CoreWeave announced that it has closed an $8.5 billion delayed‑draw term loan facility (DDTL 4.0) on March 30 2026, with the announcement made the following day. The facility carries an A3 rating from Moody’s and an A (low) rating from DBRS, making it the first investment‑grade‑rated GPU‑backed financing in the industry.
The DDTL 4.0 allows CoreWeave to draw up to $7.5 billion initially, with the option to increase the total capacity to $8.5 billion as the underlying assets mature. The loan is secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC, which includes the company’s purpose‑built AI data‑center facilities and the GPU‑equipped server fleets that generate predictable, long‑term cash flows from multi‑year contracts with major AI enterprise clients such as Google, Microsoft, and Amazon. The facility contains both floating‑rate tranches (SOFR + 2.25%) and a fixed‑rate tranche at approximately 5.9%, with a maturity of March 2032.
CoreWeave’s capital base is now positioned to support its aggressive expansion plan, which includes a projected $12‑$14 billion capex spend for 2025 and a near‑doubling of that spend in 2026 to reach almost $30 billion. The new financing reduces the company’s cost of capital, enabling it to fund the deployment of NVIDIA HGX B300 and Vera Rubin NVL72 systems while maintaining the ability to meet the $66.8 billion backlog of AI‑cloud contracts that underpin its revenue trajectory.
The market reacted positively to the announcement, with analysts noting that the investment‑grade rating signals institutional confidence in CoreWeave’s predictable cash flows and scalable business model. The deal also highlights a broader trend of treating AI infrastructure as a traditional asset class, similar to power plants, which may lower financing costs for other players in the sector.
Management emphasized that the financing “provides a lower‑cost capital path for our projected $12‑$14 billion capex spend in 2025 and beyond,” and that the deal “reflects confidence in AI adoption and represents continued market validation of our model that is proving both repeatable and scalable.”
The transaction underscores CoreWeave’s strategic positioning to meet accelerating demand for AI computing power, while also demonstrating the company’s ability to secure high‑quality debt in a competitive capital‑markets environment.
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