A cloud computing company has landed one of the largest financing deals of the year, securing $8.5 billion to fuel expansion of its artificial intelligence services as businesses scramble for more computing power.
CoreWeave announced Tuesday it has obtained the massive funding through a delayed-draw term loan facility, allowing the company to build out its AI cloud platform infrastructure. The deal represents part of a broader $28 billion in combined equity and debt commitments the firm has raised over the past 12 months.
Under the financing arrangement, CoreWeave can initially access approximately $7.5 billion, with the ability to draw the full $8.5 billion once its data center facilities achieve steady operational performance. The loan carries an eight-year term, set to mature in March 2032.
Major Wall Street banks structured the complex transaction, with Morgan Stanley and MUFG serving as co-lead organizers and book runners. Goldman Sachs and JPMorgan participated as additional coordinating lead arrangers for the deal.
Investment giant Blackstone Credit & Insurance anchored the financing, while a consortium of international financial institutions, asset management firms, and insurance companies joined as participants in the loan facility.
