The first open research database of debt secured by AI chips: hand-collected deal terms, a GPU collateral price index, the vendor announcement-event calendar, and a map of who ultimately holds the risk.
BETA · v1.0 · Data compiled from public sources Data as of: loading…A new collateral class is forming: loans secured by GPUs, leased to AI companies, syndicated, securitized, and resold to insurers and pension funds. Its defining feature has no precedent: the collateral's depreciation clock is controlled by the vendor that sells the chips and invests in the financing vehicles. No systematic public dataset existed. This observatory builds it, openly, before the asset class is first tested.
1 · Deal Tracker. Hand-collected terms of chip-backed loans, leases, bonds and securitizations, each entry carrying its source and a verification flag.
2 · GPU Collateral Price Index. Resale and rental-rate series for major accelerator generations: the observable value of the collateral behind the loans.
3 · Announcement-Event Calendar. Dated vendor architecture events, past and announced. These scheduled, public events are what reprice the entire collateral base, and the backbone of event-study research.
4 · Holdings Map. Who ultimately holds the risk, mapped from insurance statutory filings and fund disclosures. In active collection.
Companion research: Silicon as Collateral: Vendor-Supported Chip-Backed Debt and the Financing of the AI Buildout (Thelisson, working paper, 2026).
Every entry lists its public source. VERIFIED = confirmed by a primary source (e.g., issuer press release). REPORTED = financial-press reporting, not independently verifiable. Amounts in USD.
| Date | Transaction | Type | Amount | Key terms | Status | Source |
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Indicative series for the Nvidia H100, the reference collateral of the first deal vintages. Points are compiled from published trackers and press analyses; a formally constructed, citable index is the observatory's next release.
Vendor product-cycle events reprice the collateral base. Financing events build the exposure. Dashed = announced or expected. This calendar is the backbone for event-study research: the dates are scheduled and public before they move prices.
Who ultimately holds chip-backed risk? Once loans are syndicated and securitized, the exposure migrates to regulated balance sheets. No one currently publishes this aggregate. We are building it.
Source 1 — U.S. insurance statutory filings. Schedule D and Schedule BA disclosures identify structured securities and fund interests held by insurers, the first regulated window on distribution. Collection of 2025–26 filings in progress.
Source 2 — Fund disclosures. Private credit fund reports and listed-fund holdings referencing chip-lease and GPU-backed exposures.
Source 3 — Syndication reporting. Press-documented participations in the tracked deals.
First release target: an aggregate exposure estimate and a concentration measure on the single-vendor obsolescence factor, the one number no market participant can compute alone.
Hold relevant data? Contact usEntries are compiled exclusively from public sources: issuer press releases, offering materials, regulatory filings, published market trackers, and the financial press. Every entry carries its source. Primary-source confirmation earns a VERIFIED flag; press-only items remain REPORTED. Entries surfaced by our automated source watch enter as PENDING REVIEW and are clearly bannered until a human curator verifies the source and assigns a definitive badge, or removes them. The machine never assigns VERIFIED or REPORTED. Nothing on this page is investment advice, and inclusion of a transaction implies no judgment about any named party. Corrections are welcome and acknowledged.
The observatory is curated by hand, entry by entry, from public sources. There is no automated feed, and that is deliberate: verification is the product. Technically, the page loads its data at every visit from a separate file (observatory-data.json) published alongside it, so updates appear to all visitors the moment the file is replaced, and the "Data as of" date in the header shows the release you are viewing. You can also press "Check for updates" at any time.
The database is released under CC BY 4.0. Quarterly snapshots will be archived with a citable reference. Researchers may reuse the data with attribution to the AI Transparency Institute.
We welcome: deal terms and documents we have missed, secondary-market price observations, holdings disclosures, and corrections. Submissions are reviewed before inclusion and flagged by verification status.
Submit data or a correction