CoreWeave, Inc. 8-K

Summary

CoreWeave closed a $3.1B delayed-draw term loan facility to fund GPU servers and related infrastructure for two customer contracts with large, non-investment-grade customers. The first publicly syndicated high-performance computing infrastructure-backed facility expands access to investors and enables secondary-market trading; strong demand during syndication tightened pricing by 50 bp.

Key Figures

• Facility size: $3.1B, with draws available through September 2026 and maturity on 11/15/2031.
• Borrowing rates: daily compounded SOFR + 4.50%, or the base rate + 3.50%; the SOFR and base rates each have a 0.00% floor. Undrawn fees are 0.50% annually on the average daily undrawn amount.
• Security and covenants: obligations are guaranteed by CoreWeave and borrower subsidiaries and secured by substantially all assets of the borrower and its subsidiaries. A minimum 1.35x debt service coverage ratio applies beginning the first full calendar month after commitments are reduced to zero or 9/30/2026, whichever occurs first.
• Credit ratings: Ba2 from Moody’s and BB+ from Fitch. CoreWeave said it had secured more than $20B of debt and equity capital YTD, following an $8.5B investment-grade-rated delayed-draw facility earlier in 2026.

Investor Takeaways

• Watch the deployment of GPU infrastructure for the two customer contracts; delivery in line with the facility’s draw period would support the customer commitments behind the financing.