Prepayment on reserved GPU capacity: what operators ask and what buyers give

Reserved GPU capacity is usually paid partly before the first GPU-hour. In our October deals the prepayment was a line where buyer and operator did not meet, and it is also a line that can be moved.

What operators ask and what buyers give

Operators ask for it for two reasons. They borrow to buy hardware for sites that go live months later, so the prepayment changes their cost of money. And it covers them if the buyer stops paying: CoreWeave's annual report says it manages that credit risk through the prepayments in its committed contracts, which typically include a prepayment before the customer gets access. For the buyer it is cash paid before the first GPU-hour, on top of a commitment that is often take-or-pay for the whole term.

What the percentage is calculated on

An example at the B300 median of $5.60 per GPU-hour (offers through Ancapex on terms of two years or longer, our fee included, 26 October 2026): 256 GPUs for three years of 26,280 hours is a contract of about $37.7 million, or about $1.05 million a month.

Ask for the amount in dollars and the base it is calculated on: the total contract value, the first year, or a set number of months. Then ask when it comes back to you: against the first invoices, against the last months of the term, or held as a deposit to the end.

When the term starts

The term can start at signature or at first live capacity, and it changes what you pay for. In current offers reserved GB300 NVL72 starts from Q1 2027, so a prepayment made at signing today can sit with the operator for two months or more before the first GPU-hour. If the term starts at signing and the site is late, you also pay for months without GPUs. Ask for the term to start at acceptance of the capacity, and for the prepayment to be protected if the operator does not deliver. Dates by model: GPU availability.

How the gap gets closed

• Rate for prepayment. A larger prepayment or an earlier term start can buy a lower rate, because it lowers the operator's cost of money (what goes into a GPU-hour). The trade works both ways: ask what the rate would be at 20% and at 30%.
• Staged payment. Part at signing and part when the capacity is delivered and accepted, so less cash sits with the operator before the site is ready.
• Security other than cash. CoreWeave's annual report says it may use letters of credit and guarantees as well as prepayments to manage that risk. Ask whether one can replace part of the cash.
• A financing partner. Some gaps need a third party: financiers that fund GPU operators can carry part of what the operator would otherwise ask the buyer to prepay. When a deal needs one, we can bring one in, with your agreement.

We ask operators whether they can cover your request without naming you, and introduce you to up to three. The prepayment, price and terms come from the operator, you sign with the operator directly, and the operator pays our fee.

Check the prepayment line

• The amount in dollars, and the base: whole contract, first year or months
• When it is due: at signing, or staged to delivery and acceptance
• When and how it is credited back
• Whether it is protected if the operator does not deliver
• When the term starts: signature or first live capacity
• The rate at a smaller and at a larger prepayment

The rest of the contract: GPU lease checklist.

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