GPU Loan Syndication
Who leads GPU loans, who takes tickets, and what they price at.
What it covers
How GPU loans are split among lenders, from the 72 public GPU financings that name their lenders in our GPU Financing Tracker.
Lenders per deal
| Named lenders | Deals | Headline amount |
|---|---|---|
| One named lender | 42 | $45B |
| 2-4 named lenders | 11 | $53B |
| 5-9 named lenders | 15 | $70B |
| 10 or more | 4 | $4.79B |
Headline amounts as announced. Below $250 million, 11 of 12 had a single lender; above $1 billion, 18 of 33 had two or more. Data: GPU Financing Tracker.
How a GPU loan is syndicated
Leads sell down to participants. The borrower mandates one or more lead arrangers, who structure the loan, commit to a share and sell the rest. One bank acts as administrative agent, passing payments on; a collateral agent holds the liens on the GPUs, the customer contract and the collection account for all lenders.
Everyone lends to one SPV. The borrower is almost always a special purpose vehicle that owns the servers and signs the customer contract. Lenders share one security package and vote on waivers by majority, so a participant gives up some control for a smaller ticket.
Syndicates with five or more lenders
| Borrower | Amount | Leads | Participants | Pricing |
|---|---|---|---|---|
| DigitalOceanSep 2026 | $725M | MUFG, Axos, BMO, Wells Fargo | PNC | - |
| ZankoreSep 2026 | $3.1B | Citi, ING, Natixis, Qatar National Bank, UOB | - | - |
| NscaleAug 2026 | $1.85B | JPMorgan, Goldman Sachs | Credit Agricole, Deutsche Bank, Mizuho, SMBC, RBC, Citizens Bank | Floating: 3M Term SOFR + 2.375%; fixed: SOFR swap rate + 2.375% |
| LambdaAug 2026 | $926M | Morgan Stanley, MUFG | Citizens Bank, Credit Agricole, Wells Fargo | SOFR + 3.00%, OID 99.5 |
| NebiusJul 2026 | $775M | MUFG, ABN AMRO, Bank of America, Deutsche Bank, HSBC | Citi, Credit Agricole, ING, Morgan Stanley, Goldman Sachs | 1-month Term SOFR (0% floor) + 2.50% |
| NscaleJul 2026 | $790M | ABN AMRO, DNB, SEB | Nordea, Export Finance Norway | Term loan: Term SOFR + 3.00-3.75%; VAT facility: Term SOFR + 2.00% |
| NscaleMay 2026 | $770M | JPMorgan, Goldman Sachs | Morgan Stanley, MUFG, RBC, Bank of America, Deutsche Bank, Credit Agricole, Mizuho, SMBC, TD, KeyBank | Term SOFR + 1.75% |
| CoreWeaveMar 2026 | $8.5B | MUFG, Morgan Stanley, Goldman Sachs, JPMorgan, Blackstone | - | Floating: daily SOFR + 2.25%; fixed: UST + 2.00% (~5.9%); 0.50% undrawn fee |
| NscaleFeb 2026 | $1.4B | Goldman Sachs, Blue Owl | Pimco, LuminArx, Stonepeak, Neuberger Berman, ABN AMRO | Term SOFR + 5.00% (possible 0.25% step-up) |
| CoreWeaveNov 2025 | $2.5B | JPMorgan, Goldman Sachs, Morgan Stanley, MUFG | Citi, Credit Agricole, Deutsche Bank, SMBC, Wells Fargo | 0.25% undrawn fee (margin not disclosed in release) |
| Vantage Data Centers (Stargate)Nov 2025 | $38B | JPMorgan, MUFG | Wells Fargo, BNP Paribas, Goldman Sachs, SMBC, Societe Generale | ~SOFR + 2.5% (reported) |
| Verda (formerly DataCrunch)Sep 2025 | Undisclosed | Nordea, Armada Credit Partners | Danske Bank, Norion Bank, LocalTapiola | - |
| CoreWeaveJul 2025 | $2.6B | Morgan Stanley, MUFG, Goldman Sachs | JPMorgan, Wells Fargo, BBVA, Credit Agricole, SMBC, PNC, Societe Generale | SOFR + 4.00%; 0.50% undrawn fee |
| VultrJun 2025 | $255M | JPMorgan, Bank of America, Wells Fargo | Citi, Goldman Sachs, KeyBank | - |
| CoreWeaveMay 2025 | $1.5B | JPMorgan, Goldman Sachs, Morgan Stanley, MUFG | Credit Agricole, Deutsche Bank, Societe Generale, SMBC, Wells Fargo | - |
| CrusoeMar 2025 | $225M | Upper90 | BCI, FS Investments, King Street, Liberty Mutual Investments, ORIX USA | - |
| CoreWeaveOct 2024 | $650M | JPMorgan, Goldman Sachs, Morgan Stanley | Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, Wells Fargo | Term SOFR + 1.75%; 0.25% unused fee |
| CoreWeaveMay 2024 | $7.5B | Blackstone, Magnetar | Coatue, Carlyle, CDPQ, DigitalBridge, BlackRock, Eldridge Industries, Great Elm Capital | Term SOFR + 6.00% to 13.00% depending on customer credit rating (IG contracts SOFR + 6.00-6.50%; non-IG SOFR + 13.00%) |
| CoreWeaveAug 2023 | $2.3B | Magnetar, Blackstone | Coatue, DigitalBridge, BlackRock, Pimco, Carlyle | Term SOFR + 9.6196% (base rate + 8.6196%) |
Allocations by lender are not public.
What the deals show
Private credit opened the market; banks now run it. CoreWeave's first GPU syndicate in Aug 2023 was a fund club priced at SOFR + 9.62%. Its DDTL 4.0 in Mar 2026, led by four banks with a private credit anchor, priced at SOFR + 2.25%.
The contract sets the price. Nscale's $1.85B Ward County loan, secured on an investment-grade customer's contract, priced at SOFR + 2.375% across 8 banks.
Demand to participate exceeds the paper. Lambda's $926M loan drew over $5 billion of orders (Octus). GMI Cloud's $445M Taiwan loan brought in 14 banks and was about 2.5 times covered (Economic Daily News (UDN)).
Some lenders only take tickets. 31 of 70 named lenders have only ever participated; Credit Agricole joined 8 GPU syndicates. Insurers and pensions appear only as participants, as in Crusoe's $225M facility led by Upper90.
Who leads and who participates
| Lender type | Lead seats | Participant seats |
|---|---|---|
| Bank | 87 | 65 |
| Private credit | 13 | 8 |
| Asset manager | 9 | 9 |
| Hedge fund | 4 | 4 |
| Pension or insurer | 0 | 4 |
| GPU-native lender | 3 | 0 |
| Vendor finance | 1 | 0 |
| Shareholder | 1 | 0 |
| Export credit | 0 | 1 |
What a participant should check
| Information | The data room the lead saw: customer contract, hardware list and invoices, site and power documents, the financial model, and monthly reporting after closing. |
| Appraisal | A value for the servers today and at maturity. See appraisals and due diligence. |
| Security | A first lien on the servers, assignment of the customer contract and a controlled collection account, held by the collateral agent for all lenders. |
| Insurance | Property cover naming the lenders and, where bought, lost revenue cover and residual value insurance for the lenders' benefit. |
| A backup operator | Someone named to keep the cluster running if the borrower fails. See backup operator. |
| Votes | Which decisions need all lenders and which a majority. In a participation you vote through the lender that sold it to you, if at all. |
Get access to deals
Tell us what you fund and the ticket sizes you take. We will set up an intake call to review your fit as a partner funder, then share projects that match.
Prefer email? hello@amcompute.com
Questions
- What is the difference between a loan participation and syndication?
- In a syndication every lender signs the credit agreement and is a lender of record. In a participation the lender of record sells an interest in its share; the participant has a contract with that lender only, not with the borrower.
- What is a club deal?
- A small group of lenders, often two to four, that negotiate and fund a loan together with no arranger selling it on. Most private credit GPU deals start as clubs.
- Can I take a share of a deal on Origination?
- Origination introduces each interested funder to the borrower. It does not split deals into participations or act as agent; the funders and the borrower agree the structure. If you want to lead and bring partners, or take a ticket next to another funder, tell us on the intake call.