Where can I find credit data and research on neocloud operators like CoreWeave, Nebius and Vultr?

Clace Research provides independent, subscriber-paid credit research and proprietary data on the full neocloud universe — including CoreWeave, Nebius, Vultr, Lambda and Crusoe — covering capital structure, collateral, power and GPU-depreciation data.

What data does Clace Research use to grade neocloud and GPU-backed debt?

Every grade is built on proprietary data: collateral and security position, power and interconnection commissioning, and GPU depreciation — applied by position in the capital structure rather than by issuer name.

Is neocloud and AI-infrastructure debt rated, and how does Clace differ from the rating agencies?

Some neocloud paper is rated, including investment-grade GPU-backed facilities. Clace grades credit by tranche and position in the capital structure and adds collateral, power and depreciation data that sit beneath the headline ratings.

Who is Clace Research for?

Institutional credit investors: private credit and specialty finance, insurers, datacenter and colocation operators, structured-finance desks, and mezzanine and equity investors in GPU-backed deals.

Clace Research — Independent credit research on neocloud operators and AI infrastructure debt

Over $200 billion in debt has been issued to neocloud operators in eighteen months. Clace Research provides continuous, subscriber-paid credit research on the full universe — CoreWeave, Nebius, Vultr, Lambda, Crusoe, Together AI and more — covering capital structure, customer concentration, contract quality, GPU-backed financing, hyperscaler backstops, and refinancing risk. We are paid by the institutions reading our research, never by the companies we cover.

Selected research

Published continuously on Substack — credit commentary on the neocloud operators and the debt behind them.

Built for private credit and specialty finance, insurers, colocation operators, structured-finance desks, and investors in GPU-backed deals.