CoreWeave Secures $8.5 Billion GPU-Backed Loan for AI Expansion

CoreWeave closed an $8.5 billion delayed-draw term loan facility on March 31, 2026, to aggressively expand its AI cloud infrastructure. The financing is the first investment-grade deal backed by GPU infrastructure, receiving A3 and A (low) ratings from Moody's and DBRS. The facility allows for an initial draw of $7.5 billion, potentially expanding to $8.5 billion as assets stabilize. It is secured by the company's GPU clusters and a contract backlog from Meta Platforms valued at $19.2 billion.

Arranged by Morgan Stanley and MUFG, with Blackstone Credit's Insurance serving as the anchor investor, the loan matures in March 2032. The investment-grade status allowed CoreWeave to secure interest rates approximately 7.5 percentage points lower than its 2023 financing. The company intends to use the funds to construct "AI Factories" and purchase new hardware, including Nvidia's 2026 Rubin platform.

This transaction is part of $28 billion in equity and debt financing the company has raised since its March 2025 IPO. Following the announcement, CoreWeave shares rose between 6% and 12%, although the stock remains more than 60% below its previous summer peaks. CEO Michael Intrator noted that doubling capital expenditures this year to compete with hyperscalers like Amazon and Microsoft would pressure margins.