Rackline lends exclusively against Nvidia GPU server fleets deployed by neoclouds — nothing else. One asset class, underwritten by people who track the secondary market for it every day.
Hyperscale and large-scale deals are corporate credit with GPUs attached. The middle market and micro-cluster tiers are where understanding the compute stack is the real edge — and that's where Rackline lends.
Syndicated corporate debt. GPUs are incidental to the credit.
Underwritten to an investment-grade offtake or parent guarantee.
Sophisticated neoclouds, thin lender coverage, requires real compute underwriting.
Equipment-lease economics; hardware is the entire collateral package.
Rackline lends purely against the hardware, so we're active across the middle market and micro-cluster tiers — wherever the collateral and structure make sense.
Every facility carries the same structural package, whether it's a first cluster or a fifth.
Each facility sits inside its own special-purpose vehicle with an independent manager, so the collateral is never entangled with the parent's broader balance sheet.
A UCC-1 filing over the GPU servers plus a pledge of the SPV's equity — the security package a hyperscaler-backed deal gets, sized for a smaller cluster.
A lien waiver with the host colocation facility gives us the right to enter, operate, or remove hardware on default — not just a claim on paper.
One to three months of debt service sits in reserve at close, topped up from rent collections before anything flows to the sponsor.
Four things we underwrite around, that generalist lenders tend to miss:
GPU rental rates and secondary hardware prices move on different cycles entirely. Rental pricing reacts to whatever capacity just came online; resale pricing reflects the durable demand for owning the hardware outright. Underwriting off rental rates measures the wrong market.
A single depreciation curve hides dispersion. The same server configuration clears at very different prices in the same month depending on OEM, documentation, and buyer pool — so we underwrite to a conservative band, not a point estimate.
The broader financing market is being reshaped by vendor-backed revenue guarantees, which are increasingly substituting for hyperscaler offtakes as the credit anchor behind neocloud lending. That's expanding the pool of neoclouds who can raise financing at all — and because Rackline's own facilities stand on the hardware itself, not on whether a borrower has one of these guarantees in place, we widen that pool even further.
Smaller, sophisticated neocloud borrowers can get the same structural protections as hyperscaler-backed facilities — bankruptcy-remote SPVs, perfected liens, funded reserves — but at a meaningfully wider spread, because most capital providers don't understand the collateral well enough to compete for them.
We don't underwrite AMD, custom silicon, or non-Nvidia accelerators. One vendor, one secondary market, tracked continuously.
| Chip / platform | Vintage | Max advance | Term |
|---|---|---|---|
| GB300 NVL72 | 2025–26 | 60% | 36 mo |
| GB200 NVL72 | 2024–25 | 65% | 36 mo |
| B300 | 2025–26 | 58% | 30 mo |
| B200 | 2024–25 | 62% | 30 mo |
| H200 | 2024–25 | 60% | 30 mo |
| H100 | 2022–23 | 55% | 24–36 mo |
| A100 | 2020–21 | 35% | 18–24 mo |
Email works best right now, whether you're financing a fleet or looking to co-invest.
Tell us about the Nvidia hardware you're financing or already run, and we'll walk through what a facility could look like.
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