GPU Financing Tracker
Every public GPU financing since 2023, and the lenders behind it.
What it shows
106 public debt, lease and structured financings to GPU clouds, former bitcoin miners and AI campus developers: $231B of new money, 93% of it in 2025 and 2026.
Pricing follows the customer, not the GPU. In 2026, loans backed by investment-grade contracts priced at SOFR + 2.25% to 3.0%; unrated or sub-investment-grade loans at SOFR + 4.5% to 5.5%, or 9% to 10% fixed.
Banks now lead. 31 of 48 lender-named deals since July 2025 had JPMorgan, Goldman Sachs, Morgan Stanley or MUFG as a lead.
Get the data pack as a spreadsheet
Every financing and offtake contract, with volume by year, the lender ranking and loan pricing as live formulas.
Top 20 lenders
| # | Lender | Type | Deals | As lead | Lead volume | Borrowers |
|---|---|---|---|---|---|---|
| 1 | JPMorgan | Bank | 20 | 19 | $39B | CoreWeave, Crusoe Abilene JV (Blue Owl, Primary Digital), Hut 8 +5 |
| 2 | Goldman Sachs | Bank | 20 | 17 | $12.7B | Applied Digital, CoreWeave, Crusoe +7 |
| 3 | Morgan Stanley | Bank | 19 | 16 | $29.8B | Applied Digital, Cipher Digital, CoreWeave +7 |
| 4 | MUFG | Bank | 13 | 10 | $25.7B | CoreWeave, DigitalOcean, Lambda +3 |
| 5 | Wells Fargo | Bank | 8 | 2 | $266M | CoreWeave, DigitalOcean, Lambda +2 |
| 6 | Credit Agricole | Bank | 8 | 0 | - | CoreWeave, Lambda, Nebius +1 |
| 7 | Deutsche Bank | Bank | 7 | 2 | $1.6B | CoreWeave, Galaxy, Nebius +1 |
| 8 | SMBC | Bank | 7 | 1 | $375M | Applied Digital, CoreWeave, Nscale +1 |
| 9 | Macquarie | Asset manager | 6 | 6 | $2.1B | Applied Digital, Bitfarms, Fluidstack +2 |
| 10 | Citi | Bank | 6 | 1 | $620M | CoreWeave, Lambda, Nebius +2 |
| 11 | Blackstone | Private credit | 4 | 4 | $16.6B | CoreWeave, Firmus |
| 12 | Pimco | Asset manager | 4 | 2 | $14.8B | CoreWeave, IREN, Meta Hyperion JV (Blue Owl) +1 |
| 13 | Bank of America | Bank | 4 | 3 | $314M | Nebius, Nscale, Vultr |
| 14 | Coatue | Hedge fund | 4 | 1 | $150M | CoreWeave, Firmus, Hut 8 |
| 15 | Magnetar | Hedge fund | 3 | 3 | $5.1B | CoreWeave |
| 16 | USD.AI | GPU-native lender | 3 | 3 | $1B | NexGen Cloud (Hyperstack), QumulusAI, Sharon AI |
| 17 | ABN AMRO | Bank | 3 | 2 | $418M | Nebius, Nscale |
| 18 | BlackRock | Asset manager | 3 | 0 | - | CoreWeave, Meta Hyperion JV (Blue Owl) |
| 19 | Mizuho | Bank | 3 | 0 | - | CoreWeave, Nscale |
| 20 | Societe Generale | Bank | 3 | 0 | - | CoreWeave, Vantage Data Centers (Stargate) |
Lead volume splits each deal equally among its named leads.
All 106 financings
Newest first. Amounts as announced; totals count new money only. Updated October 10, 2026.
| Date | Borrower | Amount | Type | Lenders | Pricing | Source |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Lambda | $1B | DDTL | JPMorgan | 6.78% fixed | Lambda |
| Oct 1, 2026 | Sharon AI | $356M | GPU-backed facility | Goldman Sachs | 9.95% fixed (excluding fees) | Dealroom |
| Sep 30, 2026 | GMI Cloud | $445M | GPU-backed facility | CTBC | - | Pulse 2.0 |
| Sep 18, 2026 | CoreWeave | $4.2B | Convertible notes | Not named | 2.875% fixed; conversion price ~$97.85/share; capped calls to $199.70 | CoreWeave |
| Sep 15, 2026 | Nscale | $2.1B | Convertible notes | Goldman Sachs | - | SEC / Nscale |
| Sep 10, 2026 | Crusoe | $509M | DDTL | Goldman Sachs | price talk SOFR + 4.75-5.00%, 0% floor, OID 98.5 | Octus |
| Sep 10, 2026 | DigitalOcean | $725M | Equipment lease | MUFG, Axos, BMO, Wells Fargo +1 | - | SEC |
| Sep 9, 2026 | Zankore | $3.1B | Term loan | Citi, ING, Natixis, Qatar National Bank, UOB | - | FinanceAsia |
| Aug 31, 2026 | Nscale | $1.9B | DDTL | JPMorgan, Goldman Sachs +6 | Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375% | Runtime Wire |
| Aug 31, 2026 | Nscale | $1.2B | DDTL | Goldman Sachs, JPMorgan | Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375% | Runtime Wire |
| Aug 27, 2026 | Lambda | $926M | Term loan | Morgan Stanley, MUFG +3 | SOFR + 3.00%, OID 99.5 | Lambda |
| Aug 25, 2026 | IREN | $2.4B | GPU-backed facility | Blue Owl, Pimco | 9.0% fixed | SEC |
| Aug 19, 2026 | Nebius | $5B | Convertible notes | Not named | 0.50% (2030) and 4.50% (2034); conversion prices ~$313.46 / ~$324.65; accretes to 110% / 125% | Nebius |
| Aug 10, 2026 | CoreWeave | $2.6B | DDTL | JPMorgan, MUFG | Term SOFR + 5.50% (base rate + 4.50%); 0.50% undrawn fee | CoreWeave |
| Jul 29, 2026 | Nscale | $332M | DDTL | Macquarie | Term SOFR + 5.50% plus MOIC-based additional payments | SEC / Nscale |
| Jul 23, 2026 | Galaxy | $3.5B | Senior notes | Not named | 9.875% fixed | SEC |
| Jul 17, 2026 | Nebius | $775M | GPU-backed facility | MUFG, ABN AMRO, Bank of America, Deutsche Bank, HSBC +5 | 1-month Term SOFR (0% floor) + 2.50% | Nebius |
| Jul 7, 2026 | Nscale | $900M | Revolver | JPMorgan, Goldman Sachs +1 | Term SOFR + 1.75% | Let's Data Science |
| Jul 7, 2026 | Nscale | $790M | Project finance | ABN AMRO, DNB, SEB +2 | Term loan: Term SOFR + 3.00-3.75%; VAT facility: Term SOFR + 2.00% | SEC / Nscale |
| Jun 25, 2026 | NexGen Cloud (Hyperstack) | $34M | GPU-backed facility | USD.AI | - | NexGen Cloud |
| Jun 16, 2026 | Applied Digital | $1.6B | Senior notes | Not named | 7.00% fixed | SEC |
| Jun 15, 2026 | Cipher Digital | $810M | Senior notes | Not named | 6.00% fixed | SEC |
| Jun 11, 2026 | CoreWeave | $1.3B | Senior notes | Not named | 9.625% fixed, issued at par | CoreWeave |
| Jun 11, 2026 | CoreWeave | $2.3B | Senior notes | Not named | 8.50% fixed, issued at par | CoreWeave |
| Jun 1, 2026 | IREN | $1.5B | DDTL | Goldman Sachs, JPMorgan | SOFR + 2.25% | SEC |
| Jun 1, 2026 | IREN | $2.1B | Senior notes | Not named | 5.96% fixed | SEC |
| May 29, 2026 | Applied Digital | $350M | Revolver | First National Bank of Omaha | - | SEC |
| May 18, 2026 | CoreWeave | $3.1B | DDTL | Morgan Stanley, MUFG | SOFR + 4.50% (tightened 50 bps in syndication); 0.50% undrawn fee | CoreWeave |
| May 14, 2026 | IREN | $3B | Convertible notes | Not named | 1.00% | SEC |
| May 8, 2026 | Nscale | $770M | Revolver | JPMorgan, Goldman Sachs +10 | Term SOFR + 1.75% | SEC / Nscale |
| May 7, 2026 | Lambda | $1B | Revolver | JPMorgan | - | Lambda |
| May 7, 2026 | TeraWulf | $250M | Revolver | Morgan Stanley | - | SEC |
| May 1, 2026 | Applied Digital | $300M | Construction loan | Goldman Sachs | - | SEC |
| Apr 27, 2026 | Hut 8 | $3.3B | Senior notes | JPMorgan, Goldman Sachs, Morgan Stanley | 6.192% fixed | Pulse 2.0 |
| Apr 22, 2026 | Core Scientific | $3.3B | Senior notes | Not named | 7.75% fixed (OID 99.25) | SEC |
| Apr 17, 2026 | Nscale | $2.5B | Vendor financing | Dell Financial Services | combined financing charges ~$34.8M | SEC / Nscale |
| Apr 16, 2026 | CoreWeave | $1B | Senior notes | Not named | 9.75% coupon, issued at 102.0% of par | CoreWeave |
| Apr 10, 2026 | CoreWeave | $4B | Convertible notes | Not named | 1.75% fixed; conversion price ~$119.60/share; capped calls to $230 | CoreWeave |
| Apr 9, 2026 | CoreWeave | $1.8B | Senior notes | Not named | 9.75% fixed | CoreWeave |
| Mar 31, 2026 | CoreWeave | $8.5B | DDTL | MUFG, Morgan Stanley, Goldman Sachs, JPMorgan, Blackstone | Floating: daily SOFR + 2.25%; fixed: UST + 2.00% (~5.9%); 0.50% undrawn fee | Pulse 2.0 (reprint of CoreWeave release) |
| Mar 23, 2026 | Cipher Digital | $200M | Revolver | Morgan Stanley | - | SEC |
| Mar 18, 2026 | Nebius | $4B | Convertible notes | Not named | 1.250% (2031) and 2.625% (2033); conversion prices ~$183.22 / ~$180.31; accretes to 120% | Nebius |
| Mar 10, 2026 | Applied Digital | $2.1B | Senior notes | Goldman Sachs | 6.75% fixed (OID 98) | SEC |
| Mar 2026 | TeraWulf | $500M | Construction loan | Not named | SOFR + 2.75% | SEC |
| Feb 12, 2026 | Nscale | $1.4B | DDTL | Goldman Sachs, Blue Owl +5 | Term SOFR + 5.00% (possible 0.25% step-up) | Bloomberg |
| Feb 9, 2026 | Firmus | $10B | GPU-backed facility | Blackstone +1 | - | Kirkland & Ellis |
| Feb 9, 2026 | xAI | $3.4B | Sale-leaseback | Apollo | ~9.5% (reported) | Reuters via Yahoo Finance |
| Feb 4, 2026 | Cipher Digital | $2B | Senior notes | Not named | 6.125% fixed | SEC |
| Jan 22, 2026 | Sharon AI | $500M | GPU-backed facility | USD.AI | - | Pulse 2.0 |
| Jan 7, 2026 | xAI | $3.5B | Sale-leaseback | Apollo | - | Apollo |
| Dec 22, 2025 | Sharon AI | $100M | Convertible notes | Canaccord Genuity | - | Business Wire / Sharon AI |
| Dec 9, 2025 | CoreWeave | $2.6B | Convertible notes | Not named | 1.75% fixed; conversion price ~$107.80/share; capped calls to $215.60 | CoreWeave |
| Dec 8, 2025 | IREN | $2.3B | Convertible notes | Not named | 0.25% / 1.00% | SEC |
| Nov 20, 2025 | Applied Digital | $2.4B | Senior notes | Morgan Stanley | 9.25% fixed (OID 97) | SEC |
| Nov 20, 2025 | Cipher Digital | $333M | Senior notes | Not named | 7.125% fixed | GlobeNewswire via Nasdaq |
| Nov 13, 2025 | Cipher Digital | $1.4B | Senior notes | Not named | 7.125% fixed | SEC |
| Nov 12, 2025 | CoreWeave | $2.5B | Revolver | JPMorgan, Goldman Sachs, Morgan Stanley, MUFG +5 | 0.25% undrawn fee (margin not disclosed in release) | CoreWeave |
| Nov 2025 | Vantage Data Centers (Stargate) | $38B | Construction loan | JPMorgan, MUFG +5 | ~SOFR + 2.5% (reported) | DCD |
| Oct 29, 2025 | TeraWulf | $1B | Convertible notes | Morgan Stanley | 0.00% | SEC |
| Oct 2025 | Meta Hyperion JV (Blue Owl) | $27.3B | Senior notes | Morgan Stanley, Pimco +1 | 6.58% fixed | IFR |
| Oct 16, 2025 | TeraWulf | $3.2B | Senior notes | Not named | 7.75% fixed | TeraWulf |
| Oct 14, 2025 | IREN | $1B | Convertible notes | Not named | 0.00% | SEC |
| Oct 9, 2025 | QumulusAI | $500M | GPU-backed facility | USD.AI | - | ACCESS Newswire / QumulusAI |
| Sep 30, 2025 | Cipher Digital | $1.3B | Convertible notes | Not named | 0.00% | SEC |
| Sep 29, 2025 | CoreWeave | $3B | DDTL | Not named | Term SOFR + 4.25% (base rate + 3.25%); 1.50% upfront fee per draw | SEC / CoreWeave |
| Sep 10, 2025 | Nebius | $2.8B | Convertible notes | Not named | 1.00% (2030) and 2.75% (2032); conversion price ~$138.75; accretes to 115% at maturity | Nebius |
| Sep 1, 2025 | Verda (formerly DataCrunch) | n/d | Other | Nordea, Armada Credit Partners +3 | - | Roschier |
| Aug 27, 2025 | Crusoe | $175M | GPU-backed facility | Victory Park Capital | - | Pulse 2.0 |
| Aug 19, 2025 | Lambda | $275M | Revolver | JPMorgan +3 | - | Pulse 2.0 |
| Aug 18, 2025 | TeraWulf | $1B | Convertible notes | Morgan Stanley | 1.00% | SEC |
| Aug 15, 2025 | Galaxy | $1.4B | Project finance | Deutsche Bank | SOFR + 4.75% (2.5% floor) | DCD |
| Jul 31, 2025 | CoreWeave | $2.6B | DDTL | Morgan Stanley, MUFG, Goldman Sachs +7 | SOFR + 4.00%; 0.50% undrawn fee | CoreWeave |
| Jul 22, 2025 | CoreWeave | $1.8B | Senior notes | Not named | 9.00% fixed, issued at par | SEC / CoreWeave |
| Jul 1, 2025 | xAI | $5B | Term loan | Morgan Stanley | - | TechCrunch |
| Jun 23, 2025 | Vultr | $255M | Revolver | JPMorgan, Bank of America, Wells Fargo +3 | - | Business Wire / Vultr |
| Jun 23, 2025 | Vultr | $74M | Equipment lease | Bank of America | - | Business Wire / Vultr |
| Jun 13, 2025 | IREN | $550M | Convertible notes | Not named | - | SEC |
| Jun 11, 2025 | Crusoe | $750M | Other | Brookfield | - | Crusoe |
| Jun 2, 2025 | Nebius | $1B | Convertible notes | Not named | 2.00% (2029 notes) and 3.00% (2031 notes) | Nebius |
| Jun 2025 | Nscale | $105M | GPU-backed facility | Macquarie | - | SEC / Nscale |
| May 22, 2025 | Crusoe Abilene JV (Blue Owl, Primary Digital) | $7.1B | Construction loan | JPMorgan | - | Bloomberg |
| May 21, 2025 | CoreWeave | $2B | Senior notes | Not named | 9.25% fixed, issued at par | CoreWeave |
| May 6, 2025 | CoreWeave | $1.5B | Revolver | JPMorgan, Goldman Sachs, Morgan Stanley, MUFG +5 | - | CoreWeave |
| Apr 2, 2025 | Bitfarms | $300M | Construction loan | Macquarie | 8.0% | GlobeNewswire via Seeking Alpha |
| Apr 1, 2025 | Fluidstack | n/d | GPU-backed facility | Macquarie | - | Business Wire (via 01net) |
| Mar 27, 2025 | Crusoe | $225M | GPU-backed facility | Upper90 +5 | - | Crusoe / Upper90 |
| Mar 7, 2025 | CoreWeave | $300M | Term loan | Morgan Stanley | Term SOFR + 1.75% plus 2.25% fee | SEC / CoreWeave |
| Feb 12, 2025 | Applied Digital | $375M | Construction loan | SMBC | - | DCD |
| Jan 2025 | Crusoe Abilene JV (Blue Owl, Primary Digital) | $2.3B | Construction loan | JPMorgan | - | Commercial Observer |
| Jan 14, 2025 | Applied Digital | $900M | Preferred equity | Macquarie | - | SEC |
| Jan 1, 2025 | CoreWeave | n/d | Vendor financing | Not named | weighted effective rate ~10% (FY2025 10-K) | SEC / CoreWeave |
| Dec 16, 2024 | CoreWeave | $1B | Term loan | JPMorgan | Term SOFR + 5.25% to 6.25% (stepping up with time outstanding) | SEC / CoreWeave |
| Dec 6, 2024 | IREN | $440M | Convertible notes | Not named | - | SEC |
| Nov 18, 2024 | Nscale | $160M | Convertible notes | Not named | 12.0% PIK for 2 years; then 13.0% cash or 15.0% PIK | SEC / Nscale |
| Oct 29, 2024 | GMI Cloud | $67M | Other | Not named | - | TechCrunch |
| Oct 11, 2024 | CoreWeave | $650M | Revolver | JPMorgan, Goldman Sachs, Morgan Stanley +7 | Term SOFR + 1.75%; 0.25% unused fee | CoreWeave |
| Aug 2024 | CoreWeave | $230M | Other | Magnetar | refund with multiplier equal to a 12% annual return | SEC / CoreWeave |
| Jun 24, 2024 | Hut 8 | $150M | Convertible notes | Coatue | 8.00% | SEC |
| May 17, 2024 | CoreWeave | $7.5B | DDTL | Blackstone, Magnetar +7 | Term SOFR + 6.00% to 13.00% depending on customer credit rating (IG contracts SOFR + 6.00-6.50%; non-IG SOFR + 13.00%) | Blackstone |
| Apr 4, 2024 | Lambda | $500M | GPU-backed facility | Macquarie +1 | - | Business Wire / Lambda |
| Feb 11, 2024 | Yotta Data Services | $163M | Term loan | State Bank of India | 8.85% | Indian Infrastructure |
| Feb 2024 | CoreWeave | $1.3B | Vendor financing | Not named | effective interest rates 9% to 11% | SEC / CoreWeave |
| Nov 2, 2023 | Northern Data | $610M | Other | Tether | - | PR Newswire / Northern Data |
| Oct 23, 2023 | Crusoe | $200M | GPU-backed facility | Upper90 | - | Crusoe |
| Aug 3, 2023 | CoreWeave | $2.3B | DDTL | Magnetar, Blackstone +5 | Term SOFR + 9.6196% (base rate + 8.6196%) | Blackstone |
| Jun 2023 | Nscale | $77M | Term loan | Sandton Capital | 13.0% to 15.0%, initially PIK | SEC / Nscale |
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