CoreWeave plans to raise at least $4 billion through an investment-grade loan, Bloomberg reported on November 11, citing people with knowledge of the matter. The CoreWeave loan would be led by Morgan Stanley and Mitsubishi UFJ Financial Group and could reach the market as soon as next week, according to the report. The plans have not been finalised and could change. The CoreWeave loan would give the AI cloud provider cheaper money to buy Nvidia chips and other computing equipment for a contract with an investment-grade customer. It comes a day after CoreWeave raised its 2026 revenue forecast and reported third-quarter revenue of $3.66 billion.
CoreWeave loan pricing undercuts its bonds
Chief financial officer Nitin Agrawal told analysts on November 10 that the company’s next investment-grade loan should price at a yield of 7 percent to 7.5 percent. That is about half the 14.21 percent yield on CoreWeave’s 9.625 percent notes due in July 2032, which last traded at 82.50 on November 11, according to FINRA TRACE data. The gap shows why the company wants a CoreWeave loan backed by its equipment and customer contracts rather than more unsecured bonds. Chief executive Michael Intrator has said CoreWeave will not raise money in the unsecured bond market at current rates. A CoreWeave loan priced near 7 percent would cut the cost of new borrowing by roughly half compared with the yield its bonds now carry.
How the CoreWeave loan would be structured
The new CoreWeave loan would be backed by Nvidia chips and a contract with an investment-grade customer, Bloomberg reported. That structure mirrors an $8.5 billion delayed draw term loan CoreWeave closed in March 2026, known as DDTL 4.0, which was rated A3 by Moody’s and A (low) by DBRS. A delayed draw term loan is committed up front and drawn in stages, and DDTL 4.0 is available in one or more draws through June 30, 2027, according to the company’s filings. The new loan would be syndicated to investors in phases, the report said. CoreWeave had filed nothing about the loan with the US Securities and Exchange Commission when Bloomberg’s report was published, and the size, pricing and rating of the facility are not settled.
CoreWeave’s debt sits on both sides of the investment-grade line. Its contract-backed DDTL 4.0 carries investment-grade ratings, while its parent-level 9.625 percent notes due in 2032 are rated B1 by Moody’s, seven notches lower. A second delayed draw term loan of $2.6 billion, signed in August 2026, received a Ba2 rating from Moody’s and BB+ from Fitch and priced at SOFR plus 5.50 percent. The split explains the company’s push to fund growth with secured, contract-backed borrowing. A CoreWeave loan of this kind sits at the asset level, inside a subsidiary that holds the servers and the customer contract. Agrawal told analysts the next delayed draw term loan would be an investment-grade facility, with several rating agencies indicating a high investment-grade rating.
Stronger results behind the borrowing plan
The CoreWeave loan plan follows a strong quarter for the company. CoreWeave reported third-quarter revenue of $3.661 billion for the period ended September 30, 2026, up from $1.365 billion in the same period of 2025. The company raised its 2026 revenue guidance to a range of $13 billion to $13.3 billion, above the $12.9 billion Wall Street had expected. CoreWeave also said it expects about $9 billion in customer prepayments and deposits in the coming months. Shares in the company rose 24.7 percent on November 11, the day after the results were announced. Bloomberg tied the loan plan to the higher sales forecast, saying it eased investor concern about the company’s debt-heavy business. Whether the $4 billion facility is the next delayed draw term loan Agrawal described on the earnings call has not been confirmed.
The CoreWeave loan, if it goes ahead, will be watched for its final size, yield and rating, and for how much of the money goes to new Nvidia chip purchases. CoreWeave’s plan to borrow at investment-grade rates rests on the same model as its March financing: chips and a customer contract pledged inside a special-purpose subsidiary, separate from the parent company’s unsecured debt.