Compute / the Ledger · 5 deals
Who is paying whom for compute.
Every deal dated, typed in plain words, and linked to the document it comes from.
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Deals with JPMorgan Chase as a party. JPMorgan Chase’s page · Show every party
| Announced | Deal | Parties | Type | Value | Terms | Source |
|---|---|---|---|---|---|---|
| 28 Sept 2026 | Hut 8 enters a senior secured revolving credit facility of up to $1.07B with JPMorgan Chase as agentSignedCredit Agreement dated September 24, 2026; loans may be borrowed and reborrowed until the fourth anniversary of the closing date. Interest at Adjusted Term SOFR (0.00% floor) plus 1.50%-2.00%, or base rate plus 0.50%-1.00%, by reference to the Consolidated Total Debt to Market Capitalization Ratio; initial margin 1.750% for Term SOFR loans. Proceeds for general corporate purposes and working capital. Secured by a first-priority lien on substantially all assets of the company and guarantors. Minimum liquidity covenant from the quarter ending March 31, 2027: 40% of commitments before the Stabilization Date, 25% after. |
| Loan against chips | $1.07Bup to $1,070.0M outstanding, including a $1,070.0M letter of credit sublimit; nothing drawn at closing | 4 years · to 24 Sept 2030 | Hut 8 Form 8-K, 2026-09-28Regulatory filing |
| 18 Sept 2026 | Nscale enters a revolving credit facility with JPMorgan Chase as agent, upsized from $770M to $900MSignedRevolving Credit and Guaranty Agreement dated 2026-05-08, Nscale Global Holdings Limited with JPMorgan Chase Bank, N.A. and others (Exhibit 10.18, amended 2026-06-17 and 2026-06-30). Initial commitment $770.0M with a $200.0M letter-of-credit sublimit; upsized to $900.0M as of 2026-06-30. Term SOFR + 1.75% or alternate base rate + 0.75%. Incremental capacity up to $500.0M plus an unlimited amount subject to leverage ratios. Initial maturity the third anniversary of the effective date, with two one-year extension options for lenders. |
| Loan against chips | $900M$900M after upsize from $770M | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Nscale's North Carolina borrower enters a $1.2B delayed-draw term loan to finance GPUs, arranged by Goldman Sachs and JPMorganSignedCredit agreement dated 2026-08-27; borrower Nscale NC Borrower SPV, LLC. $370.0M fixed-rate and $830.0M floating-rate delayed-draw commitments. Floating: three-month Term SOFR + 2.375% (or base rate + 1.375%), 0.00% floor. Fixed: SOFR + 2.375% plus the applicable USD SOFR swap rate, set before funding. Matures December 2031. Finances GPU infrastructure capex in North Carolina. Goldman Sachs Bank USA and JPMorgan Chase Bank, N.A. are joint lead arrangers, joint bookrunners and co-structuring agents (Exhibit 10.24). |
| Loan against chips | $1.2B$1.2B delayed-draw: $370M fixed + $830M floating | Nscale Form S-1, filed 2026-09-18Regulatory filing | |
| 18 Sept 2026 | Nscale's Ward County, Texas borrower enters a $1.85B delayed-draw term loan to finance GPUs, arranged by JPMorgan and Goldman SachsSignedCredit agreement dated 2026-08-27; borrower Nscale Ward County Borrower SPV, LLC. $630.0M fixed-rate and $1.22B floating-rate delayed-draw commitments. Floating: three-month Term SOFR + 2.375% (or base rate + 1.375%), 0.00% floor. Fixed: 2.375% plus the applicable USD SOFR swap rate, set before funding. Matures February 2033. Finances GPU infrastructure capex at the Ward County site. JPMorgan Chase Bank, N.A. and Goldman Sachs Bank USA are joint lead arrangers, joint bookrunners and co-structuring agents (Exhibit 10.23). |
| Loan against chips | $1.85B$1.85B delayed-draw: $630M fixed + $1.22B floating | Nscale Form S-1, filed 2026-09-18Regulatory 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 |
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