InfraCompute / Deals
CoreWeave: DDTL 5.5
GPU-backed loan for CoreWeave, US$2.6bn, 10 August 2026.
Key terms
- Borrower or issuer
- CoreWeave
- Date
- 10 August 2026
- Structure
- GPU-backed loan
- Amount
- US$2.6bn
- Pricing
- Term SOFR + 5.50%
- Tenor
- matures 1 September 2031 (~5 years); draws to December 2026
What’s notable
A US$2.6bn delayed-draw term loan at Term SOFR + 5.50%, arranged by JPMorgan and MUFG and maturing in September 2031. It is the first CoreWeave DDTL where the customer contracts (about three years on average) are shorter than the loan, with re-leasing permitted, so lenders take re-contracting risk for the first time. The company release gives ratings of Ba2/BB+.
Recorded terms
- Lender type
- Bank loansNamed lender: JPMorgan (admin)
- Tenor
- matures 1 September 2031 (~5 years); draws to December 2026
- Security
- Substantially all assets of Borrower and subs + 100% equity pledge by CW Financing DDTL V-V Holdco; full parent guarantee
- Lenders and arrangers
- JPMorgan (admin); JPM + MUFG (JLAs); US Bank (collateral/depositary); JPMorgan and MUFG (joint lead arrangers and bookrunners); Morgan Stanley and MUFG (lenders)
- Tenant or offtaker
- Certain customer contracts (unnamed)
Similar financings
Same structure, other borrowers, closest in date.
More from CoreWeave
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 1
- Governing law
- New York law
- Quoted in the clause and contract libraries
- 1
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.
From the Credit Agreement (Ex 10.1), filed with the SEC.
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| Credit Agreement (Ex 10.1) | 7 August 2026 | New York law | Quoted: Customer contract cash trap and contract value ratio · Quoted: Minimum DSCR covenant · Quoted: Equity cure and contract cure |
In-house counsel working on similar terms? Ask Randeep for a market check or see what is market.
For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- CoreWeave closes $2.6bn DDTL5.5Source date: 10 August 2026
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
