CoreWeave announced that it has closed an $8.5 billion delayed draw term loan facility, marking what it described as the first investment-grade rated financing secured by high-performance computing infrastructure and associated customer contracts.
The financing, referred to as the DDTL 4.0 Facility, supports the continued expansion of the company’s AI cloud platform and reflects growing institutional confidence in its business model and the broader adoption of artificial intelligence. The facility received ratings of A3 from Moody’s and A (low) from DBRS, making it the first such GPU-backed financing to achieve investment-grade status.
The structure allows CoreWeave to initially borrow approximately $7.5 billion, with the ability to scale up to $8.5 billion as underlying assets stabilize. The company said the facility is designed to provide access to lower-cost capital as it continues investing to meet rising demand from enterprise AI customers.
The transaction builds on CoreWeave’s recent momentum, with the company securing roughly $28 billion in combined equity and debt financing commitments over the past year. The new facility also improves its cost of capital and strengthens its credit profile, featuring both a floating-rate tranche priced at SOFR plus 2.25% and a fixed-rate tranche at approximately 5.9%, with maturity set for March 2032.
The deal was supported by a consortium of major financial institutions. MUFG and Morgan Stanley acted as co-structuring agents and joint bookrunners, while Goldman Sachs and JPMorgan served as additional coordinating lead arrangers. The financing was anchored by Blackstone Credit & Insurance and drew participation from a broad group of global investors, asset managers, and insurance firms, with demand exceeding the available allocation.
CoreWeave said the financing will help fulfill previously contracted cloud services and expand its high-performance AI infrastructure footprint as demand for compute capacity continues to accelerate.
KEY QUOTE:
“We’re proud to partner with leading financial institutions on this landmark transaction as we continue to innovate within the capital markets while further reducing our cost of capital. This reflects confidence in AI adoption and represents continued market validation of our model that is proving both repeatable and scalable, enabling us to meet accelerating demand from our customers.”
Brannin McBee, Chief Development Officer And Co-Founder Of CoreWeave
