CoreWeave Targets at Least $4 Billion in Investment-Grade Loan to Cut Cost of Capital
Key Facts
CoreWeave is preparing to raise at least $4 billion through an investment-grade loan facility in a deal aimed at lowering its cost of capital, Bloomberg reported, according to Investing.com. Financing terms remain subject to change, so neither the target amount nor the loan pricing represents final terms. The plan coincides with the release of third-quarter results and higher revenue guidance for fiscal 2026. The results show rapid revenue growth alongside a wider net loss and increased planned capital spending. That puts the proposed financing among the company’s efforts to cover its capital needs at a lower borrowing cost.
Morgan Stanley and Mitsubishi UFJ Financial Group are leading the deal, according to the report attributed to Bloomberg. The facility is expected to be distributed in stages, with a possible launch in the week after the report. Initial discussions pointed to a yield of between 7% and 7.5%. The report described that range as about half the prevailing yield on CoreWeave’s outstanding high-yield debt. The pricing remains preliminary, as do the other deal terms, which could change before launch.
The new annual revenue range exceeded Wall Street’s estimate of $12.9 billion, according to Investing.com. Revenue for the third quarter ended September 30, 2026, was $3.661 billion, compared with $1.365 billion in the same period of 2025. The company raised its fiscal-year revenue outlook to a range of $13.0 billion to $13.3 billion. It also raised its annualized exit-rate revenue outlook for the end of 2026 to $20–$21 billion. The update reflects the company’s revenue growth expectations, while coming alongside substantial financing needs to expand its infrastructure.
CoreWeave posted a net loss of $709 million in the third quarter, compared with $110 million a year earlier. Its remaining performance obligations stood at about $132.5 billion as of September 30, 2026. The company raised the lower end of its full-year capital spending forecast to $37 billion, from a previous range starting at $35 billion, while keeping the upper end at $39 billion. It said the revision reflects expectations that infrastructure will be deployed and delivered to customers faster than planned. The chief executive also forecast about $9 billion in customer prepayments and deposits in the three months following the November 10 report.
The proposed facility structure links computing equipment with customer commitments, similar to an $8.5 billion financing arrangement completed in March 2026. The earlier facility was secured by long-term contracts with Meta. This context points to a financing structure based on computing assets and cash flows tied to customer contracts. On spending, CoreWeave said faster-than-planned infrastructure deployment and delivery to customers drove the increase in the lower end of its forecast. The company also expects fourth-quarter 2026 interest expense of between $1.05 billion and $1.15 billion.
CoreWeave shares rose 24.7% on Wednesday, November 11, 2026, after the results were announced, according to the Associated Press. Reuters reported that shares of Nebius, Iren, Oracle and Applied Digital rose between 4.7% and 11.8% in premarket trading that day. The CEO told Reuters that increased scrutiny could slow data-center construction across the sector, but he did not expect it to materially change the company’s expansion plans or raise its costs. Reuters reported that the company would not turn to unsecured debt markets after the recent increase in borrowing costs. It added that cash flows from existing contracts would cover repayment of current and future debt.
Bernstein analysts said CoreWeave’s results addressed financing concerns, while warning that the company would be among those most affected if the AI computing-capacity crunch eased. In September, the company announced short-term customer contracts with approximate terms of three to six months, priced at about $40 million per megawatt, according to its definition. Its contracted power capacity rose to about 4.2 gigawatts on August 11, 2026, from about 3.7 gigawatts on June 30. The proposed deal is awaiting the determination of its final size, yield and terms. The facility could launch in stages in the week after the report, while the company expects fourth-quarter interest expense within the range it announced.