CoreWeave Seeks Investment-Grade Loan of at Least $4 Billion to Fund Expansion
Key Facts
CoreWeave is preparing to raise at least $4 billion through an investment-grade loan, according to a Bloomberg report cited by Investing.com on November 12, 2026. Morgan Stanley and Mitsubishi UFJ may lead the financing, which could be marketed the following week, though terms remain subject to change. The move comes days after the company reported quarterly results showing strong revenue growth alongside a net loss and high interest expense. The plan highlights the company’s need to finance an expansion of its cloud computing infrastructure as it continues investing to meet demand for artificial intelligence services. The documented information here does not confirm how its stock traded in the November 13 session.
CoreWeave reported third-quarter results on November 10 for the three months ended September 30, 2026. Revenue was $3.661 billion, compared with $1.365 billion in the same quarter a year earlier. But the company posted a net loss of $709 million and net interest expense of $846 million for the quarter. The figures show activity expanding alongside a substantial financing burden on results. The company said it expects to become profitable on an adjusted basis in the first half of 2028, according to Reuters, as cited by Investing.com.
The company raised the lower end of its 2026 capital spending forecast to $37 billion, while keeping the upper end at $39 billion, from a previous range of $35 billion to $39 billion. It said the revised forecast reflects expectations that infrastructure will be deployed and delivered to customers faster than planned. The projected spending adds to the financing needs highlighted by the proposed loan as the company expands its computing capacity. Meanwhile, the chief executive said about $9 billion in customer prepayments and deposits are expected in the three months following the results announcement. The company expects fourth-quarter 2026 interest expense of between $1.05 billion and $1.15 billion.
Details of the potential loan point to an expected yield of between 7% and 7.5% in preliminary pricing discussions, according to Bloomberg. The report said the company is basing the financing structure on computing assets and customer commitments. An earlier financing provides a comparison for the size and terms of the borrowing: in March 2026, CoreWeave completed an $8.5 billion investment-grade transaction backed by long-term contracts with Meta. That transaction included a floating-rate tranche with a margin of 2.25 percentage points above the secured overnight financing rate, and another fixed-rate tranche at about 5.9%. The new financing remains in preparation, and the pricing discussions do not represent final terms.
According to Reuters, as cited by Investing.com, the company had total debt of about $46.9 billion at the end of September and expects to raise less than $5 billion in additional capital through the end of 2027. Its third-quarter filing also reported expected future cash spending commitments of about $4.4 billion for existing purchase and construction obligations, with most of that spending expected within 24 months. The company plans to complete project-level bond financing over the next 12 months to fund construction costs for AMD and NewCloud projects, but cautioned that financing on acceptable terms is not guaranteed. In the stock market, the Associated Press said the shares closed down about 7% on Thursday, November 12, amid fallout from turmoil at Nvidia, which owns about 13% of CoreWeave. EL7 data showed the stock closed at $56.6 that day.