CoreWeave secures $2.6bn delayed-draw loan facility
The DDTL 5.5 financing lets CoreWeave fund GPU infrastructure against customer contracts that are shorter than the debt’s life.
CoreWeave announced its DDTL 5.5 facility on August 10, providing up to $2.6 billion of borrowing capacity for contracted AI infrastructure deployments. Its subsidiary CoreWeave Financing DDTL V-V, LLC signed the credit agreement on August 7. JPMorgan and MUFG served as joint lead arrangers and bookrunners.
The structure finances customer contracts averaging about three years while the debt runs for approximately five years. CoreWeave can renew the contracts or re-lease capacity to other customers, subject to the agreement’s conditions. Lenders therefore take exposure to the value and earning potential of the underlying infrastructure after the initial contracts end.
The facility permits delayed draws through December 2026 and matures on September 1, 2031. Its floating interest rate is SOFR plus 5.5 percentage points. The $2.6 billion describes available financing rather than an amount borrowed in full at closing.
Use of funds
Acquire GPU servers and infrastructure for contracted customer deployments