CoreWeave is close to securing $8.5 billion in "AI chips + Meta contract" backed financing.

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AI cloud computing company CoreWeave is seeking a new round of large-scale debt financing to strengthen its position in the increasingly competitive AI infrastructure market.

According to The Information, citing sources familiar with the matter, CoreWeave is nearing completion of a debt financing round totaling $8.5 billion. This financing will be secured by the company’s AI chips and its cloud service procurement contract with Meta Platforms. Sources say the expected interest rate for this transaction is around 6%, a significant decrease from the company’s previous financing costs. CoreWeave’s prior debt issuances had rates as high as double digits, marking a clear improvement in financing terms.

This new debt is expected to receive an A- rating from credit rating agencies, making it CoreWeave’s first chip-backed debt to be formally rated. Achieving an A- rating demonstrates increased recognition of the company’s credit standing in the capital markets, helping further broaden its financing channels and attract institutional investors with specific credit rating requirements.

According to The Information, Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG) will participate in the purchase of this debt, with the remaining portion to be allocated to other institutional investors.

CoreWeave plans to release its financial report this week. Sources indicate that the company is continuously expanding its debt financing scale to compete for market share against established cloud service providers such as Amazon, Microsoft, and Google, while addressing challenges from emerging rivals offering AI chip rental services for developers.

Using Meta's cloud service contract as the underlying collateral asset not only highlights the deepening relationship between leading tech companies and AI infrastructure providers but also provides a more convincing credit endorsement for CoreWeave’s debt.

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