← Depreciating CollateralEren Kahraman · November 2026

Figure 3.1. Debt maturities and chip generations

Hopper 2022, Type: Nvidia data centre chip generation (release year). Blackwell 2024, Type: Nvidia data centre chip generation (release year). Rubin 2026, Type: Nvidia data centre chip generation (release year). Rubin Ultra 2027, Type: Nvidia data centre chip generation (release year). Feynman 2028, Type: Nvidia data centre chip generation (release year). GPU-backed loans (3-5 years), Type: Maturity range of a documented transaction. TPU lease financing (5 years), Type: Maturity range of a documented transaction. Neocloud bonds (maturing 2030-2033), Type: Maturity range of a documented transaction. Compute leases (weighted average 10 years), Type: Maturity range of a documented transaction. Hyperion SPV bond (maturing 2049), Type: Maturity range of a documented transaction.

202520302035204020452050Hopper 2022Blackwell 2024Rubin 2026Rubin Ultra 2027Feynman 2028GPU-backed loans (3-5 years)TPU lease financing (5 years)Neocloud bonds (maturing 2030-2033)Compute leases (weighted average 10 years)Hyperion SPV bond (maturing 2049)
2025Highlights only · no new figures
202520302035204020452050Hopper 2022Blackwell 2024Rubin 2026Rubin Ultra 2027Feynman 2028GPU-backed loans (3-5 years)TPU lease financing (5 years)Neocloud bonds (maturing 2030-2033)Compute leases (weighted average 10 years)Hyperion SPV bond (maturing 2049)
2025Highlights only · no new figures

Note: Dashed lines show the release years of Nvidia data centre chip generations. Bars show the maturity ranges of documented transactions.

Source: Nvidia (2025); Steffen (2026); Anthropic (2026); Crypto Briefing (2026).

View data table
Figure 3.1. Debt maturities and chip generations: data
ItemType
Hopper 2022Nvidia data centre chip generation (release year)
Blackwell 2024Nvidia data centre chip generation (release year)
Rubin 2026Nvidia data centre chip generation (release year)
Rubin Ultra 2027Nvidia data centre chip generation (release year)
Feynman 2028Nvidia data centre chip generation (release year)
GPU-backed loans (3-5 years)Maturity range of a documented transaction
TPU lease financing (5 years)Maturity range of a documented transaction
Neocloud bonds (maturing 2030-2033)Maturity range of a documented transaction
Compute leases (weighted average 10 years)Maturity range of a documented transaction
Hyperion SPV bond (maturing 2049)Maturity range of a documented transaction
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)