Compute market / 44 deals
Who is paying whom for compute.
Capacity contracts, loans against chips, backstops, stakes, leases, chip supply, power and acquisitions. Every row is dated, says what kind of document it comes from, and links to it.
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 25 Sept 2026 | An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phasedAmendedBinding commitment with 'a leading AI lab' (not named) on terms substantially consistent with the Fluidstack lease. Delivery re-phased to Q4 2026-Q1 2027; Cipher bears the first $359.3M of cost overruns, 50% of the excess reimbursed by the tenant over 20 years. |
| Site lease | $5.2B~$5.2B incremental aggregate contracted revenue, extending the site's contracted term to 20 years. | 10 years · to 24 Sept 2036 | Cipher Digital 8-K, 2026-09-25Regulatory filing |
| 24 Sept 2026 | Anthropic commits $11.6B over seven years to Akamai Cloud for CPU workloads; Akamai issues Anthropic a warrant for up to ~5%SignedWarrant for up to ~5% of Akamai's common stock, ~2% expected to vest with this commitment; exercise price $111.33 per common share (per press coverage of the 8-K). |
| Capacity contract | $11.6B$11.6B contractual commitment; potential expansion of up to $9B more (~$20B total). | 7 years | Akamai 8-K Ex. 99.1, 2026-09-24Regulatory filing |
| 17 Aug 2026 | Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAISignedPORTS Technology Campus, Pike County, Ohio; an OpenAI affiliate is the tenant. Nvidia pays the shortfall versus guaranteed minimum value on OpenAI insolvency or non-payment. Obligations start when ready-for-service conditions are met, expected from 2028. The site will host Nvidia infrastructure. | Backstop | $105BCumulative cap of $105B on the initial commitment; Nvidia may, at its discretion, back ~3.8 GW more. | 4,250 MW | NVIDIA 8-K, 2026-08-17Regulatory filing | |
| 30 Jul 2026 | Blackstone leads a $10B senior secured financing for Firmus, backed by take-or-pay contracts with investment-grade counterpartiesSignedDisclosed in Blackstone Private Credit Fund's 8-K; BCRED's own commitment is $425M ($321M undrawn at 2026-06-30). Per BCRED's Q2 2026 10-Q (cited in the Firmus research dossier): borrower Firmus Supercloud Pty Ltd, SOFR + 5.13%, originated 2026-04-21, matures 2032-03-15. Counterparties not named. |
| Loan against chips | $10B | Blackstone Private Credit Fund 8-K, 2026-07-30Regulatory filing | |
| 28 Jul 2026 | AMD leases 377 MW from Core Scientific for 15 years and backs 152 MW of neocloud leases, with rights to ~1.9 GW moreSignedAMD leases at Pecos TX, Muskogee OK and Hunt County TX; an unnamed neocloud leases 152 MW at Auburn AL and Dalton GA with AMD credit support (AMD may cure defaults). AMD holds a reservation right on 1,925 MW more through 2028-12-28 (up to 2.5 GW total) and receives market-priced Core Scientific warrants. Three five-year options. Accelerator as stated: AMD Instinct. |
| Site lease | undisclosedCore Scientific: more than $14B of potential base contracted revenue across ~530 MW at five sites. | 15 years · to 27 Jul 2041529 MW | Core Scientific 8-K, 2026-07-28Regulatory filing |
| 17 Jul 2026 | Nebius raises ~$775M senior secured debt backed by deployed GPUs and an investment-grade customer contractSignedNebius's first secured facility. SOFR + 2.50%; matures 2030-10-31. Together with contract cash flows it covers >100% of the capex for the underlying GPUs. Customer not named in the release. |
| Loan against chips | $775M | Nebius 6-K Ex. 99.1, 2026-07-17Regulatory filing | |
| 6 Jul 2026 | Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenueSignedDeveloped in phases; initial capacity in service H2 2027, full 401 MW by early 2028. TeraWulf says the lease is expected to be supported by an investment-grade credit. Signed directly with Anthropic, not via Fluidstack. | Site lease | $19B | 20 years401 MW | TeraWulf 8-K Ex. 99.1, 2026-07-06Regulatory filing | |
| 1 Jun 2026 | IREN subsidiary raises ~$3.6B ($1.5B DDTL plus $2.1B of 5.96% senior notes) against its Microsoft GPU contractSignedBorrower/issuer IE US Hardware 3; funds the GPU infrastructure for the 2025-11-02 Microsoft contract. Drawn in tranches until 2027-05-29. Arrangers Goldman Sachs and JPMorgan. |
| Loan against chips | $3.6B~$1.5B delayed draw term loan plus $2.1B of 5.96% senior notes due 2031-12-31. | IREN 8-K, 2026-06-01Regulatory filing | |
| 7 May 2026 | Nvidia signs a $3.4B, five-year AI cloud contract with IREN for air-cooled Blackwell GPUs at ChildressSignedDeployed within 60 MW of existing Childress data centers, ramp targeted from early 2027; supports Nvidia's internal workloads (Q3 FY26 call). Part of a 5 GW strategic partnership under which IREN issued Nvidia a five-year right to buy up to 30M IREN shares at $70 (up to $2.1B), vesting as Nvidia GPU infrastructure is deployed. Accelerator as stated: NVIDIA Blackwell (air-cooled). | Capacity contract | $3.4B | 5 years60 MW | IREN 8-K Ex. 99.1 (Q3 FY26 results), 2026-05-07Regulatory filing | |
| 15 Apr 2026 | Jane Street commits ~$6B to CoreWeave's AI cloud and buys $1B of CoreWeave stock at $109.00SignedExpands an existing relationship; capacity across multiple facilities including Nvidia Vera Rubin. Separate $1.0B private placement of 9,174,311 Class A shares at $109.00 closed 2026-04-15. |
| Capacity contract | $6B | CoreWeave 8-K Ex. 99.1, 2026-04-15Regulatory filing | |
| 9 Apr 2026 | Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032AmendedOrder form under the December 10, 2023 MSA, entered 2026-03-31. Capacity includes initial Nvidia Vera Rubin deployments. Expands meta-coreweave-capacity-2025-09. | Capacity contract | $21B~$21B is inclusive of the exercise of an existing option under the previous (September 2025) order form, so it is not wholly incremental. | CoreWeave 8-K, 2026-04-09Regulatory filing | ||
| 6 Apr 2026 | Anthropic to access ~3.5 GW of next-generation TPU capacity through Broadcom from 2027; Broadcom signs long-term TPU supply with GoogleSignedBroadcom-Google Long Term Agreement for custom TPUs and a Supply Assurance Agreement through up to 2031. Broadcom notes consumption depends on Anthropic's continued commercial success, and that the parties are in discussions with operational and financial partners. Accelerator as stated: Google TPU (next generation). | Chip supply | undisclosedNo dollar value disclosed. | 3,500 MW | Broadcom 8-K, 2026-04-06Regulatory filing | |
| 31 Mar 2026 | CoreWeave closes $8.5B DDTL 4.0, rated A3/A (low), to finance GPU servers for a customer contractSignedBorrower CoreWeave Compute Acquisition Co. VIII; non-recourse to the parent except for 'bad acts'. Floating tranche SOFR + 2.25%; fixed tranche at 2.00% over a blended Treasury rate; 0.50% undrawn fee; draws until June 2027; matures 2032-03-31. Moody's A3 and DBRS A (low): described by CoreWeave as the first investment-grade financing secured by HPC infrastructure and a customer contract. Arrangers MUFG and Morgan Stanley. |
| Loan against chips | $8.5BUp to ~$7.5B borrowable initially, rising to $8.5B as underlying assets stabilize. | CoreWeave 8-K, 2026-03-31Regulatory filing | |
| 16 Mar 2026 | Meta signs a five-year Nebius agreement: $12B of dedicated Vera Rubin capacity plus up to $15B of unsold-capacity purchasesSignedDedicated GPU clusters across multiple locations, deployed in tranches from early 2027. The $15B order is a backstop: Meta buys unsold capacity on certain clusters for five years from deployment. Accelerator as stated: NVIDIA Vera Rubin. | Capacity contract | $12B$12B firm dedicated-capacity orders; total contract value up to ~$27B including an order obliging Meta to buy up to $15B of capacity Nebius does not sell to third parties. | 5 years | Nebius 6-K, 2026-03-16Regulatory filing | |
| 11 Mar 2026 | Nvidia invests ~$2B in Nebius via a pre-funded warrant for 21,065,936 shares; Nebius targets >5 GW of Nvidia systems by 2030CompletedPre-funded Class A warrant, exercise price $0.0001; six-month lock-up. Partnership covers AI factory design, inference software, early Vera Rubin adoption and fleet management. | Equity stake | $2B | 5,000 MW | Nebius 6-K, 2026-03-11Regulatory filing | |
| 27 Feb 2026 | OpenAI expands its AWS agreement by $100B over eight years, including ~2 GW of Trainium capacityAmendedExpands the November 2025 $38B agreement (see openai-aws-capacity-2025-11). AWS becomes exclusive third-party cloud distributor for OpenAI Frontier. Accelerator as stated: AWS Trainium. |
| Capacity contract | $100B | 8 years2,000 MW | Amazon 8-K Ex. 99.1, 2026-02-27Regulatory filing |
| 27 Feb 2026 | Amazon agrees to invest $50B in OpenAI: $15B in the current round plus a $35B commitment tied to milestones or an IPOSignedSigned alongside the expanded AWS agreement (see openai-aws-expansion-2026-02). | Equity stake | $50B$15.0B of Series C preferred due 2026-03-31, plus a $35.0B equity commitment letter that lapses if not invested by 2028-12-31. | Amazon 8-K, 2026-02-27Regulatory filing | ||
| 24 Feb 2026 | Meta commits to buy the first 1 GW of AMD Instinct GPUs (up to 6 GW); AMD issues Meta a warrant for up to 160M sharesSignedAmendment to the May 23, 2023 Master Purchase Agreement. Warrant at $0.01, share-price thresholds escalating to $600; exercisable until 2031-02-23. Accelerator as stated: AMD Instinct. | Chip supply | undisclosedNo dollar value in the filing. Binding commitment covers the first 1 GW equivalent; warrant vests up to 6 GW. | 6,000 MW | AMD 8-K, 2026-02-24Regulatory filing | |
| 26 Jan 2026 | Nvidia buys $2B of CoreWeave Class A stock at $87.20 per share; companies sign a 5 GW buildout frameworkCompleted22,935,780 shares in a private placement closed 2026-01-23. Collaboration framework to accelerate CoreWeave's buildout of more than 5 GW of AI factories by 2030 on Nvidia's platform. | Equity stake | $2B | 5,000 MW | CoreWeave 8-K, 2026-01-26Regulatory filing | |
| 14 Jan 2026 | OpenAI agrees to deploy 750 MW of Cerebras inference compute; Cerebras's S-1 values the deal at more than $20BSignedTranches through 2028. OpenAI receives a warrant for 33,445,026 Cerebras Class N shares subject to vesting (S-1). | Capacity contract | $20B'More than $20 billion' per Cerebras's S-1 (a floor, not a ceiling); OpenAI's announcement states no value. | 750 MW | Cerebras S-1, April 2026Regulatory filing | |
| 17 Dec 2025 | Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstopSignedTriple-net lease; Google provides a financial backstop for the 15-year base term; Fluidstack holds a right of first offer on up to 1,000 MW more. Financed by $3.25B of 6.192% senior secured notes due 2042 (Hut 8 8-K 2026-05-01). |
| Site lease | $7B$7.0B over the base term (including a 3% annual escalator); up to $17.7B if all renewal options are exercised. | 15 years245 MW | Hut 8 8-K Ex. 99.1, 2025-12-17Regulatory filing |
| 3 Nov 2025 | Microsoft contracts IREN for Nvidia GB300 capacity at Childress, Texas: ~$9.7B over a five-year average termSignedPartner Statement of Work with IREN subsidiary IE US Hardware 3; Horizon 1-4 facilities, ~200 MW IT load, tranches targeted for 2026. 20% of each tranche's value prepaid. IREN agreed the same day to buy ~$5.8B of GPUs and ancillary equipment from Dell for the contract. Financed in May 2026 (see iren-microsoft-contract-financing-2026-05). Accelerator as stated: NVIDIA GB300. | Capacity contract | $9.7B | 5 years · to 2 Nov 2030200 MWGB300 | IREN 8-K, 2025-11-03Regulatory filing | |
| 3 Nov 2025 | AWS signs a ~$5.5B, 15-year lease for 300 MW at a Cipher siteSignedDelivered in two phases from July 2026 to Q4 2026, rent from August 2026. Cipher's first direct hyperscaler lease. |
| Site lease | $5.5B | 15 years300 MW | Cipher Mining 8-K Ex. 99.1, 2025-11-03Regulatory filing |
| 28 Oct 2025 | TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3BSignedTeraWulf 50.1% (rising to 51%), Fluidstack 49.9%. Serves 'a global hyperscale AI platform developing frontier-scale foundation models'. Delivery expected H2 2026. On 2026-07-06 TeraWulf agreed to sell its entire 50.1% interest to an investor group led by Fluidstack (TeraWulf 8-K Ex. 99.1, 2026-07-06). |
| Site lease | $9.5B | 25 years168 MW | TeraWulf 8-K Ex. 99.1, 2025-10-28Regulatory filing |
| 21 Oct 2025 | Meta and Blue Owl form an 80/20 JV for the Hyperion campus in Louisiana; Meta leases it from 2029 with a residual value guaranteeSignedBlue Owl affiliate holds 80% and contributed $7.0B cash; Meta holds 20%, contributed $4.3B of assets and received a $2.6B distribution (Meta's release says ~$3B). Meta's 16-year residual value guarantee threshold begins at $28B. JV debt: $27.3B 6.581% Beignet Investor bonds due 2049 (reported, 144A, not filed). | Site lease | $12.3B$12.3B is Meta's initial four-year lease commitment (renewable to 20 years). Meta's release puts total development cost at ~$27B. | Meta 10-Q (Q3 2025), Note 13Regulatory filing | ||
| 16 Oct 2025 | TeraWulf subsidiary issues $3.2B of 7.750% senior secured notes due 2030 for the Lake Mariner expansionCompletedIssuer WULF Compute LLC; amortizing; matures 2030-10-15. Secured by the data center project (not GPUs); the leases carry the Google backstop. Initial purchaser Morgan Stanley. |
| Loan against chips | $3.2B | 7.75% interest | TeraWulf 8-K, 2025-10-23Regulatory filing |
| 6 Oct 2025 | OpenAI agrees to buy AMD Instinct GPUs (binding first 1 GW of MI450, up to 6 GW); AMD issues OpenAI a warrant for up to 160M sharesSignedWarrant at $0.01 per share, vesting on purchase milestones and AMD share-price targets escalating to $600 for the final tranche; exercisable until 2030-10-05. Accelerator as stated: AMD Instinct MI450. | Chip supply | undisclosedNo dollar value in the filing. Binding commitment covers the first 1 GW; warrant vests in tranches up to 6 GW of purchases. | 6,000 MWMI450 | AMD 8-K, 2025-10-06Regulatory filing | |
| 30 Sept 2025 | Meta commits up to ~$14.2B through December 14, 2031 for CoreWeave cloud capacitySignedOrder form under the December 10, 2023 Meta MSA (filed as Exhibit 10.1). Expanded 2026-03-31 (see meta-coreweave-capacity-2026-03). | Capacity contract | $14.2BInitially committed to pay up to approximately $14.2B (a ceiling), with an option to materially expand through 2032. | CoreWeave 8-K, 2025-09-30Regulatory filing | ||
| 25 Sept 2025 | OpenAI commits up to ~$6.5B more through May 31, 2031 in a new CoreWeave order formAmendedOrder form under the May 8, 2025 MSA, filed as Exhibit 10.1. Expands openai-coreweave-capacity-2025-03 and openai-coreweave-expansion-2025-05. | Capacity contract | $6.5BUp to approximately $6.5B (a ceiling); CoreWeave puts total OpenAI contract value at up to ~$22.4B after this order. | CoreWeave 8-K, 2025-09-25Regulatory filing | ||
| 25 Sept 2025 | Google backstops $1.4B of Fluidstack's Barber Lake lease obligations and receives warrants for ~5.4% of CipherSignedRecognition agreement: on Fluidstack payment default or insolvency, Google may pay rent and assume the lease, or pay a termination fee in exchange for equity in the project entity. Warrants for 24,178,576 Cipher shares at $0.01, with a $430M minimum-value make-whole. Increased by $333M on 2025-11-20. |
| Backstop | $1.4B | Cipher Mining 8-K, 2025-09-25Regulatory filing | |
| 25 Sept 2025 | Fluidstack leases Cipher's 168 MW Barber Lake site for 10 years, ~$3B of contracted revenueSignedColorado City, Texas; up to 244 MW gross. Google backstops the lease (see google-cipher-backstop-2025-09). Expanded 2025-11-20; follow-on lease with an AI lab 2026-09-24. |
| Site lease | $3B~$3B over the initial 10-year term; ~$7B if two five-year extensions are exercised. | 10 years · to 24 Sept 2035168 MW | Cipher Mining 8-K Ex. 99.1, 2025-09-25Regulatory filing |
| 15 Sept 2025 | Nvidia agrees to buy CoreWeave's residual unsold cloud capacity through April 13, 2032 under a $6.3B order formSignedNew order form under the April 10, 2023 MSA: where CoreWeave's capacity is not fully used by its own customers, Nvidia must purchase the residual unsold capacity through 2032-04-13, subject to delivery and availability requirements. Nvidia is also CoreWeave's GPU supplier and a stockholder. | Backstop | $6.3BInitial value of the order form: $6.3B. | CoreWeave 8-K, 2025-09-15Regulatory filing | ||
| 10 Sept 2025 | Nebius closes ~$3.16B of convertible notes plus a $1.0B share offering to fund its buildoutCompletedUnsecured. Nebius said it would finance the Microsoft contract with contract cash flows plus debt secured against the contract. |
| Loan against chips | $3.16BNotes only: ~$1.58B of 1.00% notes due 2030 and ~$1.58B of 2.75% notes due 2032. The concurrent 10,810,811-share offering at $92.50 (~$1.0B) brought gross proceeds to ~$4.2B. | Nebius 6-K Ex. 99.1, 2025-09-15Regulatory filing | |
| 8 Sept 2025 | Microsoft contracts Nebius for dedicated GPU capacity at Vineland, New Jersey: ~$17.4B through 2031, up to ~$19.4BSignedFive-year term, GPU services deployed in tranches during 2025 and 2026. Microsoft may terminate a tranche if delivery dates are missed after a grace period and no alternative capacity is provided. Obligations commence once Nebius confirms it has secured the financing for the capex. | Capacity contract | $17.4B~$17.4B total contract value through 2031; up to ~$19.4B if Microsoft acquires additional services/capacity. | 5 years | Nebius 6-K, 2025-09-08Regulatory filing | |
| 14 Aug 2025 | Google backstops $1.8B of Fluidstack's Lake Mariner lease obligations and receives warrants for ~8% of TeraWulfSignedWarrants for ~41M TeraWulf shares. On Fluidstack default or insolvency Google may pay rent and assume the lease or pay a termination fee. Raised to ~$3.2B total with CB-5 on 2025-08-17. |
| Backstop | $1.8B | TeraWulf 8-K, 2025-08-14Regulatory filing | |
| 14 Aug 2025 | Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenueSignedTwo leases (CB-3, CB-4) in Barker, New York, delivered in two phases in 2026. Google backstop: see google-terawulf-backstop-2025-08. On 2025-08-17 Fluidstack added the 160 MW CB-5 building on the same terms, taking its Lake Mariner total to ~360 MW (8-K 2025-08-18). |
| Site lease | $3.7B~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'. | 10 years · to 13 Aug 2035200 MW | TeraWulf 8-K Ex. 99.1, 2025-08-14Regulatory filing |
| 7 Jul 2025 | CoreWeave agrees to acquire Core Scientific in an all-stock deal; Core Scientific holders vote it down and the merger is terminatedTerminatedWould have given CoreWeave ~1.3 GW of gross power (~840 MW supporting CoreWeave HPC contracts, ~500 MW crypto mining) and eliminated >$10B of future lease payments over 12 years. Core Scientific stockholders did not approve it at the 2025-10-30 special meeting; Core Scientific terminated the merger agreement that day (CoreWeave 8-K 2025-10-31). Core Scientific had rejected an earlier unsolicited CoreWeave proposal in June 2024. |
| Acquisition | $9BImplied total equity value of approximately $9.0B as of July 3, 2025 (0.1235 CRWV shares per CORZ share, fully diluted, CoreWeave 5-day VWAP). | 1,300 MW | CoreWeave 8-K Ex. 99.1, 2025-07-07Regulatory filing |
| 30 Jun 2025 | Oracle discloses a cloud services agreement expected to contribute more than $30B of annual revenue starting in fiscal 2028SignedThe filing does not name the customer. OpenAI announced on 2025-07-22 an agreement with Oracle to develop 4.5 GW of additional Stargate capacity (openai.com/index/stargate-advances-with-partnership-with-oracle/). A ~$300B, ~five-year OpenAI-Oracle contract was reported by the WSJ on 2025-09-10 and has not been confirmed by either party. |
| Capacity contract | undisclosed>$30B is annual revenue from FY28, not total contract value; counterparty and term not disclosed. | Oracle 8-K, 2025-06-30Regulatory filing | |
| 11 Jun 2025 | Talen Energy and Amazon sign a PPA for 1,920 MW of Susquehanna nuclear power through 2042SignedRamps to full volume by 2032 at the latest; moves from co-located to front-of-the-meter after transmission work. Follows Talen's March 2024 sale of its Cumulus data center campus to AWS ($650M). |
| Power deal | $18B~$18B is Talen's figure for nominal cash flows over the 17-year PPA at minimum ramp (investor update 2025-09-09); the release itself states no value. | 1,920 MW | Talen Energy 8-K Ex. 99.1, 2025-06-11Regulatory filing |
| 2 Jun 2025 | CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7BSignedPolaris Forge 1. On 2025-08-28 CoreWeave added a 150 MW Building 4 lease (~$4.0B), taking its Ellendale total to 400 MW and Applied Digital's contracted lease revenue to ~$11B (8-K 2025-08-29). |
| Site lease | $7B~$3B (Building 2, 100 MW) plus ~$4B (Building 3, 150 MW) over the initial ~15-year terms; three five-year extension options. | 15 years · to 28 May 2040250 MW | Applied Digital 8-K, 2025-06-02Regulatory filing |
| 19 May 2025 | CoreWeave issues $2.0B of 9.250% senior unsecured notes due 2030CompletedLaunched at $1.5B on 2025-05-19, priced upsized to $2.0B on 2025-05-21, issued 2025-05-27; matures 2030-06-01. Unsecured corporate notes, not GPU-collateralized; proceeds for general corporate purposes including repayment of debt. |
| Loan against chips | $2B | 9.25% interest | CoreWeave 8-K, 2025-05-28Regulatory filing |
| 28 Mar 2025 | CoreWeave leases Galaxy's Helios campus in West Texas for 15 years, growing to 526 MW of critical ITSignedInitial 15-year, 133 MW lease (2025-03-28); CoreWeave exercised Phase II (260 MW, April 2025) and Phase III (133 MW, August 2025) options. Galaxy financed Phase I with a $1.4B Deutsche Bank term loan at SOFR (2.50% floor) + 4.75% (8-K 2025-08-15). |
| Site lease | undisclosedGalaxy: anticipated average annual revenue of over $1B for the three phases combined; no total stated. | 15 years526 MW | Galaxy Digital 8-K Ex. 99.2 (Q2 2025 overview), 2025-08-05Regulatory filing |
| 10 Mar 2025 | OpenAI commits up to ~$11.9B through October 2030 for CoreWeave cloud capacity; CoreWeave issues OpenAI $350M of stockSignedMaster services agreement with OpenAI OpCo. Condition: CoreWeave to establish an SPV holding the infrastructure, financed with SPV-level debt. CoreWeave agreed to issue OpenAI Class A shares worth $350.0M at the IPO price. OpenAI may terminate all or part of the commitment on repeated availability failures (Q1 2025 10-Q). Expanded May 2025 and September 2025. | Capacity contract | $11.9BUp to approximately $11.9B through October 2030 (a ceiling), subject to delivery and availability requirements. | CoreWeave S-1/A, 2025-03-12Regulatory filing | ||
| 17 May 2024 | CoreWeave enters DDTL 2.0 delayed draw term loan of up to $7.6B, led by Blackstone and MagnetarSignedBorrower CoreWeave Compute Acquisition Co. IV. Loan availability is a percentage of depreciated GPU server cost, scaled by the credit rating of the contracted customer. Margins per CoreWeave 8-K 2025-10-02: term SOFR + 6.00-6.50% for investment-grade contract loans, + 13.00% for non-investment-grade. A fifth amendment on 2025-09-29 added a $3.0B tranche at term SOFR + 4.25% (CoreWeave 8-K 2025-10-02). |
| Loan against chips | $7.6BUp to $7.6B per the S-1, subject to collateralization requirements; announced in May 2024 as a $7.5B facility. | CoreWeave S-1, 2025-03-03Regulatory filing |
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