GPU-Backed AI Loans Face Higher Rates as Hedging Clauses Cushion Major Deals

AI infrastructure borrowers are facing a tougher rate backdrop after the Federal Reserve raised its benchmark range to 3.75% to 4.00%, but the largest GPU-backed loans are not simply naked bets on floating rates. Public disclosures show CoreWeave, Nscale and IREN using delayed-draw structures, fixed-rate tranches and interest-rate hedges to protect much of the debt tied to AI chips and data centers.