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Bond Market News
CoreWeave Seeks To Raise $8.5bn
February 25, 2026
CoreWeave Inc. is seeking to raise ~$8.5bn in bank financing, led by Morgan Stanley and MUFJ Financial Group, according to the sources. The loan will finance cloud-computing and artificial-intelligence infrastructure for Meta Platforms. The funding would take the form of a delayed-draw term loan backed primarily by long-term service contracts under which Meta has agreed to pay CoreWeave up to $14.2bn, plus another previously undisclosed agreement worth more than $5bn. Although CoreWeave itself is rated high yield (Ba3/B+/BB-), lenders expect Meta’s strong credit profile to support an investment-grade rating on the loan, allowing the company to borrow at lower costs. Pricing discussions suggest interest of about SOFR+225bp. The transaction is expected to conclude in March. CoreWeave already has about $14bn of total debt, including $8bn in existing delayed-draw loans and $2.25bn of convertible notes issued in December. The structure is part of ‘GPU financing’, where loans are secured by customer contracts and computing hardware.
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