--- title: "DDTL: what it means · The AI Compute Race · DRYBURGH" source: https://dryburgh.com/vol1/glossary/ddtl description: "DDTL: Delayed-draw term loan, a loan drawn in stages as the equipment it pays for is bought." --- # DDTL What does “DDTL” mean? DDTLDelayed-draw term loan, a loan drawn in stages as the equipment it pays for is bought. Row 26 of the Scorecard reads the spreads CoreWeave paid on such loans. *Chapter 10.* From *The AI Compute Race*. [Read the book](https://dryburgh.com/vol1#buy) ## Where the book uses it - [Chapter 10 — The Lender’s Decision](https://dryburgh.com/vol1/notes/chapter-10)Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts. ## Where the record uses it - Scorecard indicator [CoreWeave 2026 borrowing spread ladder](https://dryburgh.com/vol1/scorecard#row-26) ## Sources that use it - CoreWeave, “CoreWeave Closes $3.1 Billion Loan Facility,” 18 May 2026 (SOFR+450 bp; Ba2/BB+; “Proceeds from the DDTL 5.0 Facility will support the purchase and deployment of infrastructure dedicated to customer contracts with two large, non-investment grade customers”). [In the Sources](https://dryburgh.com/vol1/sources/company#coreweave-tl5) - CoreWeave, “CoreWeave Closes Landmark $8.5 Billion Financing Facility, Achieving First Investment-Grade Rated GPU-Backed Financing,” 31 March 2026 (SOFR+225 bp; “The DDTL 4.0 Facility received ratings of A3 by Moody’s and A (low) by DBRS, respectively, representing the first investment-grade rated financing secured by HPC infrastructure and an associated customer contract”); the release’s own two-stage sentence: “borrow up to approximately $7.5 billion initially, with the ability to increase total borrowing capacity to $8.5 billion as underlying assets reach stabilization”; “a floating rate tranche financed at SOFR + 2.25% and a fixed rate tranche financed at approximately 5.9%”; matures March 2032; secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC. [In the Sources](https://dryburgh.com/vol1/sources/company#coreweave-tl4) - Nscale, “Nscale Signs a $1.4bn Delayed Draw Term Loan Backed by GPUs,” press release, London, 12 February 2026 (a $1.4 billion loan secured on GPUs, led by three asset managers’ funds; “a USD $1.4 billion Delayed Draw Term Loan backed by GPUs”; “The GPU DDTL was led by funds managed by PIMCO, Blue Owl, and LuminArx Capital Management, with support from additional asset managers and banks”; “The funding will be used to purchase GPU infrastructure to deliver service under multiple contracts”; Goldman Sachs “acted as Sole Structuring Agent and Sole Placement Agent”). [In the Sources](https://dryburgh.com/vol1/sources/company#nscale-ddtl-feb26) - Carlyle Tactical Private Credit Fund, Form N-CSRS semi-annual report for the six months ended 30 June 2026, filed with the Securities and Exchange Commission on 21 August 2026 (sixteen CoreWeave delayed-draw term loan tranches — CoreWeave Compute Acquisition Co. II and IV and CoreWeave Financing DDTL V — at $82,398 thousand of par, $81,378 thousand of amortized cost and $81,525 thousand of fair value, against net assets of $4,469,894 thousand; margins from SOFR plus 425 to SOFR plus 962 basis points and maturities from 30 July 2028 to 6 November 2031; fifteen of the sixteen carry footnote 5, “The value of this security was determined using significant unobservable inputs”; first-lien Level 3 debt of $3,391,039 thousand valued on an income approach at discount rates of 7.9 to 20.8 percent, weighted average 10.6 percent). [In the Sources](https://dryburgh.com/vol1/sources/filing#carlyle-tactical-ncsrs-jun26) - CoreWeave, credit agreement for DDTL 4.0, 30 March 2026, Exhibit 10.1 to Form 8-K, accession 0001769628-26-000129 ($8.5 billion of commitments, $4,459,200,000 floating rate and $4,040,800,000 fixed rate; Applicable Margin 2.25 percent for SOFR loans and 1.25 percent for Base Rate loans on the floating-rate loans; the fixed-rate loans at a Fixed Rate Margin of 2.00 percent plus an interpolated Treasury yield; term maturity 31 March 2032; borrower CoreWeave Compute Acquisition Co. VIII, LLC; opened live on EDGAR and archived on 3 October 2026). [In the Sources](https://dryburgh.com/vol1/sources/filing#coreweave-ddtl4-agreement) And 8 more: [search the Sources](https://dryburgh.com/vol1/sources). ## Related terms - [10-K, 10-Q](https://dryburgh.com/vol1/glossary/10-k-10-q) - [Backstop](https://dryburgh.com/vol1/glossary/backstop) - [Basis point](https://dryburgh.com/vol1/glossary/basis-point) - [Beignet](https://dryburgh.com/vol1/glossary/beignet) - [Bridge loan](https://dryburgh.com/vol1/glossary/bridge-loan) - [Convertible](https://dryburgh.com/vol1/glossary/convertible) - [Coupon](https://dryburgh.com/vol1/glossary/coupon) - [Covenant](https://dryburgh.com/vol1/glossary/covenant) - [Debt-service coverage](https://dryburgh.com/vol1/glossary/debt-service-coverage) - [ETF](https://dryburgh.com/vol1/glossary/etf) - [Failed sale-leaseback](https://dryburgh.com/vol1/glossary/failed-sale-leaseback) - [Free cash flow](https://dryburgh.com/vol1/glossary/free-cash-flow) From the glossary of The AI Compute Race. - [Campuses](https://dryburgh.com/vol1/ledger) - [Tests](https://dryburgh.com/vol1/tests) - [Scorecard](https://dryburgh.com/vol1/scorecard) - [Data](https://dryburgh.com/vol1/data/releases) - [Chapter by chapter](https://dryburgh.com/vol1/companion) - [The record at a glance](https://dryburgh.com/vol1/observatory) - [The machine](https://dryburgh.com/vol1/machine) - [One campus, four futures](https://dryburgh.com/vol1/hyperion) - [Glossary](https://dryburgh.com/vol1/glossary) - [People](https://dryburgh.com/vol1/people) - [Sources](https://dryburgh.com/vol1/sources) - [Notes](https://dryburgh.com/vol1/notes) - [Where the book was wrong](https://dryburgh.com/vol1/corrections) - [Where its sources were wrong](https://dryburgh.com/corrections?book=vol1) - [The Paper](https://dryburgh.com/vol1/paper) - [Consent](https://dryburgh.com/vol1/consent) - [Who builds and pays](https://dryburgh.com/vol1/parties) *The AI Compute Race: Five Races, One Machine* is a book by Lee S. Dryburgh, the first volume of THE COMPUTE ECONOMY, published by Dryburgh, an imprint of Contestra OÜ, Tallinn, Estonia; its record closes on 8 November 2026. [About the book](https://dryburgh.com/vol1)[Tell me when it is out](https://dryburgh.com/vol1#notify)