Gavin Baker(@GavinSBaker):The shift away from financing GPU clusters with offtake agreements to prepayments means that OCF to EBITDA is the most important metric. Moves the diligence burden from private credit funds evaluating the creditworthiness of offtaker to the actual customer of the GPU making the prepayment. Dock to live and historic cluster stability levels will be the most important metrics to customers who are increasingly paying nearly 100% upfront. Also significantly improves the payback period on GPUs.

Gavin Baker

@GavinSBaker

Managing Partner & CIO, @atreidesmgmt. Husband, @l3eckyy. No investment advice, views my own.

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Gavin Baker@GavinSBaker

2026.11.10 23:33

The shift away from financing GPU clusters with offtake agreements to prepayments means that OCF to EBITDA is the most important metric. Moves the diligence burden from private credit funds evaluating the creditworthiness of offtaker to the actual customer of the GPU making the prepayment. Dock to live and historic cluster stability levels will be the most important metrics to customers who are increasingly paying nearly 100% upfront. Also significantly improves the payback period on GPUs.

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