The agencies write the line in letters: BBB- or Baa3 and above is investment grade, BB+ or Ba1 and below is high yield. Chapter 10 reads CoreWeave’s loans at Ba2 and BB+, just below the line, and the hyperscalers’ bonds far above it. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
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
Sources that use it
- Public Utility Commission of Texas, Project No. 59142, Review of ERCOT’s Interconnection Processes for Large Loads, items 56–72, filed 11–14 September 2026 (sixteen public comments signed by fifteen residents of Wichita Falls and Holliday, Texas, at nine addresses, on one template in eight variants, each asking the Commission to “conduct an audit and comprehensive review of Project Raptor” for “its potential impact on nearby residents and agricultural operations” and to “make its findings publicly available and provide opportunities for community input throughout the review process”; the distances are the letters’ own — “within 2 miles”, “share a fenceline”, “(1200 ft from my home)”; no letter names an applicant, a site or a load, and the megawatt figure appears only in the filing descriptions four filers typed into the docket index, items 69–72 — two of them “The 1000 MW request sits 1200 ft from my home. I would like the audit applied to Project Raptor specifically.” and two “The 1000 MW request sits 1 road over from my home. I would like the audit applied to Project Raptor specifically.” — not a letter’s text; item 57 is an unrelated good-cause request by Synergen Green Energy; nothing filed in answer as of 16 September 2026; the residents are private individuals and are not named; the seventeen documents held byte-exact, captured by Sourcing 16 September 2026; the URL is item 69, the letter whose index description carries the megawatt figure; each of the fifteen also filed the letter in PUCT control number 55999, Reports of the Electric Reliability Council of Texas, items 281 and 284–297, each the same letter as its twin, thirty-one copies across the two dockets, and the template’s ‘Permit #59142’ and ‘Permit #55999’ are those two control numbers, not permits). In the Sources
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “Investment grade, the letters.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/investment-grade-the-letters (accessed 2026-11-01).
BibTeX
@misc{dryburgh-investment-grade-the-letters-2026,
author = {Dryburgh, Lee S.},
title = {{Investment grade, the letters}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/investment-grade-the-letters},
note = {Accessed 2026-11-01}
}