CoreWeave, Inc. 8-K

What Happened

• On March 30, 2026, CoreWeave’s indirect subsidiary CoreWeave Compute Acquisition Co. VIII, LLC (CCAC VIII) entered into a credit agreement establishing an $8.5 billion delayed-draw term loan facility (the “DDTL 4.0 Facility”). MUFG Bank, Ltd. is administrative agent; MUFG and Morgan Stanley Asset Funding are coordinating lead arrangers and joint bookrunners; U.S. Bank Trust Company is collateral agent.
• The facility was put in place primarily to finance capital expenditures to perform a customer contract, including acquisition of GPU servers and related infrastructure. Availability for draws runs until the commitment termination date in June 2027, and the facility matures on March 31, 2032.

Key Details

• Facility size & purpose: $8.5 billion delayed-draw term loan to finance GPU servers and related infrastructure for a customer contract (DDTL 4.0).
• Timing & maturity: agreement dated March 30, 2026; draws available until June 2027; maturity March 31, 2032.
• Pricing & fees: floating-rate SOFR loans at daily compounded SOFR + 2.25% margin (or base-rate loans +1.25% margin); fixed-rate option priced at 2.00% + blended Treasury-based rate; undrawn commitment fee of 0.50% per annum on unused amounts.
• Security & guarantees: obligations secured by substantially all assets of CCAC VIII and a 100% equity pledge of CCAC VIII; subsidiaries unconditionally guaranteed the loans and CoreWeave, Inc. provided a limited recourse guarantee for specified “bad acts.”
• Covenant highlight: beginning the first full month after commitments are reduced to zero or June 30, 2027 (whichever is earlier), CCAC VIII must maintain a debt service coverage ratio of at least 1.15x; customary negative covenants and events of default apply.

Why It Matters

• This financing gives CoreWeave a large, dedicated source of capital to buy GPUs and build infrastructure tied to a specific customer contract, supporting growth in its core compute business.
• The facility increases indebtedness at the subsidiary level and is secured against CCAC VIII’s assets; the Parent’s guarantee is limited in scope, but investors should note the covenant requiring a minimum debt service coverage ratio and customary default triggers—these affect financial flexibility for the unit that will hold the loans.
• Full credit agreement and limited guarantee are filed as exhibits to the 8-K (Exhibits 10.1 and 10.2) and a company press release is included as Exhibit 99.1 for additional details.