, 18 min read
GPU Debt, Decoded: Swaps, Spreads, and Why Neocloud Money Got Expensive
A plain-English deep dive on how GPUs get financed: delayed-draw loans, SPVs, swaps, junk bonds, converts, and vendor money. What actually got more expensive for CoreWeave and the neoclouds in 2026, plus my break-even math on what each point of interest costs per GPU-hour.