A delayed draw term loan facility is a committed loan that a borrower can tap in one or more installments at specified future times after meeting agreed conditions, rather than receiving the full amount upfront. For investors it matters because it provides a ready source of cash that can change a company’s financial strength, leverage and interest costs when drawn—similar to having a reserved credit line you can use later, which affects liquidity and the risk profile of the business.
non-recoursefinancial
A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.
investment gradefinancial
A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.
SOFRfinancial
The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.
high-performance computingtechnical
A cluster of very powerful computers, special chips and fast networks designed to tackle huge, complex calculations far faster than a normal PC — like replacing a single delivery van with a synchronized fleet to move a city’s worth of packages. For investors, high-performance computing matters because it enables faster product development, more accurate simulations and data analysis, and new revenue streams for hardware, software and services, making firms that supply or use it potentially more competitive and scalable.
AI cloudtechnical
AI cloud is remote computing equipment and software delivered over the internet that’s specifically set up to build, run and scale artificial intelligence applications — providing powerful computers, large data storage and ready-made AI tools on demand. It matters to investors because businesses that use or sell AI cloud can develop products faster, lower upfront costs and expand capacity quickly, much like renting a high‑powered workshop instead of buying all the machines, which can affect growth and profitability.
GPU-backedtechnical
GPU-backed describes a product, service, or system that uses graphics processors (GPUs) to do heavy computing tasks instead of relying only on standard computer chips. For investors, GPU backing signals that a company can handle demanding workloads like large-scale data analysis, machine learning, or real-time graphics more quickly and efficiently—similar to hiring a specialized construction crew for a big project—which can lower costs, speed time-to-market, and create a competitive edge.
Financing reflects further reduction in cost of capital and growing institutional confidence in CoreWeave’s model, execution, and AI adoption.
First of a kind non-recourse facility, with an A3 / A (low) rating, marking the first HPC infrastructure delayed draw term loan to achieve investment grade status.
Transaction fulfills financing requirements to deliver previously contracted cloud services with leading AI enterprise, expanding CoreWeave’s high-performance AI cloud footprint.
LIVINGSTON, N.J.--(BUSINESS WIRE)--
CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today announced it has closed an $8.5 billion delayed draw term loan facility (“DDTL 4.0 Facility”), supporting the continued expansion of its AI cloud platform.
The DDTL 4.0 Facility received ratings of A3 by Moody’s and A (low) by DBRS, respectively, representing the first investment-grade rated financing secured by HPC infrastructure and an associated customer contract.
“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,” said Brannin McBee, chief development officer and co-founder of CoreWeave. “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.”
The structure enables CoreWeave to borrow up to approximately $7.5 billion initially, with the ability to increase total borrowing capacity to $8.5 billion as underlying assets reach stabilization. The facility is designed to provide enhanced access to low-cost capital to support CoreWeave’s continued investment to meet customer demand.
The facility builds on CoreWeave’s sustained momentum, including securing equity and debt financing commitments that now total approximately $28 billion in the past 12 months.
The new DDTL 4.0 Facility demonstrates CoreWeave’s progress in reducing its cost of capital and enhancing its credit profile. The facility includes a floating rate tranche financed at SOFR + 2.25% and a fixed rate tranche financed at approximately 5.9%. The DDTL 4.0 Facility matures in March 2032 and is secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC.
MUFG and Morgan Stanley served as co-structuring agents and joint bookrunners with Goldman Sachs and JPMorgan serving as additional coordinating lead arrangers for the transaction, which was meaningfully oversubscribed. The facility was anchored by Blackstone Credit & Insurance and included participation from a diverse group of global financial institutions, asset managers, and insurance investors.
About CoreWeave
CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
