W.046GPU-backed debt announced this year reached $48.4B by October 10, 47% of tracked AI infrastructure debt. Lenders charged about 6% when an investment-grade customer stood behind the chips and 8–10% otherwise
American Compute’s tracker counts $48.4B of public GPU-backed debt announced in 2026 to October 10, 7.3 times all of 2025 and 47% of the AI infrastructure debt it tracks, while debt secured on data center campuses was $22.4B, against $46.1B in all of 2025. Social Capital argued on November 7 that lenders are exposed to falling GPU rents twice, through the collateral and the cash that repays the loans. The rent indices we found have risen this year, and what lenders charge depends mostly on who rents the chips: 5.93% for CoreWeave’s loan backed by an investment-grade customer, 8–10% for loans backed by other customers or none.
The count
Lenders have moved from campuses to chips. American Compute’s GPU financing tracker, which counts public debt, lease and structured financings at the amounts announced, shows $48.4B of GPU-backed debt across 21 financings in 2026 to October 10, against $6.6B in all of 2025, according to FourWeekMBA’s account of the tracker on November 7. The first quarter alone, $23.4B, was 3.5 times 2025. Debt secured on data center and campus projects was $22.4B to October 10, against $46.1B in all of 2025, when Meta’s $27.3B Hyperion joint venture led the year. Corporate borrowing rose to $32.1B. GPU-backed debt went from 8% of the total to 47%.
The count stops on October 10 and leaves out private deals. It excludes the $40B of GPU debt that Elon Musk said on October 25 SpaceX had closed. It also predates the roughly $63B lease financing for Broadcom-designed racks that Anthropic will rent, announced on October 26, which on its own is 1.3 times the tracker’s 2026 GPU-backed total. Broadcom’s filing says that if the customer defaults on the lease it will cover the gap between 72.5% of what is owed on the lease and what the racks would sell for, a maximum of about $43B once they are deployed. Fortune reported that Anthropic can also issue up to $42B of convertible notes to Broadcom.
GPUs secured 47% of this year’s tracked debt, up from 8%
Public AI infrastructure debt by what secures it, $ billions, as American Compute’s tracker classifies it, at the amounts announced: GPU-backed (loans, facilities, leases and vendor financing secured on the chips), data center and campus, and corporate. 2025 is the full year; 2026 runs to October 10. Private deals, SpaceX’s $40B and the Anthropic–Broadcom financing are not included.
The first quarter alone was 3.5 times all of 2025
GPU-backed debt, $ billions, by the quarter it was announced, from the same tracker. The last bar covers October 1–10 only. The quarters sum to $48.5B against the $48.4B total because of rounding.
What the loans cost
The customer behind the chips sets the price. CoreWeave’s $8.5B delayed-draw loan of March, backed by a contract with what it called a leading AI enterprise, was rated A3 by Moody’s and costs about 5.93% all-in, 8 basis points above the 5.85% Meta paid on November 3 for unsecured five-year notes. Its $3.1B loan of May, backed by two non-investment-grade customers, was rated Ba2 and costs 8.03%; its $2.6B loan of August, 9.13%. American Compute’s pricing page puts loans with an investment-grade customer at about 5.9–6.8%, about 6.25% at today’s SOFR, and loans without a customer contract at 9–10%. CoreWeave’s own 9.75% notes due 2031 traded at a 16.33% yield on about November 6, FourWeekMBA reported from FINRA data.
Most of the money came as delayed-draw term loans. They account for $21.5B across nine deals this year, and GPU-backed facilities another $14B across six, per the tracker. Delayed-draw loans are drawn as chips are delivered, so the amounts are commitments; the tracker does not say how much has been drawn.
An investment-grade customer is worth about two points
All-in annual cost, %. GPU-backed loans from American Compute’s pricing page (updated October 10; floating loans at their all-in rate on the day each closed, SOFR then plus the spread). Meta: new-issue yield on its unsecured 2031 notes, November 3. The last bar is a secondary-market yield on CoreWeave’s 9.75% 2031 notes as reported by FourWeekMBA, not a loan rate. Light blue: investment-grade customer, or fixed loans priced near it; red: other or non-investment-grade customers, or no customer contract. CoreWeave describes DDTL 5.5’s customers only as a diverse group.
The collateral
Social Capital argues that lenders face GPU rents twice. In a post on November 7 it said falling rental prices would cut both the value of the chips that secure the loans and the cash flow that repays them once current contracts end, FourWeekMBA reported. The indices we found have so far moved the other way. Silicon Data’s H100 rental index rose from $2.00 an hour on December 9, 2025 to $2.88 on October 24, 44% higher. Ornn’s H100 index settled at $3.28 on November 6, up 15.09% in a month. Ornn’s newer chips rose faster at the same settlement: H200 rents were $6.85 an hour, up 26.4% in a month, and B200 $9.53, up 26.7%. Today’s rents do not show what these chips will earn once supply catches up.
Banks are also trimming older exposure. ING is offering about $500 million of data center loans for sale, including a $25 million piece tied to the Stargate site in New Mexico, with bids due November 19, Bloomberg reported on November 5, citing people familiar with the matter. Those are campus loans, not GPU loans; W.029 covers them.
Delayed-draw loans were the largest kind
GPU-backed debt in 2026 to October 10 by instrument, $ billions, as the tracker classifies it. The last row is our arithmetic: the $48.4B total less the five named instruments, which leaves about $6.2B the summary does not assign.
The figures behind the charts
| Series | 2025 | 2026 to Oct 10 |
|---|---|---|
| GPU-backed | $6.6B | $48.4B |
| Data center and campus | $46.1B | $22.4B |
| Corporate | $26.4B | $32.1B |
| Total | $79B | $103B |
| GPU-backed, 2023–24 (derived) | $11.8B | |
| Q1 2026 | – | $23.4B |
| Q2 2026 | – | $9.3B |
| Q3 2026 | – | $14.4B |
| Q4 to Oct 10 | – | $1.4B |
What this changes on 06.ai
- Neocloud capex pack: the funding mix has moved further toward GPU-secured loans than the pack assumes; the tracker’s 2026 split (GPU 47%, campus 22%, corporate 31%) and the 5.9% vs 8–10% pricing split by customer quality are dated inputs for its cost-of-debt assumptions.
- The leveraged middle: the Broadcom backstop (up to about $43B) moves residual-value risk on Anthropic’s racks onto a chipmaker’s balance sheet, a structure worth adding to the pack’s list of who holds the risk.
- GPU compute price index: H100 rents are the collateral’s income in these loans; a series that sets our index against the cost of GPU-backed debt would show the margin lenders rely on.
Sources and method
| Item | Figure | Source |
|---|---|---|
| Tracker | GPU-backed debt $48.4B across 21 public financings in 2026 to Oct 10 (47% of $103B), vs $6.6B in 2025 (8% of $79B); data center and campus $22.4B (2025: $46.1B); corporate $32.1B (2025: $26.4B); quarters $23.4B, $9.3B, $14.4B, $1.4B; instruments as in chart 4; $197B since 2023, $66.8B of it GPU-backed. Excludes private deals and SpaceX’s $40B (Oct 25) | American Compute tracker (data to Oct 10), as reported by FourWeekMBA, Nov 7 |
| Tracker | “Amounts as announced”; $197B of new money, 92% of it in 2025 and 2026; the page counts 110 financings where FourWeekMBA counts 101 | American Compute, GPU financing tracker, updated Oct 10 |
| Deals | Largest GPU loans: Firmus up to $10B (Feb), CoreWeave DDTL 4.0 $8.5B (Mar), xAI up to $3.5B sale-leaseback (Jan), CoreWeave DDTL 5.0 $3.1B (May), Zankore $3.1B (Sep), CoreWeave DDTL 5.5 $2.6B (Aug) | American Compute, largest GPU loans, updated Oct 10 |
| Rates | All-in rates: DDTL 4.0 5.93%, DDTL 5.0 8.03%, DDTL 5.5 9.13%; Lambda 6.78% fixed; IREN facility 9.0% fixed; Sharon AI 9.95%; SOFR 3.87% on Oct 8 | American Compute, GPU debt pricing, updated Oct 10 |
| CoreWeave | DDTL 4.0: $8.5B, SOFR + 2.25%, about 5.9% fixed, rated A3 / A (low), first investment-grade financing secured by HPC infrastructure, backed by a contract with “a leading AI enterprise” | CoreWeave release (8-K exhibit), Mar 31 |
| CoreWeave | DDTL 5.0: $3.1B, SOFR + 4.5%, Ba2 / BB+, two large non-investment-grade customers | CoreWeave release (8-K exhibit), May 18 |
| CoreWeave | DDTL 5.5: $2.6B, SOFR + 5.5%, Ba2 / BB+ | CoreWeave release (8-K exhibit), Aug 10 |
| Meta | $3.25B 5.850% notes due Nov 15, 2031, yield 5.850%, Treasuries + 110 bp; one tranche of $15B | Meta pricing term sheet, Nov 3 |
| CoreWeave | 9.75% notes due 2031 traded at a 16.33% yield, on FINRA TRACE data | FourWeekMBA roundup, Nov 7 |
| Rents | Silicon Data H100 index $2.00 on Dec 9, 2025 and $2.88 on Oct 24, 2026 | explainx.ai, Oct 2026 |
| Rents | Ornn H100 SXM $3.28/hour at the Nov 6 settlement, up 15.09% in a month; H200 $6.85 (+26.4%); B200 $9.53 (+26.7%) | Ornn data |
| ING | About $500M across a dozen data center loans, including a $25M loan tied to Stargate New Mexico and Vantage and CyrusOne exposure; bids of at least $10M due Nov 19; ING declined to comment | Bloomberg, via Reuters / Global Banking & Finance, Nov 5 |
| Broadcom | If the customer defaults on the lease, the backstop covers the gap between 72.5% of amounts owed on the lease and the racks’ sale value; maximum potential liability about $43B once the racks are deployed | Broadcom 8-K, Oct 27 |
| Anthropic | About $63B lease financing for Broadcom racks, arranged with Bank of America, Citi and Morgan Stanley, with Blackstone; Anthropic may issue up to $42B of convertible notes to Broadcom | Fortune, Nov 4 |
The tracker’s yearly, quarterly and instrument figures come from FourWeekMBA’s account of it; we could not open the summary page, and its hub page counts 110 financings where FourWeekMBA counts 101. We could not open Social Capital’s post and describe it from FourWeekMBA’s account. Multiples: 48.4 ÷ 6.6 = 7.33; Q1 23.4 ÷ 6.6 = 3.55. Shares: 48.4 ÷ 103 = 47.0%; 6.6 ÷ 79 = 8.4%. Campus debt: 22.4 ÷ 46.1 − 1 = -51.4%. Since 2023: 48.4 ÷ 66.8 = 72.5% of all GPU-backed debt is from 2026; 2023–24 = 66.8 − 48.4 − 6.6 = 11.8. Instruments: named instruments sum to 42.225; 48.4 − 42.225 = 6.2 unassigned. Rates: 8.03% − 5.93% = 2.10 points; 5.93% − 5.85% = 8 bp. Floating rates are the tracker’s all-in rates on the day each loan closed; at SOFR of 3.87% on October 8 the three CoreWeave loans would cost 6.12%, 8.37% and 9.37%, and their spreads differ by 2.25 points between DDTL 4.0 and 5.0. Rents: 2.88 ÷ 2 − 1 = 44%. Broadcom: 63 ÷ 48.4 = 1.30; the $63B is the announced amount, not drawn.
Wire reports are written within hours of the news, on a six-hour schedule. Each lists its sources and shows the arithmetic behind its figures. Not investment advice.