CoreWeave — DDTL 5.0, $3.1bn (closed 2026-05-18)

Lead

CoreWeave closed a $3.1 billion delayed draw term loan ("DDTL 5.0") priced at SOFR + 4.50%, tenor approximately 5.5 years, rated Ba2 (Moody's) / BB+ (Fitch). Joint lead arrangers: Morgan Stanley and Mitsubishi UFJ Financial Group. Proceeds fund infrastructure purchase and deployment supporting customer contracts with two large, non-investment-grade customers.

The facility was meaningfully oversubscribed, and that demand produced a 50 basis point tightening from initial pricing discussions during syndication.

CoreWeave frames it as the first publicly syndicated HPC-infrastructure-backed financing vehicle, enabling secondary-market trading and broadening institutional access to the asset class.

"This transaction further validates HPC infrastructure-backed financing as a scalable new asset class designed to support long-term AI demand" — Brannin McBee, co-founder and CDO

Key figures

Item	Value
Size	$3.1bn
Pricing	SOFR + 4.50% (tightened 50bp from launch)
Tenor	~5.5 years
Ratings	Ba2 / BB+
Arrangers	Morgan Stanley, MUFG
Collateral	HPC/GPU infrastructure assets; DDTL aligned to deployment schedule and asset useful life
Customers	two large, non-investment-grade counterparties

Why it is on this rung — and the complication it carries

This is the middle point of the cost-of-capital curve set out in the DDTL 5.5 file (SOFR+225 → +450 → +550 across DDTL 4.0 → 5.0 → 5.5, with ratings falling A3/A(low) → Ba2/BB+ → Ba2/BB+).

The 50bp tightening is the honest complication. Spreads widened across facilities while each individual deal was oversubscribed and this one priced inside its own launch talk. So "the market is closing on GPU debt" is not what this series says. What it says is that the market repriced the asset class to a high-yield level and then cleared enthusiastically at that level. A close read reporting only the widening would be wrong.

Two further structural facts worth carrying:

• Collateral is explicitly the GPU/HPC assets, with the delayed-draw structure matched to both the deployment schedule and the asset useful life — which makes depreciation assumptions a direct input to the credit, and links this rung to the useful-life question in its scope.
• Counterparty credit is non-investment-grade on both named customers, disclosed in the release. That is unusually candid and is the reason the facility sits two rating notches below DDTL 4.0.

Limitations

• Press release, not a credit agreement. No advance rate, covenant package, amortisation, or draw mechanics. Residual-value assumptions on the GPU collateral are not disclosed.
• "First publicly syndicated" is the issuer's claim and is not independently verified here.
• The two customers are not named, so concentration cannot be assessed.
• Comparing headline spreads across DDTL 4.0 / 5.0 / 5.5 is directionally sound but not a clean spread series — the facilities differ in structure, tenor and counterparty mix.
• Dated 2026-05-18; cite with its as-of date, since the curve is the point and the curve keeps moving.

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Source: CoreWeave, "CoreWeave Closes $3.1 Billion Loan Facility", 2026-05-18.