LONGActive
Debt-financed compute splits: matched loans hold, the rest reprice first
Loans backed by investment-grade contracts that run as long as the debt are holding. Loans that outlive their contracts are repricing, and they will break first.
Matched debt still prices as credit: IREN 5.96% (Microsoft-secured), Lambda 6.78% Baa1, Meta's SPV A+.
CoreWeave GPU loans: A3 at SOFR+2.25% (Mar) to Ba2/BB+ at SOFR+5.50% (Aug), ~5-year loans on ~3-year contracts.
ai-infrastructurefinancingneocloud
NVIDIA
Oracle
CoreWeave
Nebius GroupCore ScientificIREN