Rated GPU Financing Tracker
Every GPU financing with a public credit rating.
What it shows
16 rated financings, $67.9B. 8 are rated investment grade, all since Oct 16, 2025.
The rating follows the customer, not the borrower. CoreWeave is rated Ba3 by Moody’s; its DDTL 4.0, secured on GPUs and a six-year Meta contract in a bankruptcy-remote subsidiary, is rated A3.
Investment grade prices at SOFR + 2.25% to 3%, BB at 4.5% to 5.5%. CoreWeave’s unsecured notes pay 9%.
Every rated financing
Newest first. Updated October 10, 2026.
| Date | Financing | Size | Rating | Pricing | Backed by | Customer | Source |
|---|---|---|---|---|---|---|---|
| Oct 1, 2026 | Lambda fixed-rate DDTL | $1.01B | DBRS A (low), Moody's Baa1 | 6.78% fixed | GPUs + customer contract | Two investment-grade offtakers (unnamed); GB300 and Vera Rubin GPUs in Seattle, Kansas City and Dallas | Morningstar DBRS |
| Aug 27, 2026 | Lambda Term Loan B | $926M | Moody's Baa2 | SOFR + 3.00% (OID 99.5) | GPUs + customer contract | NVIDIA (take-or-pay, single site in Quebec) | Moody's Ratings |
| Aug 27, 2026 | Nscale Ward County DDTL | $1.85B | Moody's Baa1 | Term SOFR + 2.375% (fixed tranche: swap rate + 2.375%) | GPUs + customer contract | Hyperscaler rated Aa3 or better (six-year take-or-pay; Nscale's S-1 files a Microsoft statement of work) | Moody's Ratings |
| Aug 7, 2026 | CoreWeave DDTL 5.5 | $2.6B | Moody's Ba2, Fitch BB+ | SOFR + 5.50% | GPUs + customer contract | AI, financial services and technology customers; contracts average about 3 years against a 5-year loan | SEC EDGAR |
| Jun 15, 2026 | Cipher Stingray notes | $810M | Moody's Ba2, Fitch BB- | 6.0% fixed | AI data center lease | Amazon Web Services (70 MW IT, Texas), per press reports | SEC EDGAR |
| Jun 9, 2026 | Hut 8 Beacon Point notes | $4.25B | Moody's Baa2 | 6.129% fixed | AI data center lease | Undisclosed investment-grade tenant (15-year triple-net lease, 352 MW, Texas) | SEC EDGAR |
| May 29, 2026 | IREN Microsoft GPU financing | $3.65B | Fitch A, DBRS A (low) | SOFR + 2.25% (DDTL); USPP 5.96% fixed (~SOFR + 2.13% equivalent per IREN) | GPUs + customer contract | Microsoft (about $9.7B, five-year GPU services contract, GB300 at Childress, Texas) | SEC EDGAR |
| May 15, 2026 | CoreWeave DDTL 5.0 | $3.1B | Moody's Ba2, Fitch BB+ | SOFR + 4.50% | GPUs + customer contract | Two large non-investment-grade customers (unnamed) | SEC EDGAR |
| Apr 27, 2026 | Hut 8 River Bend notes | $3.25B | S&P BBB-, Fitch BBB- | 6.192% fixed | AI data center lease | Fluidstack (15-year lease, 245 MW, Louisiana), rent backstopped by Google | SEC EDGAR |
| Mar 30, 2026 | CoreWeave DDTL 4.0 | $8.5B | Moody's A3, DBRS A (low) | SOFR + 2.25% (floating); UST + 2.00% (fixed, ~5.9%) | GPUs + customer contract | Meta (six-year take-or-pay; Meta rated Aa3) | Moody's Ratings |
| Feb 11, 2026 | Cipher Black Pearl notes | $2B | Moody's Ba2, Fitch BB- | 6.125% fixed | AI data center lease | Amazon Web Services (15-year lease, 216 MW IT, Texas), rent guaranteed by Amazon.com | SEC EDGAR |
| Nov 13, 2025 | Cipher Barber Lake notes | $1.73B | Moody's Ba3, Fitch BB- | 7.125% fixed | AI data center lease | Fluidstack (Barber Lake, Texas), rent backstopped by Google | SEC EDGAR |
| Oct 22, 2025 | WULF Compute notes | $3.2B | Moody's Ba2, S&P BB, Fitch BB | 7.75% fixed | AI data center lease | Fluidstack (Lake Mariner, New York), rent backstopped by Google | SEC EDGAR |
| Oct 16, 2025 | Meta Hyperion (Beignet) notes | $27.3B | S&P A+ | 6.581% fixed | AI data center lease | Meta (lease of the Hyperion AI campus, Louisiana, with a Meta residual value guarantee) | S&P Global Ratings |
| Jul 25, 2025 | CoreWeave 9.00% notes due 2031 | $1.75B | S&P B | 9.0% fixed | Corporate | None (corporate debt) | S&P Global Ratings (via AlacraStore) |
| May 27, 2025 | CoreWeave 9.25% notes due 2030 | $2B | S&P B | 9.25% fixed | Corporate | None (corporate debt) | S&P Global Ratings (via AlacraStore) |
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