GPU Cluster Financing Shifts to Prepayments, Making OCF/EBITDA the Key Metric
GavinSBaker · x · 2026-11-11
Gavin Baker notes GPU cluster financing is moving away from offtake agreements toward customer prepayments. This shifts diligence from private credit funds vetting offtaker creditworthiness to the GPU customers paying nearly 100% upfront, making dock-to-live and historic cluster stability the key metrics, while significantly improving GPU payback periods. OCF-to-EBITDA is now the most important metric.
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