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.
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-guaranteed 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-guaranteed lease (Fluidstack tenant) Neocloud / self-operated, unrated
Symbol ● filed bond · ◎ 2042 maturity (longer tenor)
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-guaranteed 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
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 related debt ledger below. The charts are fixed at 2026-09-25. The ledger is updated as rows are added.
Related debt ledger (selected, not maintained to completeness)
Debt from data-center landlords, miners and hyperscaler joint ventures. We add a row by hand when it helps price GPU risk. Rows are dated; the set is a selection, so it carries no totals.
Ledger updated 2026-09-28
| Issuer | Lenders / Agents | Instrument | Source | Type | Size $M | Rate | Issued | Maturity | Seniority | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| AirTrunk (Blackstone) | Crédit Agricole +7 | A$4.3B five-year construction loan, SYD3 hyperscale data center (Sydney) | Bloomberg 2026-07-22 (via Yahoo Finance) | Credit facility | 3,000 | Undisclosed | 2026-07-22 | ~2031 | other | press |
| Aligned Data Centers | PGIM (anchor lender) +1 | $2.58B development revolving credit facility (six later-stage assets) | Data Center Knowledge 2026-03-26 | Credit facility | 2,580 | Undisclosed | 2026-03-26 | ~2029-03 | secured | press |
| Aligned Data Centers | Structuring agents not named in release | Term ABS notes, Class A-2-I + Class B — $1.183B securitization | Aligned Data Centers release 7/28/26 (GlobeNewswire) | Bond | 1,183 | Undisclosed | 2026-07-28 | Undisclosed | secured | confirmed |
| Apollo / Blackstone-led private-credit SPV (Anthropic TPU lease) | Apollo (lead, press) +1 | Private-credit facility — Anthropic TPU lease SPV | Bloomberg (2026-05-28 marketing | Other | 35,000 | Undisclosed | Finalized ~2026-06-08 (press; no filing) | Undisclosed | secured | press |
| Bit Digital, Inc. BTBT | U.S. Bank (trustee) +1 | 4.00% Convertible Senior Notes due 2030 | 8-K 10/2/25 | Convertible | 150 | 4.00% | 2025-10-02 | 2030-10-01 | unsecured | confirmed |
| Bit Digital, Inc. BTBT | Galaxy Digital LLC | Galaxy Master Loan Agreement — initial draw | 8-K 5/27/26 | Credit facility | 50 | 5.45% | 2026-05-20 | Master 1-yr auto-renew (from 3/27/26) | other | confirmed |
| Bitdeer Technologies Group BTDR | 144A QIBs | 5.25% Convertible Senior Notes due 2029 | FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) | Convertible | 400 | 5.25% | 2024-11-26 | 2029-12-01 | unsecured | confirmed |
| Bitdeer Technologies Group BTDR | BIT Group (related party) | BIT Assets Collateralized Loan and additional facilities (related party) | FY2025 20-F Item 5 Liquidity, filed 2026-04-30, acc 0001213900-26-049770 | Credit facility | 700 | 9.0% plus a market-based referen… | 2025-04 | 24-month term per drawdown | secured | confirmed |
| Bitdeer Technologies Group BTDR | 144A QIBs | 4.875% Convertible Senior Notes due 2031 (July series) | FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) | Convertible | 375 | 4.875% | 2025-06-23 | 2031-07-01 | unsecured | confirmed |
| Bitdeer Technologies Group BTDR | 144A QIBs | 4.00% Convertible Senior Notes due 2031 (November series) | FY2025 20-F Note 16 + liquidity (acc 0001213900-26-049770) | Convertible | 400 | 4.00% | 2025-11-17 | 2031-11-15 | unsecured | confirmed |
| Bitdeer Technologies Group BTDR | 144A QIBs | 5.00% Convertible Senior Notes due 2032 | Pricing 6-K 2/20/26 Ex-99.2 (acc 0001213900-26-018592) | Convertible | 375 | 5.00% | 2026-02-24 | 2032-03-01 | unsecured | confirmed |
| Cerebras Systems CBRS | OpenAI OpCo, LLC (lender and customer) | OpenAI Working Capital Loan (secured promissory note, ~$1.0B, 6%) | Q2-26 10-Q filed 2026-08-12, acc 0001628280-26-056357, Note 10 Debt and the OpenAI Collaboration note | Credit facility | 1,005 | 6.00% | 2026-01 | 2032-12-31 | secured | confirmed |
| Cerebras Systems CBRS | Morgan Stanley (JLA; MS Senior Funding admin + collateral agent) +8 | Syndicated revolving credit facility | cerebras.ai release 2026-04-15 | Credit facility | 850 | SOFR +1.50% | 2026-04-14 | 2031-04-14 | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Luxor Technology Corporation | Luxor bitcoin borrowing (Purchase and Sale Agreement) | FY24 10-K (origination) | Credit facility | — | Undisclosed | 2024-12-13 | 2025-03-18 | unsecured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Two Prime Lending Limited | Two Prime facility | 10-K | Credit facility | 100 | Undisclosed | 2025 | Undisclosed | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Registered; Morgan Stanley (representative) | 1.75% Convertible Senior Notes due 2030 | 8-K 5/22/25 | Convertible | 172.5 | 1.75% | 2025-05-22 | 2030-05-15 | unsecured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | 144A; U.S. Bank Trust Co. (trustee) | 0.00% Convertible Senior Notes due 2031 | 8-K 10/1/25 | Convertible | 1,300 | 0.00% | 2025-09-30 | 2031-10-01 | unsecured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Morgan Stanley (representative, 144A) +1 | 7.125% Senior Secured Notes due 2030 — Barber Lake | 8-K 11/13/25 | Bond | 1,733 | 7.125% | 2025-11-13 | 2030-11-15 | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Morgan Stanley (representative) +1 | 6.125% Senior Secured Notes due 2031 — Black Pearl | 8-K 2/11/26 | Bond | 2,000 | 6.125% | 2026-02-11 | 2031-02-15 | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | MS Senior Funding (lead left) +5 | Revolving Credit Facility (parent) | 8-K 3/25/26, credit agreement filed as EX-10.1, acc 0000950103-26-004609 | Credit facility | 200 | SOFR +1.75% | 2026-03-23 | 2030-03-23 | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Morgan Stanley (representative) +1 | 6.000% Senior Secured Notes due 2031 — Stingray | 8-K 6/15/26 | Bond | 810 | 6.00% | 2026-06-15 | 2031-06-15 | secured | confirmed |
| Cipher Mining Inc. (renamed Cipher Digital Inc.) CIFR | Coinbase Credit, Inc. | Coinbase overnight facility | 10-K 2/24/26 | Credit facility | 25 | Fed-funds-based | Pre-2025 | Open / on demand | secured | confirmed |
| CleanSpark, Inc. CLSK | 144A QIBs | 0% Convertible Senior Notes due 2030 | Q2 FY26 10-Q filed 2026-08-06, acc 0001193125-26-338382, Note 9 Debt | Convertible | 650 | 0.00% | 2024-12 | 2030-06-15 | unsecured | confirmed |
| CleanSpark, Inc. CLSK | 144A QIBs | 0% Convertible Senior Notes due 2032 | Q2 FY26 10-Q filed 2026-08-06, acc 0001193125-26-338382, Note 9 Debt | Convertible | 1,150 | 0.00% | 2025-11 | 2032-02-15 | unsecured | confirmed |
| CleanSpark, Inc. CLSK | 144A / Reg S (initial purchasers not named in the release) | 7.875% Senior Secured Notes due October 1, 2031 (Sandersville GA, 175 MW; priced 9/18, closed 9/25) | Closing 8-K 9/25/26 (items 1.01, 2.03), acc 0001193125-26-402944 | Bond | 2,276 | 7.875% | 2026-09-25 | 2031-10-01 | secured | confirmed |
| Cloud Capital (Realty Income JV) | Guggenheim Securities (sole structuring advisor, sole active bookrunner) +2 | $520M master-trust ABS - 80 MW Northern Virginia hyperscale data center | Cloud Capital release 7/29/26 | Bond | 520 | Undisclosed | 2026-07-29 | Undisclosed | secured | confirmed |
| CloudHQ | Bookrunners not named in available coverage | $1.4B ABS - two Ashburn hyperscale data centers (first dual-AAA DC ABS) | Bloomberg 4/9/26 (marketing) | Bond | 1,400 | Undisclosed | Priced ~2026-04 (closed ~end April, press) | 2031 | secured | press |
| Compass Datacenters | Bookrunners not named in press coverage | Series 2026-2 ABS notes — $413M in three tranches | DCD 7/27/26 (press) | Bond | 413 | Undisclosed | 2026-07-27 | Undisclosed | secured | press |
| Compass Datacenters | Bookrunners not named in press coverage | Series 2026-1 ABS, ~$830M (six hyperscale data centers, Phoenix and Toronto) | Bisnow 2026-02-10 (Moody's presale figures) | Bond | 830 | Undisclosed | Reported 2026-02-10 | 2031-02 | secured | press |
| DataBank | Deutsche Bank Securities (structuring agent, joint active bookrunner) +2 | $1.07B hyperscale master-trust securitization (green) | DataBank release 9/24/25 | Bond | 1,067 | Undisclosed | 2025-09-24 | Undisclosed | secured | confirmed |
| DataBank | Bank syndicate from the April 2026 announcement +3 | $2.65B Red Oak campus construction financing (upsized from $2.0B) | DataBank release 2026-06-15 (PRNewswire) | Credit facility | 2,650 | Undisclosed | 2026-06-15 | Undisclosed | other | confirmed |
| Digital Drive project (PowerHouse Data Centers / Chirisa Technology Parks; Blue Owl equity) | Goldman Sachs (lead, press) +2 | $1.1B five-year notes (priced 9/23; CoreWeave lease) | Bloomberg 'CoreWeave-Tied Data Center Raises $1.1 Billion in Junk Bonds' (2026-09-23, via briefs.co) | Bond | 1,085 | 9.25% | 2026-09-23 | — | other | press |
| Digital Realty Trust, Inc./L.P. DLR | Not named | Westin Building Exchange mortgage (Seattle) | FY25 10-K Note 10 | Credit facility | 135 | 3.29% | — | Within 2026–2030 (exact year UNVERIFIED) | secured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Not named | Other unsecured loans | FY25 10-K Note 10 | Credit facility | 18.2 | 11.65–14.50% | — | Not stated | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.300% GBP notes due 2029 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 464.2 | 3.30% | 2017-07 | 2029-07-19 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.700% USD notes due 2027 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 1,000 | 3.70% | 2017-08 | 2027-08-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 4.450% USD notes due 2028 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 650 | 4.45% | 2018-06 | 2028-07-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.750% GBP notes due 2030 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 729.4 | 3.75% | 2018-10 | 2030-10-17 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.600% USD notes due 2029 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 900 | 3.60% | 2019-06 | 2029-07-01 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.125% EUR notes due 2028 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 571.1 | 1.125% | 2019-10 | 2028-04-09 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.500% EUR notes due 2030 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 856.6 | 1.50% | 2020-01 | 2030-03-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.250% EUR notes due 2031 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 571.1 | 1.25% | 2020-06 | 2031-02-01 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.000% EUR notes due 2032 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 856.6 | 1.00% | 2020-09 | 2032-01-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 0.625% EUR notes due 2031 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 1,142 | 0.625% | 2021-01 | 2031-07-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Reg S noteholders | 0.200% CHF notes due 2026 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 340.2 | 0.20% | 2021-07 | 2026-12-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 0.550% CHF notes due 2029 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 334 | 0.55% | 2021-07 | 2029-04-16 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.375% EUR notes due 2032 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 856.6 | 1.375% | 2022-01 | 2032-07-18 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 1.700% CHF notes due 2027 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 185.6 | 1.70% | 2022-03 | 2027-03-30 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Syndicate; Citibank (admin) | Euro Term Loan | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Credit facility | 433.2 | weighted average 3.08% (term loa… | 2022-08-11 | 2027-08-11 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 5.550% USD notes due 2028 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 900 | 5.55% | 2022-09 | 2028-01-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.875% EUR notes due 2033 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 970.9 | 3.875% | 2024-09 | 2033-09-13 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Syndicate; Citibank (admin) | Global Revolving Credit Facility (multicurrency) | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Credit facility | 4,200 | drawn weighted average 1.70% at … | 2024-09-24 | 2029-01-24 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Syndicate; SMBC (admin) | Yen Revolving Facility | Credit agreement 8-K 9/30/24 | Credit facility | 268 | TIBOR + 50 bps + 10 bps unused fee | 2024-09-24 | 2029-01-24 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | U.S. Bank (trustee) | 1.875% Exchangeable Senior Notes due 2029 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Convertible | 1,150 | 1.875% | 2024-11-12 | 2029-11-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.875% EUR notes due 2035 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 970.9 | 3.875% | 2025-01 | 2035-03-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.875% EUR notes due 2034 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 970.9 | 3.875% | 2025-06 | 2034-07-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 3.750% EUR notes due 2033 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 685.3 | 3.75% | 2025-11 | 2033-01-15 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Noteholders | 4.250% EUR notes due 2037 | 10-Q Q2 2026 (Note 8, Debt of the Operating Partnership) | Bond | 913.8 | 4.25% | 2025-11 | 2037-11-20 | unsecured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Not named | Assumed construction loan — Carver JVs | Q2-26 10-Q, OP debt note fn (2) + Investments in Properties note (acc 0001104659-26-089296) | Credit facility | 725.6 | Undisclosed | 2026-06-30 | 2027-12-24 | secured | confirmed |
| Digital Realty Trust, Inc./L.P. DLR | Not named | Teraco secured facilities | FY25 10-K Note 10 | Credit facility | 604 | Undisclosed | Assumed with Teraco stake | Amortizing ~2026–2030 | secured | confirmed |
| EdgeCore Digital Infrastructure | Apterra (structuring) +2 | AS01 + AS02 construction financing - $1.5B limited-recourse term loans | EdgeCore release 4/26 | Credit facility | 1,500 | Undisclosed | 2026-04 | Undisclosed | secured | confirmed |
| Fermi Inc. FRMI | MUFG Bank, Ltd. (sole lender) | Turbine Warehouse Equipment Financing (MUFG) | 8-K 2/10/26, agreement filed as EX-10.1, acc 0001213900-26-014270 | Credit facility | 500 | SOFR +4.00% | 2026-02-10 | 2027-08-10 | secured | confirmed |
| Fermi Inc. FRMI | Keystone National Group, LLC (agent) +2 | High Voltage Equipment Financing (Keystone Master Loan Agreement) | 8-K 2/25/26, master loan agreement filed as EX-10.1, acc 0001213900-26-020399 | Credit facility | 120 | Undisclosed | 2026-02-19 | 2031 | secured | confirmed |
| Fermi Inc. FRMI | CLMG Corp. (agent) +1 | Turbine Warehouse II Equipment Financing (Beal Credit Agreement, CLMG as agent) | 8-K 3/27/26, agreement filed as EX-10.1, acc 0001213900-26-035482 | Credit facility | 165 | 12.00% | 2026-03-26 | 2028-12 | secured | confirmed |
| Fermi Inc. FRMI | YA II PN, Ltd. (Yorkville Advisors Global, LP) | Senior unsecured promissory note (Yorkville, up to $156.25M committed, stepping down) | Q2-26 10-Q filed 2026-08-14, acc 0002071778-26-000051, debt note (Promissory Note) | Credit facility | 156.3 | 0.00% | 2026-03-30 | 2027-09 | unsecured | confirmed |
| Fermi Inc. FRMI | 144A; U.S. Bank Trust Co. (trustee) | 5.00% Convertible Senior Notes due 2031 | 8-K, Items 1.01, 2.03 and 3.02 (event 2026-07-09, filed 2026-07-15), acc. 0001213900-26-078366 | Convertible | 431.3 | 5.00% | 2026-07-14 | 2031-07-15 | unsecured | confirmed |
| Firmus Technologies | Blackstone Tactical Opportunities (lead) +2 | US$10B debt financing facility — Project Southgate | Firmus newsroom | Credit facility | 10,000 | Undisclosed | 2026-02-09 | Undisclosed | secured | confirmed |
| Fluidstack | Unnamed | Early debt raise | Forbes | Other | 37.5 | Undisclosed | 2024 (reported Sep 2025) | Undisclosed | other | press |
| Fluidstack | Macquarie (Specialised & Asset Finance) +1 | Macquarie GPU-backed facility (Europe) | Business Wire joint release | Credit facility | — | Undisclosed | 2025-04-01 | Undisclosed | other | confirmed |
| Fluidstack | Morgan Stanley (sole bookrunner) | Meridian Arc senior secured bonds | Latham & Watkins (issuer counsel) priced release 4/20/26 | Bond | 5,700 | 6.25% | Priced ~2026-04-16/17 | 2031 (5-yr non-call 2) | secured | confirmed |
| Galaxy Digital Inc. GLXY | Deutsche Bank AG | Senior secured term loan facility, up to $1.4B (Helios Phase I; Credit Agreement 8/15/25) | Q2-26 10-Q Note 16 Notes Payable / Credit Agreement, filed 2026-08-10, acc 0001859392-26-000091 | Credit facility | 1,400 | SOFR +4.75% | 2025-08-15 | 2028-08-15 | secured | confirmed |
| Galaxy Digital Inc. GLXY | 144A QIBs | 0.50% Exchangeable Senior Notes due 2031 | Q2-26 10-Q Note 16 Notes Payable and MD&A liquidity, filed 2026-08-10, acc 0001859392-26-000091 | Convertible | 1,300 | 0.50% | 2025-10-30 | 2031 | unsecured | confirmed |
| Galaxy Digital Inc. GLXY | Morgan Stanley & Co. LLC (representative of the initial purchasers; purchase agreement 7/23/26) | 9.875% Senior Secured Notes due 2031 (Helios Phase II) | 8-K 7/28/26 (Items 1.01/2.03 — completion of offering, indenture) | Bond | 3,507 | 9.875% | 2026-07-28 | 2031-08-01 | secured | confirmed |
| General Compute | Upper90 | Upper90 loan collateralized by SambaNova SN50 inference ASICs | TechCrunch | Credit facility | 400 | Undisclosed | 2026-07-17 | Undisclosed | secured | press |
| GI Partners (TechCore) | CMBS investors (bookrunners not named) | $375M single-asset CMBS, 30 MW Elk Grove Village IL data center | electroneconomics Substack 'Model updates, September 2026' (Fitch figures relayed) | Bond | 375 | Undisclosed | 2026-09-09 | Undisclosed | secured | press |
| Hut 8 Corp. HUT | Anchorage Lending CA, LLC | Anchorage equipment loan (ELSAs; restructured 2/2023, equitized 9/2024) | FY24 10-K (equitization) | Credit facility | 50 | 12.00% | 2022-03-15 | — | secured | confirmed |
| Hut 8 Corp. HUT | Payee undisclosed | TZRC secured promissory note (assumed with King Mountain JV) | Q1-26 10-Q Note 9 | Credit facility | 35.1 | Lesser of WSJ prime + 12.0% or 1… | 2022-12-06 | 2027-04-08 | secured | confirmed |
| Hut 8 Corp. HUT | Coinbase Credit, Inc. (lender, collateral agent, administrative agent) | Coinbase Bitcoin-collateralized credit facility (9.00%) | 8-Ks 6/23/25 + 12/31/25 | Credit facility | 200 | 9.00% | 2023-06-26 | 2026-06-16 | secured | confirmed |
| Hut 8 Corp. HUT | Coatue Tactical Solutions Lending Holdings AIV 3 LP | Coatue convertible note ($150M, 8.00% PIK-able) | 8-K 6/24/24 (issuance) | Convertible | 150 | 8.00% | 2024-06-28 | 2029-06-28 | unsecured | confirmed |
| Hut 8 Corp. HUT | Related party (unnamed) | SAFE (debt-classified) | Q1-26 10-Q Note 9 | Other | 3.5 | Undisclosed | 2025-02 | Converts on equity financing | unsecured | confirmed |
| Hut 8 Corp. HUT | Two Prime Lending Limited | Two Prime revolver (undrawn) | Q1-26 10-Q Note 9 | Credit facility | 200 | 7.99% | 2025-08-25 | 364 days from first borrowing | other | confirmed |
| Hut 8 Corp. HUT | 144A via J.P. Morgan (representative) +1 | 6.192% Senior Secured Notes due 2042 (River Bend LA, 245 MW project bond) | 8-K 5/1/26 | Bond | 3,250 | 6.192% | 2026-04-30 | 2042-11-15 | secured | confirmed |
| Hut 8 Corp. HUT | FalconX Charlie, Inc. | FalconX BTC-collateralized term loan | Q1-26 10-Q Note 19 + Ex. 10.2 | Credit facility | 200 | 7.00% | 2026-05-01 | 2027-04-30 | secured | confirmed |
| Hut 8 Corp. HUT | 144A via J.P. Morgan (representative) +1 | 6.129% Senior Secured Notes due 2042 (Nueces County TX, 352 MW project bond) | 8-K 6/10/26 | Bond | 4,250 | 6.129% | 2026-06-09 | 2042-11-30 | secured | confirmed |
| Hut 8 Corp. HUT | JPMorgan Chase Bank, N.A. (admin + collateral agent; lead left arranger) +2 | JPMorgan Senior Secured Revolving Credit Facility ($1.07B) | 8-K 9/28/26 (Credit Agreement filed as EX-10.1 | Credit facility | 1,070 | SOFR +1.75% | 2026-09-24 | 2030-09-24 | secured | confirmed |
| Meta / BlackRock "Sopaipilla" JV (El Paso, TX) | JPMorgan (syndication, press) +1 | 7.534% amortizing secured notes due 2048 — El Paso JV (Sopaipilla) | PitchBook-LCD 7/28/26 (pricing — press) | Bond | 12,547 | 7.534% | 2026-07-27 | 2048-11-30 | secured | confirmed |
| Meta / Blue Owl "Hyperion" JV (Richland Parish, LA) | Morgan Stanley (exclusive FA to Meta + sole bookrunner) +2 | Senior secured notes — Hyperion data-center JV | S&P ratings publication (issuer/size/security) | Bond | 27,300 | 6.58% | Priced 2025-10-16; JV announced 2025-10-21 | 2049 | secured | confirmed |
| Mistral AI | Bpifrance (lead) +6 | Seven-bank debt financing for Essonne GPU cluster | CNBC (company statements to press | Credit facility | 830 | Undisclosed | 2026-03-30 | Undisclosed | other | confirmed |
| Nexus Data Centers | Eagle Point Credit Management | ~$1.3B private-credit mezzanine loan (Eagle Point Credit Management; Anthropic-leased campus, Google guarantee on the senior debt) | Bloomberg 'Anthropic-Tied Data Center Inks $1.3 Billion Private Credit Loan' (2026-08-19, via Financial Advisor magazine) | Credit facility | 1,300 | Undisclosed | 2026-08-19 | — | other | press |
| Nexus Data Centers | Morgan Stanley (leading the bank group) | ~$15B senior bank package: ~$14B bridge loan plus revolving credit facility (in advanced talks; Morgan Stanley leading) | CNBC 'Nexus Data Centers in advanced talks to secure $15B for Google-backed Anthropic data center' (2026-07-30) | Credit facility | 15,000 | Undisclosed | In talks (2026-07-30) | — | other | rumored |
| Novva Data Centers / CIM Group | J.P. Morgan +1 | $2B financing - West Jordan UT AI campus expansion | CIM Group / Novva release 3/5/25 | Credit facility | 2,000 | Undisclosed | 2025-03-05 | Undisclosed | other | confirmed |
| NVIDIA Corporation NVDA | SB Energy Corp. (Lessor / beneficiary of the guaranties) | Residual value guaranties — PORTS-Pike leases (payment obligation capped at $105B) | 10-Q for the quarter ended 2026-07-26, Note 10 Commitments and Contingencies (Guarantees) and Exhibit 10.1 Form of Residual Value Guaranty, filed 2026-08-26, acc 0001045810-26-000075 | Other | 105,000 | Undisclosed | 2026-08-17 | Earliest of: 20th anniversary of commencement of the applicable lease; termination of the applicable lease by OpenAI per its terms; OpenAI achieving a satisfactory credit rating; other customary termination events | unsecured | confirmed |
| PaleBlueDot AI | Brookfield Asset Management +2 | US$255M credit refinancing facility | Company release (via SFNet TSL Express 7/22/26) | Credit facility | 255 | Undisclosed | 2026-07-22 | Undisclosed | other | confirmed |
| PolarDC Group Limited (H.I.G. Capital portfolio company) | Nordic bond investors (bookrunners not verified) | €800M senior secured Nordic bond due 2030 (Norway AI data centers; record Nordic high-yield print) | H.I.G. Capital / Polar release 'Polar Completes Record-breaking EUR 800 million Nordic Bond Issue' (PRNewswire 302786449, 2026-06-01) | Bond | 930 | 3M Euribor + 600 bp at issue (~8… | 2026-05-28 | 2030-05 | secured | confirmed |
| Prime Data Centers LLC | Banco Santander (sole manager) | $900M 7.5% senior secured notes due 2031 (Elk Grove Village, IL; CoreWeave 15-year lease) | S&P Global Ratings report on Elk Grove Village Property LLC notes (2026-06) | Bond | 900 | 7.50% | 2026-06-02 | 2031 | secured | confirmed |
| Prime Data Centers LLC | Undisclosed | $500M Norwegian-law bond (launched at $600M, cut to $500M, sale postponed) | Bloomberg 'Prime Data Centers Delays Sale of $500 Million Nordic Bond' (2026-07-13) | Bond | 500 | Undisclosed | Launched July 2026; postponed 2026-07-13 | — | other | press |
| Project Jupiter (Stargate NM) | ~20-bank group; SMBC, BNP Paribas, Goldman Sachs, MUFG admin agents (press) +1 | $18B project loan - Jupiter campus (Stargate) | Bloomberg-derived press (loan, pricing) | Credit facility | 18,000 | SOFR +2.50% | Reported 2025-11-10 | ~2029 (4-yr + two 1-yr extensions, press) | other | press |
| Pure DC (Oaktree-backed; UK data-center developer) | SMBC +2 | $2.15B facility secured against the Dublin and Amsterdam campuses (syndicated within three months) | Pure DC release 'Pure DC Secures $2.7 Billion to Accelerate AI Infrastructure Growth Across Europe and the Middle East' (GlobeNewswire, London, 2026-05-28) | Credit facility | 2,150 | Undisclosed | 2026-05-28 | — | secured | confirmed |
| Pure DC (Oaktree-backed; UK data-center developer) | SMBC +4 | €1.3B committed senior project debt, Seinajoki (Finland) AI campus Phase I (bank financing after an abandoned ~€1B Nordic bond) | Pure DC release 'Pure DC Secures Additional EUR 1.3 Billion to Accelerate Growth of One of Europe's Largest AI Campuses' (GlobeNewswire, 2026-07-21) | Credit facility | 1,508 | Undisclosed | 2026-07-21 | — | secured | confirmed |
| QTS Data Centers (Blackstone) | Bookrunners not named in accessible sources | $4.6B 5.7% senior secured green notes due 2036 (Fayetteville, GA; Microsoft 20-year lease) | Bloomberg 'Blackstone-Backed Data Center Firm QTS Kicks Off Bond Sale' (2026-04-06) | Bond | 4,600 | 5.70% | 2026-04-06 | 2036-04 | secured | press |
| QTS Data Centers (Blackstone) | Citigroup +3 | $3.9B senior notes, 5-year (Georgia venture; Microsoft tenant) | Bloomberg 'Blackstone-Backed QTS Kicks Off Data Center Bond at Hefty Cost' (2026-08-18) | Bond | 3,900 | 7.228% | 2026-08-18 | 2031 | other | press |
| Quantum Solutions Co., Ltd. | USD.AI Protocol (Permian Labs) | USD.AI GPU financing facility (Japan) | CoinDesk 1/22/26 — no standalone company/lender release located as of 2026-07-04 | Credit facility | 200 | Undisclosed | Reported 2026-01 (partnership dated 2025 in reporting) | Undisclosed | other | press |
| RD Michigan Property Owner I LLC (Related Digital / Blackstone JV) | Bank of America (structuring agent, financial advisor) +3 | ~$14B senior secured project bonds (Saline Township, MI campus; Oracle tenant for the OpenAI build) | Related Digital release 'Related Digital Announces Financing of $16 Billion Oracle Data Center Project' (2026-04-24) | Bond | 14,000 | 7.50% | 2026-04-24 | 2045 | secured | confirmed |
| Riot Platforms, Inc. RIOT | 144A; Citigroup, BTIG and Cantor Fitzgerald (representatives); U.S. Bank Trust Co. (trustee) | 0.75% Convertible Senior Notes due 2030 | 8-K 12/11/24 Items 1.01/2.03/3.02, acc 0001104659-24-127656 | Convertible | 594.4 | 0.75% | 2024-12-11 | 2030-01-15 | unsecured | confirmed |
| Riot Platforms, Inc. RIOT | Morgan Stanley Senior Funding, Inc. (administrative agent) +1 | $573.0M senior secured delayed-draw term loan — Rockdale interim facility | 8-K, Items 1.01 and 2.03 (event 2026-08-10, filed 2026-08-14), acc. 0001104659-26-097330 | Credit facility | 573 | SOFR +2.75% | 2026-08-10 | 2026-12-31 | secured | confirmed |
| SB Energy, Inc. SBE | 144A / Reg S noteholders +1 | 8.875% Senior Secured Notes due 2031 (Cosmos Technology Campus, Travis County TX, ~50 MW) | SB Energy S-1/A No. 2 filed 2026-09-21, acc 0001628280-26-062846 (Description of Certain Indebtedness | Bond | 999 | 8.875% | 2026-05-07 | 2031-05-01 | secured | confirmed |
| Sharon AI SHAZ | 144A QIBs | 6.00% Convertible Senior Notes due 2031 | S-1 (acc. 0001493152-26-035629), Recent Developments + Description of Securities | Convertible | 350 | 6.00% | 2026-05-18 | 2031-05-01 | other | confirmed |
| Sharon AI SHAZ | 144A QIBs | 4.75% Convertible Senior Notes due 2032 | 8-K 6/25/26 Item 1.01 (acc 0001493152-26-030158) | Convertible | 700 | 4.75% | 2026-06-22 | 2032-06-15 | unsecured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley (expected lead, per press) | Planned ~$3.5B financing — leveraged loan + high-yield (per press) | Bloomberg 7/9/26 (press) | Other | 3,500 | Undisclosed | — | Undisclosed | other | rumored |
| TeraWulf Inc. WULF | Cantor Fitzgerald (representative, 144A) | 2.75% Convertible Senior Notes due 2030 | Q2-26 10-Q (6/30/26 balance), acc 0001083301-26-000166 | Convertible | 500 | 2.75% | 2024-10 | 2030-02-01 | unsecured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley (representative) +1 | 1.00% Convertible Senior Notes due 2031 | 8-K 8/20/25 | Convertible | 1,000 | 1.00% | 2025-08-20 | 2031-09-01 | unsecured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley (sole initial purchaser, 144A) +1 | 7.750% Senior Secured Notes due 2030 | 8-K 10/23/25 | Bond | 3,200 | 7.75% | 2025-10-22 | 2030-10-15 | secured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley + Cantor (representatives) +1 | 0.00% Convertible Senior Notes due 2032 | 8-K 10/31/25 | Convertible | 1,025 | 0.00% | 2025-10-31 | 2032-05-01 | unsecured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley (representative) +1 | 7.250% Senior Secured Notes due 2030 (Flash Compute JV) | 8-K 12/29/25 | Bond | 1,300 | 7.25% | 2025-12-29 | 2030-12-31 | secured | confirmed |
| TeraWulf Inc. WULF | Morgan Stanley Senior Funding, Inc. (admin + collateral agent) +1 | Raylan Data Delayed-Draw Bridge Facility ($500M 364-day, Morgan Stanley) | 8-K 3/16/26 (origination) | Credit facility | 500 | SOFR +2.75% | 2026-03-13 | 2027-03-12 | secured | confirmed |
| TeraWulf Inc. WULF | MS Senior Funding (admin/collateral) | Senior Secured Revolving Credit Facility | Q1-26 10-Q Note 18 | Credit facility | 250 | SOFR +1.75% | 2026-05-07 | 2030-05-07 | secured | confirmed |
| Vantage Data Centers | Evercore (lead arranger) +2 | $2B development revolving credit facility (North American platform) | Vantage release 2026-09-14 | Credit facility | 2,000 | Undisclosed | 2026-09-14 | Undisclosed | secured | confirmed |
| Vantage Data Centers | JPMorgan + MUFG (leads) per Bloomberg | Lighthouse campus debt package (Stargate — Oracle/OpenAI) | Bloomberg (all debt terms — press) | Credit facility | 14,750 | Undisclosed | Package reported 2025-09-04; “record $38B sale nears” 2025-10-23 (both Bloomberg) | Undisclosed | other | press |
| Vantage Data Centers | JPMorgan + MUFG (leads); BNP Paribas, Goldman Sachs, Societe Generale, SMBC, Wells Fargo underwriting (press); distributed across 2-dozen+ institutions by Apr 2026 (Bloomberg) | Frontier campus debt package (Stargate — Oracle/OpenAI) | Bloomberg (all debt terms — press) | Credit facility | 23,250 | Undisclosed | Underwrite reported 2025-08-20; distribution reported ~complete 2026-04-15 (both Bloomberg) | Undisclosed | other | press |
| Vultr (The Constant Company, LLC) | J.P. Morgan (co-lead) +5 | Credit financing package | Business Wire | Credit facility | 329 | Undisclosed | 2025-06-23 | Undisclosed | other | confirmed |
| Zankore | Citigroup (sole debt adviser, senior mandated lead arranger) +4 | $3.1B senior term loan to buy NVIDIA GPUs (Indonesia and Southeast Asia) | Bloomberg 2026-09-09 | Credit facility | 3,100 | Undisclosed | 2026-09-09 | — | other | press |
| Zenith Arc LLC (Prairieland Rivers LLC) | Bookrunners not named in accessible sources | $2.25B senior secured green notes due 2031 (149 MW Oklahoma facility; Jane Street 15-year lease) | briefs.co 'Market-making giant's lease guaranty anchors $2.25B data center bond' (2026-08-13) | Bond | 2,250 | 8.875% | 2026-08-13 | 2031 | secured | press |
Hover a cell for entity, collateral and size notes. Status: confirmed by a company, lender or arranger statement; press, from reporting only; rumored, in talks with no close announced.
Retired and excluded instruments
Instruments verified repaid, extinguished, settled, superseded, or determined not to be debt. They stay listed so the history can be audited.
- TeraWulf Inc.
- Legacy LGSA loans/miner financings at $0
- Cipher Mining Inc. (renamed Cipher Digital Inc.)
- Bitmain future-sales obligations (Original Agreement 12/16/23; prepaid May 2025 at 10% discount) — never balance-sheet debt (miner purchase obligation through Deposits on equipment; ABTC-pledge precedent), stays retired (ruled 2026-08-28)
- Hut 8 Corp.
- NYDIG (2023) — predecessor-company (USBTC) MEFA ~$96.7M settled via Pecos TX asset transfer 2/3/23, ten months before the Hut 8/USBTC combination; never a Hut 8 Corp obligation, stays retired (ruled 2026-08-28)
- No Vega project debt exists in any filing (Bitmain hosting arrangement)
- ABTC BTC pledges to Bitmain are purchase-price pledges, not debt
- Sharon AI Holdings, Inc.
- USD.AI GPU-backed debt facility, up to US$500M (announced Jan 22, 2026) — never executed. The Company's S-1 filed Aug 12, 2026 still states USD.AI "had approved a debt facility of up to US$500 million ... subject to execution of definitive documentation"; it appears in no debt footnote. Carried as a confirmed instrument until 2026-08-13; removed as an announced approval, not an instrument.
- Related Digital / Blackstone (Saline Twp, MI)
- related-saline-barn — duplicate of related-digital-saline-2045 (same RD Michigan Property Owner I LLC $14B 7.500% senior secured notes due 2045, Saline Township MI campus, PIMCO anchor, BofA structuring agent, both dated 2026-04-24); merged 2026-09-17