | $2.1B | Secured GPU loan, fixed | Investment-grade backed | 5.96% fixed | 5.96% | Fitch A / DBRS A (low) | SEC |
| May 18, 2026 | CoreWeave DDTL 5.0 | $3.1B | Secured GPU loan, floating | Other customers | SOFR + 4.50% | 8.03% | Moody's Ba2 / Fitch BB+ | SEC / CoreWeave |
| Apr 27, 2026 | Hut 8 River Bend notes | $3.25B | AI data center bond | Investment-grade backed | 6.192% fixed | 6.19% | S&P BBB- / Fitch BBB- | SEC |
| Apr 22, 2026 | Core Scientific notes | $3.3B | AI data center bond | Other customers | 7.75% fixed | 7.75% | Unrated | SEC |
| Apr 9, 2026 | CoreWeave notes due Oct 2031 | $1.75B | Unsecured notes of a GPU cloud | No customer contract | 9.75% fixed | 9.75% | Unrated | SEC / CoreWeave |
| Mar 31, 2026 | CoreWeave DDTL 4.0 | $8.5B | Secured GPU loan, floating | Investment-grade backed | SOFR + 2.25% | 5.93% | Moody's A3 / DBRS A (low) | SEC / CoreWeave |
| Mar 31, 2026 | CoreWeave DDTL 4.0, fixed tranche | $8.5B | Secured GPU loan, fixed | Investment-grade backed | 5.90% fixed | 5.90% | Moody's A3 / DBRS A (low) | SEC / CoreWeave |
| Mar 10, 2026 | Applied Digital Polaris Forge 2 notes | $2.15B | AI data center bond | Investment-grade backed | 6.75% fixed | 6.75% | Unrated | SEC |
| Feb 12, 2026 | Nscale GPU DDTL | $1.4B | Secured GPU loan, floating | Other customers | SOFR + 5.00% | 8.65% | Unrated | SEC / Nscale |
| Feb 9, 2026 | xAI GPU sale-leaseback (reported) | $3.4B | GPU facility, lease or vendor financing, fixed | Other customers | 9.50% fixed | 9.50% | Unrated | Reuters via Yahoo Finance |
| Feb 4, 2026 | Cipher Black Pearl notes (AWS) | $2B | AI data center bond | Other customers | 6.125% fixed | 6.13% | Moody's Ba2 / Fitch BB- | SEC |
| Nov 20, 2025 | Applied Digital Polaris Forge 1 notes | $2.35B | AI data center bond | Other customers | 9.25% fixed | 9.25% | Unrated | SEC |
| Nov 13, 2025 | Cipher Barber Lake notes | $1.4B | AI data center bond | Other customers | 7.125% fixed | 7.13% | Moody's Ba3 / Fitch BB- | SEC |
| Oct 2025 | Meta Hyperion campus bonds | $27.3B | AI data center bond | Investment-grade backed | 6.58% fixed | 6.58% | S&P A+ | IFR |
| Oct 16, 2025 | TeraWulf WULF Compute notes | $3.2B | AI data center bond | Other customers | 7.75% fixed | 7.75% | Moody's Ba2 / S&P BB / Fitch BB | SEC |
| Sep 29, 2025 | CoreWeave DDTL 2.1 | $3B | Secured GPU loan, floating | Other customers | SOFR + 4.25% | 8.38% | Unrated | SEC / CoreWeave |
| Jul 31, 2025 | CoreWeave DDTL 3.0 (OpenAI) | $2.6B | Secured GPU loan, floating | Other customers | SOFR + 4.00% | 8.39% | Unrated | SEC / CoreWeave |
| Jul 22, 2025 | CoreWeave notes due 2031 | $1.75B | Unsecured notes of a GPU cloud | No customer contract | 9.00% fixed | 9.00% | S&P B | SEC / CoreWeave |
| May 21, 2025 | CoreWeave notes due 2030 | $2B | Unsecured notes of a GPU cloud | No customer contract | 9.25% fixed | 9.25% | S&P B | CoreWeave |
| Jan 1, 2025 | CoreWeave vendor financing | Undisclosed | GPU facility, lease or vendor financing, fixed | No customer contract | 10.00% fixed | 10.00% | Unrated | SEC / CoreWeave |
| May 17, 2024 | CoreWeave DDTL 2.0, IG contracts | $7.5B | Secured GPU loan, floating | Investment-grade backed | SOFR + 6.00% | 11.31% | Unrated | SEC / CoreWeave |
| May 17, 2024 | CoreWeave DDTL 2.0, other contracts | $7.5B | Secured GPU loan, floating | Other customers | SOFR + 13.00% | 18.31% | Unrated | SEC / CoreWeave |
| Aug 3, 2023 | CoreWeave DDTL 1.0 | $2.3B | Secured GPU loan, floating | Other customers | SOFR + 9.62% | 14.92% | Unrated | SEC / CoreWeave |
Rated GPU and AI data center financings
Agency-rated deals with a published price, from the rated GPU financings tracker. Ratings shown as each agency assigned them. Dates and sizes follow that tracker (the pricing or rating date, and the size after any add-on), so they can differ by a few days from the announcement dates above: Cipher's Barber Lake notes are $1.73B here, the $1.4B first issue plus a $333M add-on.
| Date | Financing | Backing | Rating | Price | Size |
|---|---|---|---|---|---|
| Oct 1, 2026 | Lambda fixed-rate DDTL | GPUs + customer contract | DBRS A (low) / Moody's Baa1Investment grade | 6.78% fixed | $1.01B |
| Aug 27, 2026 | Lambda Term Loan B | GPUs + customer contract | Moody's Baa2Investment grade | SOFR + 3.00% | $926M |
| Aug 27, 2026 | Nscale Ward County DDTL | GPUs + customer contract | Moody's Baa1Investment grade | SOFR + 2.375% | $1.85B |
| Aug 7, 2026 | CoreWeave DDTL 5.5 | GPUs + customer contract | Moody's Ba2 / Fitch BB+Below investment grade | SOFR + 5.50% | $2.6B |
| Jun 15, 2026 | Cipher Stingray notes | AI data center lease | Moody's Ba2 / Fitch BB-Below investment grade | 6.00% fixed | $810M |
| Jun 9, 2026 | Hut 8 Beacon Point notes | AI data center lease | Moody's Baa2Investment grade | 6.129% fixed | $4.25B |
| May 29, 2026 | IREN Microsoft GPU financing | GPUs + customer contract | Fitch A / DBRS A (low)Investment grade | SOFR + 2.25% | $3.65B |
| May 15, 2026 | CoreWeave DDTL 5.0 | GPUs + customer contract | Moody's Ba2 / Fitch BB+Below investment grade | SOFR + 4.50% | $3.1B |
| Apr 27, 2026 | Hut 8 River Bend notes | AI data center lease | S&P BBB- / Fitch BBB-Investment grade | 6.192% fixed | $3.25B |
| Mar 30, 2026 | CoreWeave DDTL 4.0 | GPUs + customer contract | Moody's A3 / DBRS A (low)Investment grade | SOFR + 2.25% | $8.5B |
| Feb 11, 2026 | Cipher Black Pearl notes | AI data center lease | Moody's Ba2 / Fitch BB-Below investment grade | 6.125% fixed | $2B |
| Nov 13, 2025 | Cipher Barber Lake notes | AI data center lease | Moody's Ba3 / Fitch BB-Below investment grade | 7.125% fixed | $1.73B |
| Oct 22, 2025 | WULF Compute notes | AI data center lease | Moody's Ba2 / S&P BB / Fitch BBBelow investment grade | 7.75% fixed | $3.2B |
| Oct 16, 2025 | Meta Hyperion (Beignet) notes | AI data center lease | S&P A+Investment grade | 6.581% fixed | $27.3B |
| Jul 25, 2025 | CoreWeave 9.00% notes due 2031 | Corporate | S&P BBelow investment grade | 9.00% fixed | $1.75B |
| May 27, 2025 | CoreWeave 9.25% notes due 2030 | Corporate | S&P BBelow investment grade | 9.25% fixed | $2B |
Onchain GPU loans
Fixed-rate loans funded through stablecoin protocols, mostly to smaller operators, from the onchain GPU financing tracker. Each rate is as the protocol published it for that loan.
| Date | Borrower | Amount | GPUs | Rate | LTV | Source |
|---|---|---|---|---|---|---|
| Aug 3, 2026 | Corvex | $7.5M | B200 | 10.00% | - | SEC EDGAR |
| Jul 20, 2026 | Hydra Host | $54.4M | B300 | 10.00% | - | USD.AI |
| Jul 13, 2026 | QumulusAI (draw 3) | $15.3M | B300 | 15.00% | 80% | USD.AI |
| Jun 25, 2026 | NexGen Cloud | $34.1M | B200 | 12.00% | 79.7% | NexGen Cloud (PR Newswire release) |
| Jun 5, 2026 | Duos Edge AI | $98.1M | B300 | 12.00% | 68.8% | SEC EDGAR |
| Apr 29, 2026 | Undisclosed (attested loan 011) | $11.3M | B200 | 11.50% | 80% | USD.AI / The Network Firm LLP |
| Apr 17, 2026 | QumulusAI (draw 2) | $16.4M | H200 | 12.00% | 80% | SEC EDGAR |
| Apr 6, 2026 | Crucible Capital | $26.8M | B300 | 10.00% | 70% | USD.AI |
| Mar 20, 2026 | Undisclosed (attested loan 008) | $200K | RTX PRO 6000 | 15.00% | 80% | USD.AI / The Network Firm LLP |
| Mar 11, 2026 | Undisclosed (attested loan 001) | $530K | H200 | 12.00% | 56.7% | USD.AI / The Network Firm LLP |
| Mar 9, 2026 | Undisclosed (attested loan 007) | $230K | RTX PRO 6000 | 13.50% | 75% | USD.AI / The Network Firm LLP |
| Mar 4, 2026 | Undisclosed (attested loan 006) | $9.8M | B200 + H200 | 11.50% | 62.2% | USD.AI / The Network Firm LLP |
| Feb 13, 2026 | QumulusAI (draw 1) | $4.3M | B300 + RTX PRO 6000 | 12.00% | 70% | SEC EDGAR |
| Feb 7, 2026 | Undisclosed (attested loan 003) | $310K | RTX PRO 6000 | 13.50% | 75% | USD.AI / The Network Firm LLP |
| Jan 28, 2026 | Undisclosed (attested loan 004) | $2.3M | B200 | 15.00% | 70% | USD.AI / The Network Firm LLP |
How the numbers are built
Show the method and sources
- Every price is read from a dated public source on a row of the GPU Financing Tracker: the margin over SOFR for floating loans, the coupon for fixed ones. Upfront fees, OID and undrawn fees are not added.
- Credit tier: investment-grade backed when the loan carries an investment-grade agency rating, or, unrated, when the customer contract in its collateral is with an investment-grade company. A below-investment-grade rating on the debt itself overrides the customer’s credit (so Cipher’s Ba2/BB- notes leased to AWS sit under "Other customers"). "Other customers" when the contract counterparty is unrated, below investment grade or undisclosed. "No customer contract" for facilities secured on the GPUs alone, vendor financing and unsecured notes.
- Bands show investment-grade backed deals from 2026 and the others from 2025, so each band reflects today’s market; a band needs at least three deals to appear.
- All-in today adds the latest SOFR fixing (3.87%, Oct 8, 2026, Federal Reserve Bank of New York) to the median spread. All-in on the day adds SOFR on the announcement date.
- This is what public deals priced at. Most closed; xAI GPU sale-leaseback (reported) comes from press reports the parties have not confirmed. CoreWeave's vendor financing rate is a weighted effective rate across OEM arrangements, not a coupon. It is not a quote: a new loan prices on its own collateral, customer, structure and sponsor.
Related
- GPU-backed debt raised in 2026
How much debt has been raised for AI data centers and GPUs?
- Largest GPU-backed loans
What are the largest GPU-backed loans?
- Recent GPU financing deals
What are the most recent GPU financing deals?
- 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 loan spreads and interest rates, October 2026, https://www.amcompute.com/gpu-debt/pricing
Free to use with attribution.
Discuss a transaction
Pricing a GPU loan or lease? Tell us about the deal and we will come back with comparable transactions.
Prefer email? hello@amcompute.com
Questions
- What spreads do GPU-backed loans price at?
- In public deals, floating-rate loans secured on GPUs and a contract with an investment-grade customer (or rated investment grade themselves) priced at SOFR + 2.25-3.00% (median SOFR + 2.375%, 5 deals) in 2026. Loans backed by other customers priced at SOFR + 4.00-5.50% (median SOFR + 4.75%, 6 deals) since 2025. The widest public spread was CoreWeave DDTL 2.0, other contracts at SOFR + 13.00% (May 17, 2024); the tightest, IREN Microsoft DDTL at SOFR + 2.25%.
- What are current interest rates for GPU loans?
- With SOFR at 3.87% (Oct 8, 2026), the median investment-grade backed GPU loan works out to about 6.25% all-in, and the median loan backed by other customers to about 8.62%. Fixed-rate GPU facilities, leases and vendor financing without an investment-grade customer priced at 9.00-10.00%; onchain GPU loans to smaller operators at 10.00-15.00%. These are observed public prices, not quotes.
- Why do some GPU loans price much tighter than others?
- Mostly the customer, then the vintage. Loans secured on a contract with an investment-grade company, or rated investment grade themselves, priced at SOFR + 2.25-3.00%; the same kind of collateral serving other customers priced at SOFR + 4.00-5.50%. Within each band, size, structure (a non-recourse SPV, amortization matched to the contract) and the borrower’s record move the price.