What GPU loans cost
Pricing on 19 public GPU financings since 2023, and on the onchain loans closest to smaller deals.
Typical pricing by deal profile
All-in adds SOFR (3.87%, Oct 8, 2026) to floating spreads; fixed rates are the coupon. Fees are not included.
| Deal profile | Deals | Range | Median | All-in, SOFR 3.87% | Deals dated | Model it |
|---|---|---|---|---|---|---|
| GPU loan, investment-grade customer, floatingGPUs plus a contract with an investment-grade customer, or a loan rated investment grade | 5 | SOFR + 2.25-3.00% | SOFR + 2.375% | 6.12-6.87% | Mar 2026 to Aug 2026 | Run it at 6.00% |
| GPU loan, investment-grade customer, fixedThe same collateral, priced as a fixed coupon | 3 | 5.90-6.78% | 5.96% | 5.90-6.78% | Mar 2026 to Oct 2026 | Run it at 6.00% |
| GPU loan, other customers, floatingGPUs plus contracts with unrated, sub-investment-grade or undisclosed customers | 6 | SOFR + 4.00-5.50% | SOFR + 4.75% | 7.87-9.37% | Jul 2025 to Aug 2026 | Run it at 8.50% |
| GPU facility, lease or vendor financing, fixed, no IG customerSecured on the GPUs, with no investment-grade customer behind them | 4 | 9.00-10.00% | 9.725% | 9.00-10.00% | Jan 2025 to Oct 2026 | Run it at 9.50% |
| Onchain GPU loan (USD.AI)Stablecoin-funded GPU loans, $0.2M to $98M, mostly to smaller operators | 15 | 10.00-15.00% | 12.00% | 10.00-15.00% | Jan 2026 to Aug 2026 | Run it at 12.00% |
Sources: the GPU Financing Tracker, the rated and onchain trackers; SOFR from the New York Fed. "Run it" opens the loan calculator at the median all-in rate.
Deals under $20M
The public deals above are large. Smaller loans, to operators with a shorter track record or a less established customer, usually price higher and fixed.
| Customer behind the deal | Typical rate |
|---|---|
| Investment-grade offtaker | 7-10% |
| Strong corporate offtaker | 10-12% |
| Weaker offtaker | 12-15% |
| Less established offtaker or operator | 15-18% |
From our GPU loans guide. The better the customer, the lower the rate; the lender sets it. Fees of about 1-3% come on top.
Spreads since 2023
CoreWeave paid SOFR + 9.62% in August 2023 and SOFR + 2.25% in March 2026. Its first GPU loan, DDTL 1.0, was unrated: about 14.9% all-in. DDTL 4.0 was rated investment grade (Moody's A3 / DBRS A (low)) and backed by Meta's contracts (Bloomberg): about 5.9%.
Same borrower, 100 basis points wider. DDTL 5.0, backed by contracts with two non-investment-grade customers, priced at SOFR + 4.50% in May 2026. DDTL 5.5 priced at SOFR + 5.50% in August 2026, on customer contracts averaging about three years against a five-year loan (Yahoo Finance).
- Investment-grade customer or rating
- Other customers
Margin over SOFR on floating loans secured on GPUs and customer contracts, by announcement date.
Every priced GPU loan
19 public GPU financings with published pricing. All-in at signing adds SOFR on the announcement date.
| Deal | Announced | Customer credit | Pricing | All-in at signing | Size | Source |
|---|---|---|---|---|---|---|
| Lambda fixed-rate DDTL | Oct 1, 2026 | Investment gradeDBRS A (low) / Moody's Baa1 | 6.78% | 6.78% | $1B | Lambda |
| Sharon AI GPU-backed facility | Oct 1, 2026 | No contract pledged | 9.95% | 9.95% | $356M | SEC |
| Nscale Ward County DDTL | Aug 31, 2026 | Investment gradeMoody's Baa1 | SOFR + 2.375% | 6.05% | $1.9B | SEC |
| Lambda term loan B | Aug 27, 2026 | Investment gradeMoody's Baa2 | SOFR + 3.00% | 6.64% | $926M | Lambda |
| IREN Mackenzie GPU facility | Aug 25, 2026 | No contract pledged | 9.00% | 9.00% | $2.4B | SEC |
| CoreWeave DDTL 5.5 | Aug 10, 2026 | Not investment gradeMoody's Ba2 / Fitch BB+ | SOFR + 5.50% | 9.13% | $2.6B | CoreWeave |
| Nscale GPU DDTL (July) | Jul 29, 2026 | Not investment grade | SOFR + 5.50% | 9.15% | $332M | SEC |
| Nebius GPU-backed loan | Jul 17, 2026 | Investment grade | SOFR + 2.50% | 6.09% | $775M | Nebius |
| IREN Microsoft DDTL | Jun 1, 2026 | Investment gradeFitch A / DBRS A (low) | SOFR + 2.25% | 5.90% | $1.5B | SEC |
| IREN Microsoft private placement | Jun 1, 2026 | Investment gradeFitch A / DBRS A (low) | 5.96% | 5.96% | $2.1B | SEC |
| CoreWeave DDTL 5.0 | May 18, 2026 | Not investment gradeMoody's Ba2 / Fitch BB+ | SOFR + 4.50% | 8.03% | $3.1B | CoreWeave |
| CoreWeave DDTL 4.0 | Mar 31, 2026 | Investment gradeMoody's A3 / DBRS A (low) | SOFR + 2.25% | 5.93% | $8.5B | SEC |
| CoreWeave DDTL 4.0, fixed tranche | Mar 31, 2026 | Investment gradeMoody's A3 / DBRS A (low) | 5.90% | 5.90% | $8.5B | SEC |
| Nscale GPU DDTL | Feb 12, 2026 | Not investment grade | SOFR + 5.00% | 8.65% | $1.4B | Bloomberg |
| xAI GPU sale-leaseback (reported) | Feb 9, 2026 | Not investment grade | 9.50% | 9.50% | $3.4B | Reuters |
| CoreWeave DDTL 2.1 | Sep 29, 2025 | Not investment grade | SOFR + 4.25% | 8.38% | $3B | SEC |
| CoreWeave DDTL 3.0 (OpenAI) | Jul 31, 2025 | Not investment grade | SOFR + 4.00% | 8.39% | $2.6B | CoreWeave |
| CoreWeave vendor financing | Jan 1, 2025 | No contract pledged | 10.00% | 10.00% | Undisclosed | SEC |
| CoreWeave DDTL 2.0, IG contracts | May 17, 2024 | Investment grade | SOFR + 6.00% | 11.31% | $7.5B | Blackstone |
| CoreWeave DDTL 2.0, other contracts | May 17, 2024 | Not investment grade | SOFR + 13.00% | 18.31% | $7.5B | Blackstone |
| CoreWeave DDTL 1.0 | Aug 3, 2023 | Not investment grade | SOFR + 9.62% | 14.92% | $2.3B | Blackstone |
Investment grade: the loan, or the customer in its collateral, is rated BBB- or better. AI data center bonds and unsecured notes are in the GPU Financing Tracker.
What moves your rate
- Your customer
- The biggest factor. The median investment-grade backed floating loan priced 238 basis points under the rest (2026 vs. 2025-2026 deals), about $238K a year on a $10M loan. Score yours with the Offtaker Credit Score.
- Your track record
- GPUs in operation, uptime, customer concentration and cash. How lenders score it: Neocloud Credit Score.
- Cash in
- More equity, less risk for the lender. USD.AI asks for at least 20% of cost; the program asks for 30% with a customer contract and 50% without.
- Loan term vs. contract
- Lenders want the contract to repay the loan. A loan that outlives its contracts pays for the re-leasing risk, as DDTL 5.5 did.
- Insurance and backstops
- Customer default insurance on the contract moves a USD.AI loan into its investment-grade tier.
- Deal size
- Every loan above is $332M or more. The closest public match for smaller deals is onchain: USD.AI's 15 2026 loans of $200K to $98M priced at 10.00-15.00%, median 12.00%. Its rate card: 7-9% with an investment-grade customer or default insurance, 10-12% for other multi-year contracts, 12-15% for on-demand or spot (USD.AI).
- SOFR
- Floating loans move with it: 5.30% when DDTL 1.0 closed, 3.87% on Oct 8, 2026.
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
GPU financing rate questions
- What rate should a small operator expect?
- More than the large loans on this page. For deals under $20M, expect 7-10% (investment-grade offtaker), 10-12% (strong corporate offtaker), 12-15% (weaker offtaker), 15-18% (less established offtaker or operator). The lender sets the rate.
- Fixed or floating?
- Most large GPU loans float over SOFR; fixed tranches backed by investment-grade customers priced at 5.90-6.78%. Smaller loans are usually fixed, and onchain loans are fixed at origination.
- Is a GPU lease rate the same as a GPU rental rate?
- No. A lease rate is the financing cost built into the lease payments. A rental rate is what a cloud charges per GPU-hour.