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Rung 12 Capital StructureSwitch rung
Rung 12 / Who is paying, and how

Capital Structure

Who is financing the buildout, and how the money is actually structured.

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A stack of machined steel coins with one copper coin on top, on paper.

In scope: neocloud financing, SPVs and vendor financing, circular and related-party deals, depreciation schedules and useful-life changes, contracted backlog and RPO, inter-layer double counting. Out: what is being built (datacenters), what it costs to run (inference-economics).

Stepped tiers of financing with a single copper seam at the debt/equity boundary.
NeocloudsRPODepreciationVendor financing
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Sources compiled for this topic
TypeSourcePublished
REPORTExpanding Our Use of Google Cloud TPUs and Services
Anthropic · Anthropic

Anthropic commits to ~1 million Google TPUs (Ironwood) and >1 GW capacity online in 2026 (tens of billions $); runs a three-platform strategy (TPUs + AWS Trainium + NVIDIA GPUs). Demand-side anchor for the custom-silicon inflection.

2025-10-23
REPORTCoreWeave Closes $2.6 Billion Loan Facility (DDTL 5.5)
CoreWeave, Inc. · CoreWeave investor relations

$2.6bn DDTL at SOFR+550, ~5yr, Ba2/BB+, JPMorgan/MUFG; >$30bn debt+equity raised YTD. ~5yr facility against ~3yr average customer contracts — lenders now financing shorter-dated contracts, taking re-lease/residual risk.

2026-08-10
REPORTCoreWeave Closes $3.1 Billion Loan Facility (DDTL 5.0)
CoreWeave, Inc. · CoreWeave investor relations

$3.1bn DDTL at SOFR+450, ~5.5yr, Ba2/BB+, Morgan Stanley/MUFG; meaningfully oversubscribed, pricing tightened 50bp from launch. Middle point of the SOFR+225→+450→+550 curve; spreads widened across facilities while each deal cleared strongly.

2026-05-18
REPORTCoreWeave Closes Landmark $8.5 Billion Financing Facility, Achieving First Investment-Grade Rated GPU-backed Financing (DDTL 4.0)
CoreWeave, Inc. · CoreWeave investor relations (8-K Exhibit 99.1)

$8.5bn non-recourse DDTL (about $7.5bn available at first), floating SOFR+2.25% / fixed ~5.9%, matures March 2032, A3 (Moody's) / A (low) (DBRS), secured on a single-purpose subsidiary and one 'leading AI enterprise' contract. First point of the +225 -> +450 -> +550 curve; closed 2026-03-31, so the curve spans ~4.5 months, and its first step lines up with a switch to sub-investment-grade customers.

2026-03-31