← Depreciating CollateralEren Kahraman · November 2026
Figure 4.1. Borrowing costs across the AI ecosystem
TPU financing, senior (Broadcom backstop), Coupon or yield (%): 5.75%, Colour: investment-grade guarantee or rating. Investment-grade GPU facilities, Coupon or yield (%): ≈ 5.9%, Colour: investment-grade guarantee or rating. TPU financing, junior tranche (BB+), Coupon or yield (%): ≈ 8.5%, Colour: speculative grade. SpaceX/xAI chip debt, highest tranche, Coupon or yield (%): 8.75%, Colour: speculative grade. CoreWeave unsecured notes (Jun 2026), Coupon or yield (%): 9.625%, Colour: speculative grade. Early GPU-backed loans, Coupon or yield (%): ≈ 15%, Colour: high stress. CoreWeave 2030-2032 notes (Oct 2026, implied), Coupon or yield (%): ≈ 15.5%, Colour: high stress.
Note: Values refer to different dates and instruments and should be read as indications of scale rather than direct comparisons. Blue: investment-grade guarantee or rating; orange: speculative grade; red: high stress.
Source: The Paypers (2026); Steffen (2026); Semafor (2026); TIKR (2026); Crypto Briefing (2026).
View data table
| Instrument | Coupon or yield (%) | Colour |
|---|---|---|
| TPU financing, senior (Broadcom backstop) | 5.75% | investment-grade guarantee or rating |
| Investment-grade GPU facilities | ≈ 5.9% | investment-grade guarantee or rating |
| TPU financing, junior tranche (BB+) | ≈ 8.5% | speculative grade |
| SpaceX/xAI chip debt, highest tranche | 8.75% | speculative grade |
| CoreWeave unsecured notes (Jun 2026) | 9.625% | speculative grade |
| Early GPU-backed loans | ≈ 15% | high stress |
| CoreWeave 2030-2032 notes (Oct 2026, implied) | ≈ 15.5% | high stress |
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)