Offtaker Credit Score
Score the company paying for the GPUs, from 0 to 100.
What it scores
For lenders weighing a deal backed by a compute contract. The score rates the buyer on its finances, its funding, the contract it signed, how much it depends on the capacity, its business and its payment record, then maps the result to a rating band and the advance lenders usually give.
The quickest check: the buyer’s total funding should be at least 2x the total contract value.
Pick a buyer below and change the contract terms to see what moves the score.
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Offtaker Credit Score, Microsoft
86/ 100 · AC-1 Prime
A five-year GPU capacity contract on IREN's terms: about $9.7B, 20% of each tranche prepaid before delivery
- Indicative rating
- BBB- or better
- One-year default
- About 0.15% or less
- Advance
- 75-80%
By pillar
- Financial strength
- 30.0 / 30
- Funding quality
- 10.0 / 10
- Contract structure
- 15.3 / 25
- Concentration and dependency
- 15.0 / 15
- Business quality
- 9.8 / 12
- Track record
- 6.4 / 8
Get the full model as a spreadsheet
All 22 factors with live formulas, plus a month-by-month contract stress test.
Microsoft, OpenAI and CoreWeave from 2026 filings. The other buyers are hypothetical.
Why the buyer sets the price
A GPU loan is repaid from the offtake contract. If the buyer stops paying, the lender is left with servers that lose value every month.
Lenders price it that way. In March 2026 CoreWeave’s $8.5 billion GPU loan, secured by the GPUs and a contract with a “leading AI enterprise,” was rated A3 by Moody’s. CoreWeave itself is rated Ba3, six notches lower.
Five tiers
| Tier | Score | Indicative rating | One-year default | Advance |
|---|---|---|---|---|
| AC-1 Prime | 85-100 | BBB- or better | About 0.15% or less | 75-80% of equipment cost |
| AC-2 Strong | 70-84 | BB+ to BB | 0.3-0.6% | 65-75% |
| AC-3 Acceptable | 55-69 | BB- to B+ | 0.6-3% | 55-65% |
| AC-4 Weak | 40-54 | B to B- | 3-8% | Up to 50% |
| AC-5 Speculative | 0-39 | CCC+ and below | Over 8% | Not usually lent against |
Source: S&P long-run corporate default study.
Six pillars, 100 points
- Financial strength (30)
- Can the buyer pay the rest of the contract from money it has or has been promised?
- Contract structure (25)
- The same buyer is a different credit under a take-or-pay contract with a 20% prepayment than under on-demand terms it can walk away from.
- Concentration and dependency (15)
- How big this contract is next to the buyer's revenue and its other commitments, and whether the workload is one the buyer cannot switch off.
- Business quality (12)
- Growth, gross margin and customer spread say whether today's revenue is durable.
- Funding quality (10)
- How reliably the buyer can raise again.
- Track record (8)
- Has the buyer paid other compute and data center vendors on time, for how long, and without disputes?
What caps the score
| When | Best possible tier |
|---|---|
| Liquidity covers less than half the remaining contract | AC-4 |
| Liquidity covers less than the remaining contract | AC-2 |
| Under 6 months of funded runway | AC-5 |
| Under 12 months of funded runway | AC-4 |
| No minimum commitment | AC-4 |
| Termination for convenience without a fee | AC-3 |
| Missed payments or default in the last 24 months | AC-4 |
| Open payment dispute with a vendor or lender | AC-3 |
| No financials shared | AC-4 |
| Management accounts only | AC-2 |
Examples
- Microsoft: 86, AC-1 Prime
- Prime on balance sheet alone. Its liquidity covers the remaining payments about ten times, and the contract is under 1% of revenue. Source
- OpenAI: 65, AC-3 Acceptable
- Acceptable, held down by about $1.4T of commitments against roughly $92B of committed capital and no disclosed prepayment. A 20% prepayment and a 6-month letter of credit would lift it to Strong. Source
- CoreWeave: 63, AC-3 Acceptable
- Acceptable, the same band as its agency ratings (Moody's Ba3, S&P B+). Cash covers about half the 15-year lease; leverage and Microsoft concentration cost points. Source
Discuss a transaction
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