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The Markets Desk — Week 44 · Sat 31 Oct 2026
Compute / the Ledger · 16 deals

Who is paying whom for compute.

Every deal dated, typed in plain words, and linked to the document it comes from.

The compute board
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Deals with coreweave as a party. Show every company

Compute deals, newest first
AnnouncedDealPartiesTypeValueTermsSource
15 Apr 2026Jane Street commits ~$6B to CoreWeave's AI cloud and buys $1B of CoreWeave stock at $109.00SignedExpands an existing relationship; capacity across multiple facilities including Nvidia Vera Rubin. Separate $1.0B private placement of 9,174,311 Class A shares at $109.00 closed 2026-04-15.Capacity contract$6BCoreWeave 8-K Ex. 99.1, 2026-04-15Regulatory filing
9 Apr 2026Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032AmendedOrder form under the December 10, 2023 MSA, entered 2026-03-31. Capacity includes initial Nvidia Vera Rubin deployments. Expands meta-coreweave-capacity-2025-09.Capacity contract$21B~$21B is inclusive of the exercise of an existing option under the previous (September 2025) order form, so it is not wholly incremental.CoreWeave 8-K, 2026-04-09Regulatory filing
31 Mar 2026CoreWeave closes $8.5B DDTL 4.0, rated A3/A (low), to finance GPU servers for a customer contractSignedBorrower CoreWeave Compute Acquisition Co. VIII; non-recourse to the parent except for 'bad acts'. Floating tranche SOFR + 2.25%; fixed tranche at 2.00% over a blended Treasury rate; 0.50% undrawn fee; draws until June 2027; matures 2032-03-31. Moody's A3 and DBRS A (low): described by CoreWeave as the first investment-grade financing secured by HPC infrastructure and a customer contract. Arrangers MUFG and Morgan Stanley.
  • CoreWeave Borrower
  • MUFG Bank Lender
  • Morgan Stanley Lender
Loan against chips$8.5BUp to ~$7.5B borrowable initially, rising to $8.5B as underlying assets stabilize.CoreWeave 8-K, 2026-03-31Regulatory filing
26 Jan 2026Nvidia buys $2B of CoreWeave Class A stock at $87.20 per share; companies sign a 5 GW buildout frameworkCompleted22,935,780 shares in a private placement closed 2026-01-23. Collaboration framework to accelerate CoreWeave's buildout of more than 5 GW of AI factories by 2030 on Nvidia's platform.Equity stake$2B5,000 MWCoreWeave 8-K, 2026-01-26Regulatory filing
30 Sept 2025Meta commits up to ~$14.2B through December 14, 2031 for CoreWeave cloud capacitySignedOrder form under the December 10, 2023 Meta MSA (filed as Exhibit 10.1). Expanded 2026-03-31 (see meta-coreweave-capacity-2026-03).Capacity contract$14.2BInitially committed to pay up to approximately $14.2B (a ceiling), with an option to materially expand through 2032.CoreWeave 8-K, 2025-09-30Regulatory filing
25 Sept 2025OpenAI commits up to ~$6.5B more through May 31, 2031 in a new CoreWeave order formAmendedOrder form under the May 8, 2025 MSA, filed as Exhibit 10.1. Expands openai-coreweave-capacity-2025-03 and openai-coreweave-expansion-2025-05.Capacity contract$6.5BUp to approximately $6.5B (a ceiling); CoreWeave puts total OpenAI contract value at up to ~$22.4B after this order.CoreWeave 8-K, 2025-09-25Regulatory filing
15 Sept 2025Nvidia agrees to buy CoreWeave's residual unsold cloud capacity through April 13, 2032 under a $6.3B order formSignedNew order form under the April 10, 2023 MSA: where CoreWeave's capacity is not fully used by its own customers, Nvidia must purchase the residual unsold capacity through 2032-04-13, subject to delivery and availability requirements. Nvidia is also CoreWeave's GPU supplier and a stockholder.Backstop$6.3BInitial value of the order form: $6.3B.CoreWeave 8-K, 2025-09-15Regulatory filing
7 Jul 2025CoreWeave agrees to acquire Core Scientific in an all-stock deal; Core Scientific holders vote it down and the merger is terminatedTerminatedWould have given CoreWeave ~1.3 GW of gross power (~840 MW supporting CoreWeave HPC contracts, ~500 MW crypto mining) and eliminated >$10B of future lease payments over 12 years. Core Scientific stockholders did not approve it at the 2025-10-30 special meeting; Core Scientific terminated the merger agreement that day (CoreWeave 8-K 2025-10-31). Core Scientific had rejected an earlier unsolicited CoreWeave proposal in June 2024.Acquisition$9BImplied total equity value of approximately $9.0B as of July 3, 2025 (0.1235 CRWV shares per CORZ share, fully diluted, CoreWeave 5-day VWAP).1,300 MWCoreWeave 8-K Ex. 99.1, 2025-07-07Regulatory filing
2 Jun 2025CoreWeave signs two ~15-year leases for 250 MW at Applied Digital's Ellendale, North Dakota campus, ~$7BSignedPolaris Forge 1. On 2025-08-28 CoreWeave added a 150 MW Building 4 lease (~$4.0B), taking its Ellendale total to 400 MW and Applied Digital's contracted lease revenue to ~$11B (8-K 2025-08-29).Site lease$7B~$3B (Building 2, 100 MW) plus ~$4B (Building 3, 150 MW) over the initial ~15-year terms; three five-year extension options.15 years · to 28 May 2040250 MWApplied Digital 8-K, 2025-06-02Regulatory filing
19 May 2025CoreWeave issues $2.0B of 9.250% senior unsecured notes due 2030CompletedLaunched at $1.5B on 2025-05-19, priced upsized to $2.0B on 2025-05-21, issued 2025-05-27; matures 2030-06-01. Unsecured corporate notes, not GPU-collateralized; proceeds for general corporate purposes including repayment of debt.Loan against chips$2B9.25% interestCoreWeave 8-K, 2025-05-28Regulatory filing
8 May 2025OpenAI expands CoreWeave capacity agreement by up to $4B under a new MSA dated May 8, 2025AmendedCoreWeave's 2025-09-25 release describes an expanded agreement with OpenAI worth up to $4 billion in May 2025; its 8-K of the same day dates the Master Services Agreement May 8, 2025. Expands openai-coreweave-capacity-2025-03.Capacity contract$4BUp to $4B (a ceiling).CoreWeave press release, 2025-09-25Company press release
28 Mar 2025CoreWeave leases Galaxy's Helios campus in West Texas for 15 years, growing to 526 MW of critical ITSignedInitial 15-year, 133 MW lease (2025-03-28); CoreWeave exercised Phase II (260 MW, April 2025) and Phase III (133 MW, August 2025) options. Galaxy financed Phase I with a $1.4B Deutsche Bank term loan at SOFR (2.50% floor) + 4.75% (8-K 2025-08-15).Site leaseundisclosedGalaxy: anticipated average annual revenue of over $1B for the three phases combined; no total stated.15 years526 MWGalaxy Digital 8-K Ex. 99.2 (Q2 2025 overview), 2025-08-05Regulatory filing
10 Mar 2025OpenAI commits up to ~$11.9B through October 2030 for CoreWeave cloud capacity; CoreWeave issues OpenAI $350M of stockSignedMaster services agreement with OpenAI OpCo. Condition: CoreWeave to establish an SPV holding the infrastructure, financed with SPV-level debt. CoreWeave agreed to issue OpenAI Class A shares worth $350.0M at the IPO price. OpenAI may terminate all or part of the commitment on repeated availability failures (Q1 2025 10-Q). Expanded May 2025 and September 2025.Capacity contract$11.9BUp to approximately $11.9B through October 2030 (a ceiling), subject to delivery and availability requirements.CoreWeave S-1/A, 2025-03-12Regulatory filing
3 Jun 2024Core Scientific signs 12-year contracts to host ~200 MW of CoreWeave HPC infrastructureSignedCoreWeave later exercised options for 70 MW (2024-06-25), 112 MW (2024-08-06) and a final 120 MW (2024-10-22), per Core Scientific's 2024 10-K. A 16 MW Austin contract preceded it (March 2024).Site lease$3.5BMore than $3.5B cumulative revenue over the initial 12-year terms (~$290M average annual revenue), per Core Scientific.12 years200 MWCore Scientific press release, 2024-06-03Company press release
17 May 2024CoreWeave enters DDTL 2.0 delayed draw term loan of up to $7.6B, led by Blackstone and MagnetarSignedBorrower CoreWeave Compute Acquisition Co. IV. Loan availability is a percentage of depreciated GPU server cost, scaled by the credit rating of the contracted customer. Margins per CoreWeave 8-K 2025-10-02: term SOFR + 6.00-6.50% for investment-grade contract loans, + 13.00% for non-investment-grade. A fifth amendment on 2025-09-29 added a $3.0B tranche at term SOFR + 4.25% (CoreWeave 8-K 2025-10-02).
  • CoreWeave Borrower
  • Blackstone Lender
  • Magnetar Capital Lender
Loan against chips$7.6BUp to $7.6B per the S-1, subject to collateralization requirements; announced in May 2024 as a $7.5B facility.CoreWeave S-1, 2025-03-03Regulatory filing
3 Aug 2023CoreWeave closes $2.3B delayed draw term loan (DDTL 1.0) led by Magnetar and BlackstoneSignedBorrower CoreWeave Compute Acquisition Co. II, entered July 2023. CoreWeave's S-1 (2025-03-03) reports the actual average interest rate charged on DDTL 1.0 borrowings as 14.12% (Dec 31 2023) and 14.11% (Dec 31 2024). Floating rate; no fixed coupon. Per the S-1: secured by substantially all of the borrower's assets and a pledge of 100% of its equity; proceeds financed GPU servers and related infrastructure for customer contracts; Term SOFR + 9.6196%; matures March 28, 2028. Coatue and DigitalBridge Credit also participated (release).
  • CoreWeave Borrower
  • Magnetar Capital Lender
  • Blackstone Lender
Loan against chips$2.3BCoreWeave press release, 2023-08-03Company press release

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