Gavin Baker: Shift to prepayments changes how GPU cluster financing is evaluated

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GPU cluster financing shifts to prepayments

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11.11.2026

Gavin Baker: Shift to prepayments changes how GPU cluster financing is evaluated — GPU cluster financing shifts to prepayments

Gavin Baker, Gavin Baker, explained that the move from financing GPU clusters through offtake agreements to prepayments has made the operating cash flow to EBITDA ratio the most important metric for evaluation.

He noted this change transfers the diligence burden from private credit funds assessing the creditworthiness of the offtaker to evaluating the actual customer purchasing the GPU.

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Baker has previously highlighted that Deepseek generates $38 in inference revenue per GPU hour off-peak, translating to $100 billion per gigawatt and doubling during peak times, according to his earlier analysis. He also noted that Anthropic's annual recurring revenue may have surged following token price cuts in October, as detailed in another recent report. Both observations reflect the focus on core revenue drivers and cost structures in the AI sector.

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