CoreWeave is lining up an investment-grade loan of at least $4 billion, secured by its AI chips and a contract with Meta Platforms, according to a Bloomberg report published on November 11. Morgan Stanley and MUFG are arranging it. Nothing is final, and the banks could start marketing it to other lenders as early as the week of November 16.
CoreWeave’s own debt is rated junk, but Meta’s credit profile is expected to win the loan a high-grade rating. On the November 10 earnings call, finance chief Nitin Agrawal said the next contract-backed loan should yield 7% to 7.5%. On $4 billion, that is $280 million to $300 million a year in interest ($4 billion × 7%, and × 7.5%).
Shareholders and bondholders get the clearest signal from a separate decision. CEO Michael Intrator said on the same call that CoreWeave won’t sell unsecured bonds at current yields, so loans backed by customer contracts are the route for now. Morgan Stanley and MUFG also arranged CoreWeave’s $8.5 billion Meta-backed facility in March.
The debt has more than doubled this year, based on the four recourse and non-recourse debt lines in the balance sheet CoreWeave published with its third-quarter results:
- December 31, 2025: $21.4 billion
- September 30, 2026: $46.9 billion
That is $25.5 billion added in nine months ($46.9 billion minus $21.4 billion). Third-quarter revenue was $3.66 billion and operating income was $207 million, against net interest expense of $846 million, or about 4.1 times operating income ($846 million ÷ $207 million). The company guided fourth-quarter interest expense to $1.05 billion to $1.15 billion and 2026 capital spending to $37 billion to $39 billion.
On the other side of the ledger, revenue backlog stood at about $132.5 billion on September 30. Smaller players are going after the same demand, as when Torus raised $500 million to start selling AI computing.
How much does a cheaper $4 billion loan change on a $47 billion debt load?
Not much on its own: about 8.5% of the total ($4 billion ÷ $46.9 billion).
Intrator put CoreWeave’s average borrowing cost at 7.9% at the end of September. A loan at 7% to 7.5% mostly keeps that average from rising, and it doesn’t pull it down by much. At the midpoint, the fourth-quarter guidance already points to an interest bill about 30% higher than the third quarter’s ($1.1 billion ÷ $846 million).
Two things to watch: the final size and rate if the deal closes, and whether the roughly $9 billion in customer prepayments and deposits Intrator said he expects over the next three months shows up in fourth-quarter cash flow.
