Capital Structure — Timeline

Dates are publication dates of the underlying source, not ingest dates. Financing terms decay fast, so every spread carries its as-of date.

2026

September

• Sep 24 — [Ingest] CoreWeave DDTL 4.0 release read in full. It dates the facility to 2026-03-31, which corrects the "2025" this timeline and the DDTL 5.5 file had carried. (DDTL 4.0)
• Sep 24 — [Compile] First compile of the rung: index, timeline and frontier written from the three primary sources and the four pages carried over from datacenters and inference-economics. (Index)

August

• Aug 10 — [Filing] CoreWeave closes DDTL 5.5: $2.6bn at SOFR + 5.50%, about five years, Ba2 / BB+, JPMorgan and MUFG, meaningfully oversubscribed. First facility stated to finance customer contracts averaging about three years; CoreWeave says it has raised more than $30bn of debt and equity so far this year. (DDTL 5.5)

July

• Jul 08 — [Preprint] Matsuoka (RIKEN R-CCS) models the depreciation conveyor: the entrant-versus-incumbent cost gap at 3.2x (2026), 1.9x (2027), 3–4x (2029–30), all modelled. (Preprint; Depreciation Conveyor)

May

• May 18 — [Filing] CoreWeave closes DDTL 5.0: $3.1bn at SOFR + 4.50%, about 5.5 years, Ba2 / BB+, Morgan Stanley and MUFG. Oversubscribed, and priced 0.50 points tighter than launch. Both named customers are below investment grade. (DDTL 5.0)
• May 07 — [Filing] CoreWeave Q1 2026: revenue $2.08B, quarterly capex $7.70B, net loss $(740)M, $99.4B revenue backlog including a named $21B Meta commitment. (CoreWeave Q1 2026; CoreWeave)

April

• Apr — [Announcement] Anthropic signs a follow-on deal with Google and Broadcom for up to 5 GW of TPU capacity starting in 2027. Moderate evidence: summary-derived from a separate announcement that was not fetched directly. (Anthropic–Google TPU deal)

March

• Mar 31 — [Filing] CoreWeave closes DDTL 4.0: $8.5bn (about $7.5bn available at first), floating tranche at SOFR + 2.25%, fixed tranche at about 5.9%, maturing March 2032, rated A3 (Moody's) / A (low) (DBRS) — the first investment-grade GPU-backed loan. Non-recourse, secured on a single-purpose subsidiary and one contract with a "leading AI enterprise"; meaningfully oversubscribed, anchored by Blackstone Credit & Insurance. (DDTL 4.0)

February

• Feb 12 — [Analysis] Futurum reports Oracle's $523B of remaining performance obligations behind a $50B 2026 capex guide. Single analysis source. (Futurum; Contracted Backlog & RPO)

2025

October

• Oct 23 — [Announcement] Anthropic commits to up to one million Google TPUs and well over a gigawatt of capacity online in 2026, worth tens of billions of dollars, while keeping Trainium and NVIDIA GPUs in use. (Anthropic–Google TPU deal)