Capital Structure
Who is financing the buildout, and how the money is actually structured.
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).
| Type | Source | Published |
|---|---|---|
| REPORT | Expanding 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 |
| REPORT | CoreWeave 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 |
| REPORT | CoreWeave 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 |