Research · 2026-09-25 · Credit

Data-Center Bonds Price the Tenant

A GPU loan is priced on the customer behind its contract. Data-center bonds work the same way. The bond is priced on the tenant behind the lease.

→ Coupons by tenant
→ The tenant sets the band
→ Method

01 Coupons by tenant

Bonds priced October 2025 to September 2026, sorted by who stands behind the lease. These are selected deals with a disclosed coupon.

Who stands behind the lease	Bonds	Coupon range
Hyperscaler or investment-grade tenant	11	5.70% to 7.875%
Google-backstopped lease (Fluidstack tenant)	5	6.19% to 7.75%
CoreWeave	6	7.00% to 9.875%
Other unrated tenants	3	8.875% to 9.00%

Operator bond coupons, by offtake credit support

Coupon at pricing, fixed-rate senior secured notes issued by the data-center operator · selected deals · Oct 2025 to Sep 2026 · hover a dot for the bond, click to open its ledger row

By contract support · IG → none Hyperscaler-IG tenant / IG-rated Google-backstopped lease (Fluidstack tenant) Neocloud / self-operated, unrated

Symbol ● filed bond · ◎ 2042 maturity (longer tenor)

Coupon, percent. Issued by the data-center operator.

Landlord and securitization coupons, by tenant credit

Coupon at pricing, issued by a single-campus vehicle where the tenant's lease is the credit · selected deals · mark area = deal size · Oct 2025 to Sep 2026 · hover a mark for the deal, click to open its ledger row

By tenant credit · IG → none Hyperscaler or IG tenant (Meta, Microsoft, Oracle) Google-backstopped lease (Fluidstack tenant) Neocloud or other non-IG tenant (CoreWeave, Jane Street, a SoftBank affiliate)

Symbol ● issuer/filing-sourced pricing · ○ press-sourced pricing · ◎ long-dated amortizer, final 2045–49 · mark area = deal size

Coupon, percent. Issued by a single-campus vehicle. Mark area = deal size.

The GPU loans on our ledger show the same order. Loans backed by an investment-grade customer priced at SOFR plus 2.25% to 3.00% in 2026. Loans on unrated customers priced at plus 4.50% to 5.50%. See the live spreads chart.

02 The tenant sets the band

Within a band, the issuer matters too. Among bonds due in 2031, CoreWeave-leased notes priced from about 23 basis points tighter to about 265 basis points wider than QTS's Microsoft-leased Odyssey notes. The tighter ones came from operating companies with other assets behind them. The widest came from vehicles that own one campus and nothing else.

03 Method

Coupons at pricing, from filings, issuer and counsel releases, and press where marked. The tenant is the lease counterparty named in the filing or release. Each bond links to its ledger row. Bonds of GPU borrowers link to the /credit ledger. The rest link to the Data-Center Debt Tracker, which keeps the ledger current. The charts are fixed at 2026-09-25.