Financing for multi-year compute contracts
A signed take-or-pay contract is what GPU lenders lend against. Bring it, the hardware quote and 30% cash in. Get a term sheet.
How it works
- The contract
- Your customer signs take-or-pay: a fixed price for every GPU-hour, for 2-3 years or more, paid whether they use the GPUs or not.
- The loan
- A project company buys the GPUs. The lender takes a first lien on them, the company’s equity and the contract, and sizes the loan to the contract’s term, price and customer.
- The repayment
- Payments go to an account the lender controls: the data center first, then the loan, then reserves. The rest is yours.
Size a loan against your contract: GPU loan calculator. What to bring: GPU financing requirements.
Public contract-backed GPU financings
10 public GPU financings since 2025 secured by the GPUs and a named customer contract. All are $445M and up; the same structure works under $20M, with smaller lenders.
Who signs the contract sets the price. IREN's loan against Microsoft priced at SOFR + 2.25%; CoreWeave's against OpenAI, a private AI lab, at SOFR + 4.00%.
| Borrower | Customer | Lead lenders | Loan | Pricing | Date | Source |
|---|---|---|---|---|---|---|
| Lambda | Two investment-grade hyperscalers (Microsoft, per Bloomberg) | JPMorgan | $1B DDTL | 6.78% fixed | Oct 2026 | Lambda |
| GMI Cloud | NVIDIA (per IFR) | CTBC | $445M GPU-backed facility | Not disclosed | Sep 2026 | Pulse 2.0 |
| Lambda | NVIDIA (per TechCrunch), investment grade per Lambda | Morgan Stanley, MUFG | $926M term loan | SOFR + 3.00%, OID 99.5 | Aug 2026 | Lambda |
| IREN | Microsoft | Goldman Sachs, JPMorgan | $1.5B DDTL | SOFR + 2.25% | Jun 2026 | SEC |
| IREN | Microsoft | Not disclosed | $2.1B senior notes | 5.96% fixed | Jun 2026 | SEC |
| CoreWeave | Meta (per Bloomberg) | MUFG, Morgan Stanley, Goldman Sachs, JPMorgan, Blackstone | $8.5B DDTL | Floating: daily SOFR + 2.25%; fixed: UST + 2.00% (~5.9%) | Mar 2026 | SEC |
| Firmus | Unnamed hyperscalers and AI customers | Blackstone | $10B GPU-backed facility | Not disclosed | Feb 2026 | Kirkland & Ellis |
| xAI | xAI, leasing the GPUs | Apollo | $3.4B sale-leaseback | ~9.5% (reported) | Feb 2026 | Reuters |
| xAI | xAI, leasing the GPUs | Apollo | $3.5B sale-leaseback | Not disclosed | Jan 2026 | Apollo |
| CoreWeave | OpenAI | Morgan Stanley, MUFG, Goldman Sachs | $2.6B DDTL | SOFR + 4.00% | Jul 2025 | CoreWeave |
On deals under $20M, expect 7-10% with an investment-grade customer, 10-12% with a strong corporate, and 12-15% with a weak one. Every deal: GPU Financing Tracker.
What lenders ask for, by customer
The weaker the customer, the more cash and support the lender wants. Score yours with the Offtaker Credit Score.
| Customer tier | Advance | Loan term | Prepayment | Credit support |
|---|---|---|---|---|
| AC-1 Prime | 75-80% of equipment cost | Up to the full contract term | None required | None required |
| AC-2 Strong | 65-75% | Repaid with 3-6 months of contract left | 1-3 months of payments as a deposit | Not usually |
| AC-3 Acceptable | 55-65% | Repaid with 12+ months of contract left | 10-20% of contract value | Letter of credit or escrow, 3-6 months |
| AC-4 Weak | Up to 50% | No longer than the buyer's funded runway | 20-30% of contract value | Letter of credit, 6-12 months |
Starting points from the Offtaker Credit Score. Below AC-4, lenders size on the hardware alone.
What makes a contract financeable
- Take-or-pay
- A fixed amount for every hour, used or not. Usage-based revenue counts for less.
- Term
- At least 2 years, ideally 3 or more. One year rarely pays for the hardware.
- A customer who can pay
- Well funded or cash-flow positive. A $100M commitment wants $300M+ in assets behind it.
- Not another neocloud
- A neocloud reselling your capacity is rarely profitable enough for a lender.
- Money down
- A customer down payment or prepayment, or a letter of credit, guarantee or escrow, sized to the customer’s tier.
Clause by clause, with the public filing behind each: offtake agreement template.
Two minutes to find out if you qualify.
- Your financing application link, straight away
- A 20-minute onboarding call
- A straight answer if it’s not a fit for the program
Prefer email? hello@amcompute.com
Compute contract financing questions
- Which lenders finance multi-year compute contracts?
- On large deals, banks and private credit funds. Under $20M, equipment lessors, smaller credit funds and the program’s lending partners.
- Is a signed LOI enough?
- To get a term sheet, a signed LOI is preferred. Lenders fund against the binding contract, so convert the LOI into an MSA once the term sheet is in hand.
- What if I have no contract yet?
- The program then asks for 50% of the cost in cash and 150% of it in funding or capital. Or sign the customer first: lenders size the loan to contracted revenue.