Who Checks the GPUs Behind the Loan? Private credit has lent a lot against GPUs. Those loans are getting securitized now, and whoever buys the bonds will want proof the chips exist and actually perform. It's already happening. Stonebriar priced an $869M equipment ABS in October with GPU loans making up about 15% of the pool. Wingspire's $407M deal, roughly a fifth GPU loans, was 5x oversubscribed. Lambda's $926M term loan, secured by the GPU servers it funds and an NVIDIA take or pay contract, got a Baa2 from Moody's. What lenders are really underwriting is the contract and the operator. Serial numbers, live telemetry and a creditworthy customer paying every month are how you prove a GPU exists and works. Securitization is what happens when an asset class becomes normal. The operators with clean data and real customers will end up with the cheapest money in this market