The assets, contracts and borrowers behind compute debt
The sector is financed through three quite different structures, and the same collateral behaves differently in each. We cover all three because the risk moves between them.
GPU collateral and equipment finance
What would the lender recover if the contract stopped paying? We assess hardware resale assumptions and the security terms that determine how much of that value reaches the lender.
What we write here
Planned titles are provisional. Publication dates have not been set.
| Date | Title | Category |
|---|---|---|
| — | How independent are the protections in a GPU-backed loan?PROVISIONAL | Silicon Duration |
| — | The economic half-life of a GPUPROVISIONAL | Silicon Duration |
| — | Deal note: an offtake-heavy facilityPROVISIONAL | Subscriber research |
| — | The double-count trapPROVISIONAL | Silicon Duration |
Data-centre structured finance
We connect asset cash flows with the structure around them: lease terms, debt-service coverage, maturity and the capacity to refinance.
What we write here
Planned titles are provisional. Publication dates have not been set.
| Date | Title | Category |
|---|---|---|
| — | Deal note: a rated data-centre ABSPROVISIONAL | Subscriber research |
| — | The trapdoors in compute creditPROVISIONAL | Silicon Duration |
Neocloud and operator credit
Neoclouds, converted miners and integrated sponsors. We assess who owes the revenue, when it can stop, and how much cash remains after operating costs and debt obligations.
What we write here
Planned titles are provisional. Publication dates have not been set.
| Date | Title | Category |
|---|---|---|
| — | Deal note: a neocloud facilityPROVISIONAL | Subscriber research |
| — | Who sets the price of an hour of compute?PROVISIONAL | Silicon Duration |
| — | Cross-deal comparison: compute-backed facilitiesPROVISIONAL | Subscriber research |