CoreWeave (NASDAQ:CRWV) shares gained about 6% on Tuesday after the company announced the completion of an $8.5 billion delayed draw term loan facility, alongside broader strength across technology stocks.
The financing received investment-grade ratings of A3 from Moody’s and A (low) from DBRS, marking what the company described as the first investment-grade-rated financing tied to high-performance computing infrastructure and a related customer contract. The structure allows CoreWeave to initially access around $7.5 billion, with the option to increase total borrowing capacity to $8.5 billion as underlying assets reach stabilization.
The facility includes two tranches: a floating-rate portion priced at SOFR + 2.25% and a fixed-rate portion at approximately 5.9%. The financing is scheduled to mature in March 2032 and is secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC.
MUFG and Morgan Stanley acted as co-structuring agents and joint bookrunners for the transaction, while Goldman Sachs and JPMorgan served as additional coordinating lead arrangers. The deal was oversubscribed, with Blackstone Credit & Insurance acting as the anchor investor alongside participation from a range of global banks, asset managers, and insurance investors.
With this transaction, CoreWeave said its total equity and debt financing commitments over the past 12 months have reached roughly $28 billion. The company noted that the new facility supports funding requirements tied to previously signed cloud service contracts with a major AI enterprise customer.