CDOs backed by GPU leases likely coming as compute financialization accelerates
AccBalanced · x · 2026-09-08
Brett Harrison argues GPU-backed CDOs are likely coming to market: sub-investment-grade neocloud operators with 8-9 figure budgets can't secure sub-double-digit-rate financing, so bundling is a stopgap. He sketches a structure — senior notes on contracted utilization, mezzanine on renewal risk, equity absorbing residual depreciation — with ratings hobbled by near-zero historical default data.
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