CoreWeave closes $2.6 billion GPU-backed loan

CoreWeave closes $2.6 billion GPU-backed loan

Tue, August 11, 2026 at 4:27 PM GMT+3 2 min read

• CRWV +19.28%

CoreWeave (NASDAQ: CRWV) closed a $2.6 billion delayed-draw term loan on Monday, priced at SOFR plus 550 bps with a maturity of approximately five years. The debt was issued by CoreWeave Financing DDTL V-V, LLC to fund HPC infrastructure for committed customer deployments.

Moody's rated the transaction Ba2, while Fitch assigned a BB+ rating. CoreWeave said the loan was oversubscribed, though it did not disclose the order book, allocation or amount drawn at closing.

The collateral structure departs from CoreWeave's earlier delayed-draw loans. Customer contracts supporting the new debt average approximately three years, leaving about two years between the average initial contract expiration and the loan's maturity. CoreWeave can renew those contracts or re-lease the GPU capacity, subject to requirements in the credit agreement.

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CoreWeave said the structure expands the range of contracts that can receive infrastructure financing through public syndication. The underlying commitments come from AI customers and enterprises in other sectors, but the company did not identify them. Shorter contracts often carry higher prices, which CoreWeave expects will support higher margins and help it serve customers unwilling to sign longer agreements.

"This transaction demonstrates the continued evolution and growing flexibility of AI infrastructure financing and represents a major unlock for CoreWeave," said Brannin McBee, co-founder and chief development officer. "Lenders are now comfortable financing shorter-dated contracts, which allows us to target a wider variety of customers, including global enterprises that typically favor shorter-term agreements."

The transaction follows CoreWeave's $3.1 billion DDTL 5.0 loan, completed in May with an approximately 5.5-year maturity. That debt priced at SOFR plus 450 bps, making the new loan's spread 100 bps wider. Both transactions received Ba2 and BB+ ratings from Moody's and Fitch, respectively.

CoreWeave said the latest closing brought its debt and equity capital secured during 2026 to more than $30 billion. The total includes equity and other debt transactions, rather than only the company's delayed-draw loans. CoreWeave reported $98.8 billion of revenue backlog as of March 31, based on its definition covering remaining performance obligations and other committed contract amounts.

The delayed-draw structure lets CoreWeave fund infrastructure as customer deployments proceed, rather than borrowing the full amount at closing. The company did not provide a draw schedule or state whether the debt has recourse to the parent.

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The transaction's joint lead arrangers and bookrunners were JPMorgan and Mitsubishi UFJ Financial Group. Proceeds will finance the purchase and deployment of customer-dedicated GPU infrastructure.