CoreWeave, Inc. 8-K

What Happened
CoreWeave, Inc. filed an 8-K disclosing a First Amendment, dated December 31, 2025, to its DDTL 3.0 Credit Agreement involving CoreWeave Compute Acquisition Co. VII, LLC (CCAC VII), CCAC VII Holdco LLC and lenders (MUFG Bank, Ltd. as administrative agent; U.S. Bank Trust Company, N.A. as collateral agent). The amendment adjusts covenant timing and liquidity requirements to align the facility with the company’s delivery timing discussed on its earnings call for the quarter ended September 30, 2025. The filing was signed January 2, 2026 by CEO Michael Intrator.

Key Details

• Amendment date: December 31, 2025; 8-K filed January 2, 2026.
• Liquidity: Minimum liquidity for monthly payment dates ending on/after March 1, 2026 and prior to May 1, 2026 is reduced to $100.0 million.
• Covenant testing delays: initial test of the debt service coverage ratio postponed to October 31, 2027; initial test of the contract realization ratio postponed to February 28, 2026.
• Equity cures: unlimited equity cures allowed for covenant shortfalls before October 28, 2026; after that date, equity cures can be used no more than three consecutive months in any four-month period.
• The full text of the First Amendment will be filed as an exhibit to CoreWeave’s Form 10-K for the year ended December 31, 2025.

Why It Matters
These changes give CoreWeave more near-term flexibility on liquidity and delay the start of key financial covenant tests, which reduces the immediate risk of covenant breaches and potential defaults. The allowance for equity cures means the company (or its parent) can inject capital to remedy covenant failures, further lowering near-term lender enforcement risk. Investors should note the amendment is a material financing change (Item 1.01) and look for the full amendment in the upcoming 10-K for complete terms and potential impacts on the company’s financing profile.