The banks raised the yield and added investor protections after initial demand for the unrated GPU financing fell short
JPMorgan Chase and Goldman Sachs have raised the yield and improved terms on a $5 billion leveraged loan for Volta Infrastructure Holdings Ltd., a young AI cloud and infrastructure company. The reason is simple: investors were not biting at the original price.
The revised deal now offers yields of roughly 11.21% to 11.75%. That is the price of lending to a company founded in 2026 with no credit rating, even one with Anthropic as a customer.
The full package comes to $5.012 billion. It splits into two very different pieces.
The first is a $1.3 billion first-lien term loan, which the two banks are underwriting. First-lien means these lenders get paid back first if things go wrong, and underwriting means the banks have committed to fund it even if they cannot sell it all.
The second piece is a $3.712 billion loan tied to GPUs, the specialized chips that power AI models. That tranche is being sold on a best-efforts basis.
Best-efforts is banker language for “we will try.” The banks are not on the hook if buyers fail to show up, which tells you where they think the risk sits.
Pricing is now set at SOFR plus 625 to 650 basis points. SOFR is the benchmark floating rate that much of the US lending market uses, and 100 basis points equals one percentage point.
The loan also carries an original issue discount of 95 to 98 cents on the dollar. Put simply, lenders hand over less than face value but get repaid in full, which quietly boosts their return. Combine the spread and the discount, and you land at those 11%-plus yields.
The deal was relaunched around October 9, 2026, after initial demand at lower yield levels proved insufficient.
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There is a non-call period covering the first two years. That means Volta cannot refinance the debt early and cheaply if conditions improve, so lenders lock in their high yield for at least that window.
The loan includes rate step-down opportunities if Anthropic achieves an investment-grade rating. In other words, the interest rate on Volta’s debt is partly pegged to the creditworthiness of its customer.
Volta was founded in 2026. Its backers include Andreessen Horowitz, Nvidia , and Michael Dell.
The company raised $300 million in venture capital at a valuation of $2.4 billion. The new debt package dwarfs that equity cushion several times over.
The loan proceeds are set to support a data center lease arranged with Bitdeer Technologies and the purchase of around 36,000 Nvidia GPUs. Volta’s first deployment is in Norway, where it plans to build and operate AI data centers and GPU capacity in partnership with Bitdeer.
The anchor for all of this is a six-year compute agreement with Anthropic tied to the Norwegian site. That contract is the revenue stream lenders are ultimately betting on.
Nvidia’s presence on both sides of the arrangement is worth a note. It is an investor in Volta, and Volta is about to spend a large share of borrowed money on its chips.
The structure of the deal reflects the risk calculus at play. The banks were comfortable committing to the senior $1.3 billion slice, but not to the much larger GPU tranche.
The Anthropic-linked step-down clause makes concentration risk explicit rather than implied. A loan this reliant on one tenant is exposed to that tenant’s fortunes, and the clause shows lenders want compensation until that tenant earns an investment-grade rating.
Moving yields up to the 11.21% to 11.75% range to clear demand suggests institutional investors are recalibrating how much risk they will take in unrated AI infrastructure debt.
The key thing to watch is the GPU tranche. The $1.3 billion first-lien piece has bank backing. Whether the $3.712 billion best-efforts portion fully sells at the revised terms will be the clearest read on how much appetite credit investors really have for financing the AI chip boom.