CoreWeave Secures $8.5 Billion Loan for AI Expansion

CoreWeave Inc., a provider of GPU-accelerated cloud infrastructure for artificial intelligence applications, announced on Tuesday an 8.5 billion delayed draw term loan facility to support the expansion of its AI data centers. The news drove shares of the company, traded on Nasdaq under the ticker CRWV, up 12 percent during the session, closing at 77.47 after reaching a high of 77.59. Trading volume surged 7 percent above average, with more than 27.7 million shares exchanged.

The financing, structured as a delayed draw term loan maturing in March 2032, allows CoreWeave to access funds incrementally. The company can initially draw up to 7.5 billion, with an additional 1 billion available once certain data center assets meet stability criteria. Backed by high-performance computing infrastructure and customer contracts, the loan marks the first such facility to receive investment-grade credit ratings: A3 from Moody's and A low from DBRS. It includes a floating-rate tranche priced at the secured overnight financing rate plus 2.25 percent, equivalent to about 5.9 percent, and a fixed-rate tranche at 5.9 percent.

This deal lowers CoreWeave's overall cost of capital, a key factor as the...