CoreWeave Seeks $4B Meta-Backed Loan Targeting 7.5% Interest

By Rebecca Stone

CoreWeave is seeking a $4 billion loan backed by its contracts with Meta, syndicated by Morgan Stanley and Mitsubishi UFJ, according to Semafor’s Friday report.

The company is targeting an all-in interest rate of around 7.5%, against the nearly 16% yield its unsecured bonds have reached, Semafor said. A person familiar with the matter described early marketing as warmly received.

CoreWeave has not commented publicly and has not filed an 8-K on the loan. Its latest SEC filings are a Nov. 10 results release and a Nov. 12 quarterly report.

What does the Meta collateral change?

Semafor said tying the loan to Meta lets CoreWeave borrow against Meta’s AA credit rating rather than its own. The structure anchors borrowing to a customer contract, reducing reliance on the unsecured market.

The collateral is large. In March 2026, Meta signed an order form committing to pay up to about $21.0 billion for computing capacity through December 2032, CoreWeave’s 10-Q said.

CoreWeave’s existing secured loans work the same way. Its $8.5 billion DDTL 4.0 facility has MUFG Bank as administrative agent and is secured by the equity and assets of the subsidiary owning the financed equipment.

The facility is sized against the cost of the computing gear and projected debt-service coverage, according to the 10-Q.

On Nov. 10, CoreWeave told investors it “does not intend to issue more parent-level unsecured debt” and will finance growth with secured, contract-backed borrowing. Its 9.625% bond due 2032 yielded more than 16% in early November, an early sign of strain in AI financing.

How much has CoreWeave borrowed in the first nine months of 2026?

Note 10 to CoreWeave’s Form 10-Q for the quarter ended Sept. 30, 2026 lists eight financing transactions. For the three DDTLs, the amounts are borrowing capacity; DDTL 4.0 fixed-rate tranches carry Treasury plus 2.00%.

Instrument	Month	Rate	Amount
DDTL 4.0 loan	March	SOFR+2.25%	$8.5B
DDTL 5.0 loan	May	SOFR+4.50%	$3.1B
DDTL 5.5 loan	August	SOFR+5.50%	$2.6B
2031 notes	April	9.75%	$2.75B
2032 notes	June	9.625%	$1.25B
2032 euro notes	June	8.50%	€2.0B
2032 convertibles	April	1.75%	$4.0B
2033 convertibles	September	2.875%	$4.2B

The 10-Q shows $14.2 billion of delayed-draw loan facilities signed and about $14.5 billion of bonds and convertibles issued in the first nine months of 2026. At Sept. 30, CoreWeave carried about $46.9 billion of debt net of discounts, of which $41.6 billion was recourse debt.

The new request would add to the $46.9 billion of debt CoreWeave carried at Sept. 30; its reported 7.5% all-in rate remains a target, not a priced borrowing rate.

What happened to the shares?

Seeking Alpha reported the stock down almost 12% at $49.90 at 10:26 a.m. ET Friday, after a 25% jump Wednesday following the results. The stock had given back part of that post-results gain by Friday, Semafor said.

Semafor said the stock had been “yanked around all week” by the Nvidia saga after Jensen Huang resigned as Nvidia’s chief executive on Nov. 12. Magnetar, one of CoreWeave’s biggest backers, trimmed its stake by 8% in the third quarter.

What has to happen next?

The $4 billion amount and 7.5% rate remain Semafor-reported targets; CoreWeave has not publicly confirmed the financing. Semafor did not say which data centers or GPU deployments would receive the proceeds, leaving the capacity deployment unconfirmed.

If the syndicate prices the Meta-backed facility near 7.5%, the lower rate would narrow the gap with the nearly 16% unsecured market. Final pricing will show whether Meta’s AA rating delivers that advantage at scale, while the data centers and GPU deployments funded remain undisclosed.