CoreWeave Raises $2.6 Billion in New Loan Amid $35.6 Billion Debt Load
Key Facts
CoreWeave closed a $2.6 billion delayed-draw term loan facility on August 10, 2026, the latest step in financing the expansion of its AI cloud platform and meeting customer commitments. The company said in a statement attached to a filing with the U.S. Securities and Exchange Commission that the financing supports continued platform expansion and deployment of contracted infrastructure. The loan follows a $2.3 billion debt facility announced in August 2023, jointly led by Magnetar Capital and funds managed by Blackstone. The comparison shows how CoreWeave’s financing has evolved from a loan secured by Nvidia chips to broader facilities also tied to customer contracts and infrastructure deployment commitments. In June 2026, the company’s total debt stood at $35.6 billion, according to its quarterly report.
Blackstone was not the only lead on the 2023 facility; Magnetar Capital also led it, with participation from Coatue and DigitalBridge Credit, as well as funds and accounts managed by BlackRock, PIMCO and Carlyle. The deal used Nvidia chips as collateral and included H100 chips used in AI computing, according to a Reuters report. CoreWeave said at the time that the financing would increase its high-performance computing capacity to serve customers, enable it to open new data centers and expand its team. In May 2024, the company signed a $7.5 billion debt facility led by funds managed by Blackstone, with Magnetar, Coatue and other parties participating. Blackstone said CoreWeave had raised more than $12 billion from equity and debt investors in the 12 months before that announcement.
The August 2026 facility has a term of nearly five years, about two years longer than the roughly three-year average term of its core customer contracts. CoreWeave said the financing structure broadens the range of contracts eligible for joint financing in public markets and allows it to finance shorter-term contractual commitments. The loan was rated Ba2 by Moody’s and BB+ by Fitch, and priced at a margin of 5.50% over SOFR. The company said the deal was oversubscribed, attracting what it described as exceptional investor demand. The difference in maturities between the loan and the underlying contracts puts the continued performance and renewal of commitments at the heart of the financing structure, as the debt extends beyond the average term of the contracts supporting it.
The financing expansion coincided with rapid revenue growth, but was accompanied by a wider net loss. CoreWeave reported revenue of $2.575 billion in the second quarter of 2026, compared with $1.212 billion in the same period of 2025, while its net loss rose to $626 million from $290 million. Its contracted revenue backlog was about $104 billion as of June 30 and did not include new customer commitments exceeding $25 billion added in early third quarter. The company said some short-term contracts signed in the third quarter run for about three to six months, at an annualized rate of about $40 million per megawatt. These figures provide context for the company’s need to finance the deployment of substantial computing capacity while its financial commitments continue to grow.
The debt market showed signs of pressure in October: Reuters reported that the yield on a CoreWeave bond due in October 2031 briefly topped 16% on October 15. The yield on bonds issued by the company in June at 9.675% also rose to 15% during the week of October 16, after their prices fell. Reuters reported that about $30 billion of the company’s debt was in the form of delayed-draw loans tied to special-purpose companies and guarantees from specific customer contracts. In trading on October 22, Blackstone shares closed at $118.75 and CoreWeave shares at $55.60, according to L7 data. These credit-market moves, alongside the scale of the debt and the maturities of the loans and contracts, have put expansion financing under investor scrutiny.