CoreWeave开创先河，“GPU抵押融资”给AI云猛加杠杆，规模已超200亿美元

Core Insights - The demand for AI computing power is driving a surge in debt financing models using GPUs as collateral, with Fluidstack recently securing over $10 billion in loans backed by NVIDIA GPUs [1] - CoreWeave pioneered this financing model, raising $9.9 billion to purchase chips and lease them to clients like OpenAI, leading to a total borrowing exceeding $20 billion among AI cloud startups [1][2] - The rapid depreciation of NVIDIA GPUs due to short product life cycles poses a significant risk to this financing model, resulting in lenders demanding interest rates in the double digits [1][4] Fluidstack's Financing - Fluidstack, a cloud startup established in 2017, has raised more than CoreWeave's previous total of $9.9 billion in GPU-backed debt, with projected revenues exceeding $400 million this year [2] - The company primarily provides chip leasing services to clients in France and Germany and is in discussions with Goldman Sachs and JPMorgan for potential debt arrangements [2] Private Credit Fund Involvement - Private credit funds are actively participating in GPU-backed financing, with the market size growing nearly tenfold to over $2 trillion in the past decade, driven by optimism about the AI cloud sector [3] - It is estimated that 75% of the funding for AI cloud business construction will be allocated to GPU purchases [3] Challenges of GPU Depreciation - The core challenge for lenders is the longevity of NVIDIA chips, which are at risk of rapid obsolescence due to accelerated development cycles [4] - CoreWeave estimates the effective lifespan of these chips to be around six years, but the fast-paced innovation could lead to quicker depreciation, prompting lenders to impose stringent collateral requirements [4] Alternative Financing Strategies - Companies like TensorWave are exploring debt financing using AMD chips as collateral, marking one of the first transactions of this kind [5] - Other firms are opting to avoid GPU-backed debt in favor of cheaper financing sources, with CoreWeave announcing an $8.9 billion acquisition of Core Scientific to leverage lower interest rates through infrastructure financing [5]