{
  "schema":"aic.lambda-financing-anatomy/1",
  "reviewed_on":"2026-10-26",
  "financing_announcement_date":"2026-10-01",
  "rating_release_date":"2026-10-02",
  "language":"en",
  "source_record":"/downloads/lambda-installation-finance-2026-10-06.json",
  "sources":[
    {"id":"ISSUER","url":"https://lambda.ai/blog/lambda-closes-1-billion-senior-secured-fixed-rate-financing","scope":"Facility size, fixed rate, coupon basis, maturity, offtaker count and commissioning-linked delayed draws."},
    {"id":"DBRS","url":"https://dbrs.morningstar.com/research/490455/morningstar-dbrs-assigns-credit-ratings-of-a-low-to-lambda-compute-i-llc","scope":"Solicited rating opinion, borrower, project protections, installation-parent exposure and reserve weakness."}
  ],
  "facility":{"borrower":"Lambda Compute I LLC","amount_usd":1008000000,"fixed_rate_percent":6.78,"coupon_frequency":"semiannual","latest_maturity":"2033-05-30","fully_amortizing":true,"drawn_amount":null,"lender_allocations":null,"dbrs_rating":"A (low)","moodys_rating_issuer_reported":"Baa1","parent_profile_in_agency_release":"non-investment-grade","parent_guarantee_scope":null,"offtaker_count":2,"deployment_count":3,"offtaker_names":null},
  "architecture":{"capital_market":"Marketed to insurers and fixed-income investors; actual allocations not identified.","before_draw":"Installation equity remains exposed to parent execution and funding risk.","draw":"Commissioning-linked delayed draws and agency-described protections over draws and upfront payments.","operations":"Contract cash supports amortization after each tranche stabilizes.","coverage_basis":1.2,"reserve_adjustment_notches":-0.5,"complete_covenants_public":false,"linked_to_anthropic_contract":false},
  "coverage_illustration":{"actual_lambda_cash_flows":false,"unit":"normalized units, not dollars","base_debt_service":100,"base_cfads":120,"base_dscr":1.2,"debt_service_held_fixed":true,"haircuts":[0,0.05,0.10,0.16666666666666666,0.20,0.25,0.30],"reserve_example":4,"reserve_assumed_drawable":true,"reserve_counts_as_operating_cfads":false,"rating_or_default_forecast":false},
  "interpretation":"Defined project obligations can reach a different capital market from the sponsor. This does not remove the need to finance installation or prove the parent is investment grade. A reserve can bridge one cash payment without improving operating DSCR."
}