Credit · Tracked as filed as of 2026-10-01

Lambda

CCIR tracks 5 instruments issued by Lambda: credit facility. Every row traces to a primary document.

Floating spreads at signing

Filed spread over SOFR, by signing date · window Aug 2026 – Aug 2026

Facility ratings

Baa1 Moody's 2026-10-01 $1.008B senior secured fixed-rate delayed draw term loan due 2033
A (low) DBRS 2026-10-01 $1.008B senior secured fixed-rate delayed draw term loan due 2033
Baa2 Moody's 2026-08-11 $926M senior secured Term Loan B (Moody's Baa2 — first IG-rated TLB by a private neocloud, per company)

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
Lambda (parent level)	$1.008B senior secured fixed-rate delayed draw term loan due 2033	1,008	6.78%
	Upsized syndicated senior secured facility	1,000	Undisclosed
	Syndicated senior secured credit facility	275	Undisclosed
Lambda Compute II LLC	$926M senior secured Term Loan B (Moody's Baa2 — first IG-rated TLB by a private neocloud, per company)	926	S+3.00%
GPU-backed special purpose financing vehicle	GPU-backed SPV financing	500	Undisclosed

Instruments

$1.008B senior secured fixed-rate delayed draw term loan due 2033

Credit facility $1,008m 6.78% Entered 2026-10-01

Seniority: Senior secured
Maturity: 2033-05-30 — Final maturity May 30, 2033; fully amortizing.
Collateral: GPU servers and related infrastructure funded by the facility, and the contracted cash flows (company release). Fully amortizing; no residual value stated.
Offtaker: Two investment-grade offtakers (three deployments)
Lenders: J.P. Morgan (sole coordinating lead arranger, structuring agent and bookrunner) · Insurance companies and fixed-income investors (per release)
Pricing: 6.78% fixed, semi-annual coupon (company release).
Terms: Delayed draw: proceeds released as clusters enter service. Funds GPU infrastructure for three committed customer deployments with two investment-grade offtakers across multiple data centers (company release). Chip types, unit counts and customer terms not disclosed.

Source: Business Wire, Lambda release 10/1/26 (also lambda.ai blog) · document

$926M senior secured Term Loan B (Moody's Baa2 — first IG-rated TLB by a private neocloud, per company)

Credit facility $926m S+3.00% Entered 2026-08-12

Borrower: Lambda Compute II LLC (Delaware bankruptcy-remote SPV; obligations guaranteed by operating subsidiary Lambda Cloud Canada Inc.)
Seniority: Senior secured (first lien)
Maturity: 2030-12-31 — Fully amortizing schedule aligned with contracted cash flows
Collateral: GPU servers and related infrastructure funded through the transaction, plus the cash flows those assets generate (close release)
Offtaker: Investment-grade offtaker per release (NVIDIA per press)
Lenders: Morgan Stanley (lead left arranger, bookrunner, administrative agent) · MUFG (joint bookrunner) · Syndicate not named
Pricing: SOFR + 3.00% at 99.5 OID; tightened 75bp during syndication; >=95% of principal required to be hedged through maturity (effectively fixed); SOFR + 3.00%, OID 99.5 (close release)
Terms: Moody's assigned first-time Baa2 (stable) 2026-08-11 to the proposed ~$917M facility; priced 2026-08-12 at $926M (upsized) — expected close August 2026. Offtaker = NVIDIA under take-or-pay MSA (availability-based fixed-price payments, no volume/price exposure; SLA credits up to 30%, regime noted by Moody's as more onerous than other non-recourse GPU financings). Moody's base case: DSCR ~1.20x, GPU utilization 70%, PUE 1.20; 3-month DSRA + 3-month opex reserve (vs 6-month typical); single draw; power unhedged (Hydro-Quebec regulated). NVIDIA context per Moody's: material equity interest in Lambda + guarantee of >$2B of Lambda data center lease payments. Company framing 'first IG-rated TLB by a private neocloud' carried as claim only. CLOSED per Lambda release 8/27/26: priced 8/12 at SOFR + 3.00%, issued at 99.5; fully amortizing, matures 2030-12-31, aligned with the contracted cash flows and useful life of the funded GPUs. Company frames it as its first large-scale private-cloud GPU asset-backed SPV financing and the first broadly syndicated, investment-grade-rated term loan B by a private neocloud. Close read 2026-10-02: the release pledges the asset cash flows and does not say the customer contract is assigned; Morgan Stanley lead left, MUFG joint bookrunner.

Source: Lambda close release 8/27/26; Moody's Baa2 8/11/26 · document

Upsized syndicated senior secured facility

Credit facility $1,000m Undisclosed Entered 2026-05-07

Seniority: Senior secured
Maturity: Undisclosed
Collateral: Company cites lenders' confidence in its contracted revenue base
Lenders: J.P. Morgan (lead arranger) · Expanded syndicate unnamed
Terms: Multi-tranche; oversubscribed ~4x upsize of the $275M facility

Source: lambda.ai release · document

Syndicated senior secured credit facility

Credit facility $275m Undisclosed Entered 2025-08-19

Seniority: Senior secured
Maturity: Undisclosed
Collateral: Collateral unspecified; Blackwell fleet + DC expansion
Lenders: J.P. Morgan (lead) · Citi · MUFG · Crédit Agricole · Others
Terms: Upsized to $1B May 2026 (see separate row)

Source: Business Wire · document

GPU-backed SPV financing

Credit facility $500m Undisclosed Entered 2024-04-04

Borrower: GPU-backed special purpose financing vehicle
Seniority: SPV asset-backed
Maturity: Undisclosed
Collateral: SPV collateralized by the NVIDIA GPUs it funds; on-demand cloud fleet, no long-term customer contracts required
Offtaker: None — on-demand fleet, no long-term customer contracts
Lenders: Macquarie Group (lead) · Industrial Development Funding · Lazard advised Lambda
Terms: Up to $500M

Source: Business Wire; Latham & Watkins (Macquarie counsel) · document

Collateral classes on this page: gpu, secured_undisclosed. The full ledger, with every issuer and the derived credit series, is on Compute Credit.