CoreWeave sweetens $2.6B loan terms as debt investors grow wary of AI infrastructure

<cite index="41-2">CoreWeave Inc. has improved terms on a $2.6 billion loan intended to fund additional computing capacity for companies including Anthropic PBC. Pricing discussions have widened by as much as 1.25 percentage points to as high as 5.5 percentage points over the benchmark, according to the report. The loan is now being offered at a wider discount, at 97 cents on the dollar versus 99 cents earlier, which increases the yield</cite>. The delayed-draw term loan (DDTL 3.0) is backed by GPUs and customer contracts, intended to fund infrastructure for Anthropic, Jane Street, and Hudson River Trading.

<cite index="41-1,41-3">CoreWeave has been accessing the junk-debt market as it is expected to spend more than $34 billion this year in AI infrastructure. The cost of protecting CoreWeave's debt against default for five years has increased more than 50% this month to the highest level since December</cite>. The repricing signals a sea change in credit market appetite for AI infrastructure debt. Earlier this month, several bond offerings from AI companies had to be delayed or restructured as investor demand softened.

<cite index="49-3">CoreWeave expects between $30 billion and $35 billion in capex in 2026, up from $14.9 billion in 2025, primarily to purchase Nvidia chips, build data centers, and secure the necessary power supply</cite>. For practitioners: CoreWeave's debt repricing is a leading indicator of credit-market stress in the AI buildout. As GPU collateral depreciates and capex cycles intensify, refinancing costs for infrastructure providers will become a material constraint on deployment velocity. Monitor whether CoreWeave can sustain its take-or-pay contracts with Anthropic, Meta, and hyperscaler customers—any slippage in contract value could trigger forced deleveraging similar to what occurred with Aschenbrenner's fund.