NC SpreadBench · Neocloud Credit Spread Index
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NCSX · constituents by issuer · as of 2026-10-30

Neocloud issuer credit spreads

The 11 NCSX constituent issuers and their face-value-weighted bond credit spreads (computed by SpreadBench from FINRA TRACE public secondary trades, as of 2026-10-30).
IssuerSpread30DBondsFace value
NscalePRIVATE · AI Cloud1,033bp+29.71$0.55B
CoreWeaveCRWV · GPU Cloud1,000.8bp-88.33$5.75B
GMI CloudPRIVATE · GPU Cloud963bp-23.51$0.40B
FluidstackPRIVATE · GPU Cloud913bp+26.31$0.60B
Hut 8HUT · HPC / Energy863.8bp+9.52$1.65B
Cipher MiningCIFR · HPC / Datacenter856.5bp-16.32$1.95B
LambdaPRIVATE · GPU Cloud806.8bp-80.62$2.00B
IRENIREN · AI Cloud / Energy749.5bp-50.92$2.15B
NebiusNBIS · AI Cloud531.6bp-98.52$2.80B
Applied DigitalAPLD · Datacenter531.6bp-2.92$2.45B
CrusoePRIVATE · Energy / AI Infra507.9bp-45.82$2.55B
Red lines: SpreadBench aggregates public secondary trades only — not ratings, not investment advice. data_status: seed.