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
- CoreWeave Q1: Backlog Hit $99B. Revenue Didn’t Follow. — Power commissioning is now the binding constraint between contracted backlog and recognized revenue, and the gap is where the credit risk lives.
- The Bifurcation: Why One Operator Has Both IG and Junk Paper. — How to think about CoreWeave’s DDTL 5.0 at A3 sitting in the same capital structure as 9.25% notes at Ba3.
- What Actually Determines Neocloud Creditworthiness. — The nine factors we weight, and why contract counterparty quality is the floor of every credit story, not the ceiling.
- The 2027 Refinancing Wall Is Closer Than the Maturity Schedule Suggests. — Drawn-but-undrawn delayed-draw facilities and equipment financings reset on a faster clock than the headline maturities imply.
Built for private credit and specialty finance, insurers, colocation operators, structured-finance desks, and investors in GPU-backed deals.