Clace Research — Credit research and data 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 and proprietary data on the full universe — CoreWeave, Nebius, Vultr, Lambda, Crusoe, Together AI and more. We grade credit by position in the capital structure, not by issuer name, and build every grade on proprietary data: collateral and security, power and interconnection, and GPU depreciation. We are paid by the institutions reading our research, never by the companies we cover.
Credit data on neocloud operators
Clace maps the data that moves these credits — collateral and lien position across operators and their financing SPVs, datacenter power and interconnection commissioning, and GPU residual-value and depreciation curves — and applies it tranche by tranche, from secured GPU-backed facilities to structurally subordinated corporate notes. It is the collateral, power and depreciation data that sits beneath the headline ratings on CoreWeave, Nebius, Vultr and the wider neocloud universe.
Research notes
- The Compute Sublet: AI’s Largest Names Are Now Each Other’s Tenants. — When a model lab’s most durable cash flow is rent from its competitors, it should be underwritten as an infrastructure lessor.
Who we serve
Built 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.
Frequently asked
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, covering capital structure, collateral, power and GPU-depreciation data.
What data does Clace use to grade neocloud and GPU-backed debt?
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 adds the collateral, power and depreciation data beneath the headline ratings.