A CoreWeave subsidiary added a $3.0 billion delayed-draw term loan tranche to its credit facility on Sep 29, 2025

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

On Sep 29, 2025, CoreWeave Compute Acquisition Co., IV, LLC, a direct subsidiary of CoreWeave, amended its credit agreement dated May 16, 2024 to add an incremental $3.0 billion tranche of delayed draw term loans. Delayed draw term loans are loans a borrower can take in several draws within an agreed period rather than all at once. CoreWeave reported the amendment in a Form 8-K filed Oct 2, 2025, an 8-K being the report a US-listed company files when a material event occurs, under item 1.01, a material agreement, and item 2.03, the creation of a direct financial obligation.1^,2^,3^,4^,5^,6

The subsidiary said it intended to use the borrowings to fund the purchase and maintenance of equipment, hardware, infrastructure and other systems used to provide services ordered by strategic customers, both investment grade and unrated. U.S. Bank Trust Company, National Association was the facility's administrative agent and collateral agent.7^,8

The 8-K set the pricing of the new tranche. Amounts borrowed under the new tranche as term SOFR loans, which are tied to a benchmark rate, carried 4.25% over the three-month term SOFR, and base rate loans carried a margin of 3.25%. Before the amendment, term SOFR loans under the facility carried margins over term SOFR of 6.00-6.50% for investment-grade loans and 13.00% for non-investment-grade loans. The tranche also carried an upfront fee of 1.50% on the loans funded on each draw, and a commitment fee of 3.00% on the amount by which $2.4 billion exceeded the loans drawn by the commitment termination date. The 8-K said the additional financial covenants on the new tranche were substantially similar to those already on the facility.9^,10^,11^,12^,13

In the weeks before the amendment, CoreWeave signed order forms with NVIDIA on Sep 9, 2025, with OpenAI on Sep 23, 2025 and with Meta on Sep 25, 2025, and reported each in its own 8-K. CoreWeave's results for 2025 later showed revenue of $5.13 billion, against $1.92 billion in 2024, and a net loss of $1.17 billion, against $863 million.14^,15^,16^,17^,18^,19^,20