CoreWeave, Inc. (CRWV) has successfully closed an $8.5 billion delayed draw term loan facility (DDTL 4.0), marking the first investment-grade GPU-backed financing, rated A3 by Moody’s. The company can initially borrow up to $7.5 billion, with the option to increase this to $8.5 billion as its assets mature. This financing aims to support CoreWeave’s extensive expansion in AI infrastructure, with projected capital expenditures of $30–$35 billion in 2026, more than doubling 2025 levels.
Over the past year, CoreWeave has secured approximately $28 billion in equity and debt financing, significantly impacting its stock price, which rose 12% on the day of the loan announcement. However, the company faces challenges, including a substantial debt load, dependency on large AI clients, and reliance on NVIDIA for GPU supply, which raises execution risks in data center scaling.
As of December 31, 2025, CoreWeave reported long-term debt of $14.7 million, up from $5.5 million the previous year, underscoring its aggressive expansion strategy in a highly competitive market.
