Recent GPU financing deals

Oct 1, 2026Lambda closed a $1B delayed draw term loan led by JPMorgan.

Senior secured fixed-rate delayed draw term loan, placed with insurers and fixed-income investors; Moody's Baa1 / DBRS A (low). Pricing: 6.78% fixed. Tenor: matures 2033-05-30; fully amortizing.

GPU-backed debt · Source: Lambda

Oct 1, 2026Sharon AI closed a $356M GPU-backed facility led by Goldman Sachs.

Committed senior secured GPU-backed SPV debt facility (inaugural). Pricing: 9.95% fixed (excluding fees).

GPU-backed debt · Source: SEC / Sharon AI

Sep 30, 2026GMI Cloud closed a $445M GPU-backed facility led by CTBC.

Syndicated GPU-backed credit facility (reported as APAC's first), alongside $223M Series B.

GPU-backed debt · Source: Pulse 2.0

Sep 24, 2026Hut 8 closed a $1.1B revolving credit facility led by JPMorgan.

Senior secured revolving credit facility with a $1,070M letter of credit sublimit; undrawn at closing. Pricing: Term SOFR + 1.50% to 2.00% (initially 1.75%), set by debt to market capitalization. Tenor: Four years (to Sep 2030).

Corporate debt · Source: SEC

Sep 18, 2026CoreWeave closed a $4.2B convertible notes offering.

2.875% convertible senior notes due 2033 (priced $3.7B upsized from $3.0B, plus $500M purchaser option exercised). Pricing: 2.875% fixed; conversion price ~$97.85/share; capped calls to $199.70. Tenor: matures 2033-04-01.

Corporate debt · Source: SEC / CoreWeave

Sep 15, 2026Nscale closed a $2.1B convertible notes offering led by Goldman Sachs.

Pre-IPO unsecured convertible loan notes (plus $1.0B to NVIDIA as notes or non-voting shares). Tenor: convert automatically into shares on IPO.

Corporate debt · Source: SEC / Nscale

Sep 10, 2026Crusoe launched a $509M delayed draw term loan led by Goldman Sachs.

Senior secured GPU delayed draw term loan (syndication launch). Pricing: price talk SOFR + 4.75-5.00%, 0% floor, OID 98.5. Tenor: due November 2030.

GPU-backed debt · Source: Octus

Sep 10, 2026DigitalOcean closed a $725M equipment lease facility led by MUFG.

Equipment finance (lease) facility with MUFG Americas Capital Leasing & Finance as lessor; advances up to 90% of equipment cost; $300M accordion. Pricing: Fixed per advance at the term SOFR swap rate + 2.75%; commitment fee 0.20%, rising to 0.40% after six months. Tenor: Advances until Sep 10, 2027; monthly rent amortizes each advance in full by Sep 10, 2030.

GPU-backed debt · Source: SEC

Sep 9, 2026Zankore closed a $3.1B term loan led by Citi, ING, Natixis, Qatar National Bank and others.

Senior term loan facility to buy and deploy NVIDIA GPUs.

GPU-backed debt · Source: Mayer Brown

Aug 31, 2026Nscale closed a $1.9B delayed draw term loan led by JPMorgan and Goldman Sachs.

Ward County GPU Facility: $630M fixed-rate + $1,220M floating-rate delayed draw commitments; investment-grade rated. Pricing: Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375%. Tenor: matures February 2033.

GPU-backed debt · Source: SEC / Nscale

Aug 31, 2026Nscale closed a $1.2B delayed draw term loan led by Goldman Sachs and JPMorgan.

North Carolina GPU Facility: $370M fixed-rate + $830M floating-rate delayed draw commitments; investment-grade rated. Pricing: Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375%. Tenor: matures December 2031.

GPU-backed debt · Source: SEC / Nscale

Aug 27, 2026Lambda closed a $926M term loan led by Morgan Stanley and MUFG.

Senior secured Term Loan B via SPV; Moody's Baa2 (first IG-rated TLB by a private neocloud). Pricing: SOFR + 3.00%, OID 99.5. Tenor: matures 2030-12-31; fully amortizing.

GPU-backed debt · Source: Lambda

Aug 25, 2026IREN closed a $2.4B GPU-backed facility led by Blue Owl and Pimco.

$1.2B master financing and security agreement plus $1.2B senior notes. Pricing: 9.0% fixed. Tenor: 30 months from each funding, amortizing.

GPU-backed debt · Source: SEC

Aug 19, 2026Nebius closed a $5B convertible notes offering.

$3.0B 0.50% convertible senior notes due 2030 + $2.0B 4.50% convertible senior notes due 2034 (upsized from $4.5B). Pricing: 0.50% (2030) and 4.50% (2034); conversion prices ~$313.46 / ~$324.65; accretes to 110% / 125%. Tenor: 2030-02-15 and 2034-02-15.

Corporate debt · Source: Nebius

Aug 10, 2026CoreWeave closed a $2.6B delayed draw term loan led by JPMorgan and MUFG.

Delayed draw term loan 5.5 (DDTL 5.5 Facility); Moody's Ba2 / Fitch BB+. Pricing: Term SOFR + 5.50% (base rate + 4.50%); 0.50% undrawn fee. Tenor: matures 2031-09-01 (~5 years); draws to December 2026.

GPU-backed debt · Source: SEC / CoreWeave

Jul 29, 2026Nscale closed a $332M delayed draw term loan led by Macquarie.

Macquarie Iceland Facility: senior delayed draw term loan. Pricing: Term SOFR + 5.50% plus MOIC-based additional payments. Tenor: 46 months from first utilization; monthly amortization.

GPU-backed debt · Source: SEC / Nscale

Jul 23, 2026Galaxy closed a $3.5B senior notes offering.

9.875% senior secured notes due 2031. Pricing: 9.875% fixed. Tenor: Matures 2031, 4% annual amortization after completion.

Data center and campus debt · Source: SEC

Jul 17, 2026Nebius closed a $775M GPU-backed facility led by MUFG, ABN AMRO, Bank of America, Deutsche Bank and others.

Senior secured term loan facility; Nebius's first secured debt. Pricing: 1-month Term SOFR (0% floor) + 2.50%. Tenor: matures 2030-10-31.

GPU-backed debt · Source: SEC / Nebius

Jul 7, 2026Nscale closed a $790M project financing led by ABN AMRO, DNB and SEB.

Kvandal South DC Facility: $725M senior term loan + $65M revolving VAT facility. Pricing: Term loan: Term SOFR + 3.00-3.75%; VAT facility: Term SOFR + 2.00%. Tenor: term loan matures 6 years after construction completion.

Data center and campus debt · Source: SEC / Nscale

Jul 7, 2026Nscale closed a $900M revolving credit facility led by JPMorgan and Goldman Sachs.

Revolving credit facility upsize from $770M to $900M (accordion). Pricing: Term SOFR + 1.75%. Tenor: 3 years + extensions.

Corporate debt · Source: SEC / Nscale