GPU-collateralized debt loop: interest clock and the refinancing wall GPU fleet = collateral take-or-pay contracted cash recourse ~$31.4B non-recourse ~$3.7B proceeds borrow secured debt build proceeds buy GPUs re-hypothecate new collateral interest clock accrues per rung keeps returning to credit markets maturing debt 2026-28 refinancing wall maturities capex outruns cash credit gate yield give-up ~5.5pp reset refinance terms or deleverage fail point liquidity erosion
outlook: reset