Compute market / 8 dealsThe compute board
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 |
|---|---|---|---|---|---|---|
| 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 | |
| 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 | |
| 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 | |
| 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 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 |
| 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 | |
| 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 |
| 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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