Oct 15 (Reuters) – CoreWeave, an Nvidia-backed cloud company that provides high-performance computing infrastructure for artificial intelligence, has secured tens of billions of dollars in contracts with major technology companies, relying heavily on private-credit investors, banks and bond markets to fund its rapid expansion.
Its shares and bonds have slumped this week as investors question the borrowing behind the AI build-out. The company has about $50 bln in debt, and the cost of insuring it against default has risen to around 1,000 basis points, implying a nearly 63% chance of default in five years, up from about 30% a year ago, according to LSEG data.
Here are details of its biggest deals and who it owes money to, based on the company’s regulatory filings and press releases:
MAJOR CUSTOMER DEALS
MICROSOFT
Microsoft accounted for about 67% of CoreWeave’s 2025 revenue, up from 62% in 2024, according to company filings.
OPENAI
In March 2025, CoreWeave said it signed a deal worth up to $11.9 billion. As part of this deal, OpenAI will become an investor in CoreWeave through the issuance of $350 million of CoreWeave stock
In May 2025, it added a deal worth as much as $4 billion. OpenAI will pay the sum through 2029.
In September 2025, it signed a new contract valued at up to $6.5 billion, bringing their total collaboration to about $22.4 billion.
META PLATFORMS
In September 2025, Meta outlined plans to spend $14.2 billion on cloud services from CoreWeave through to December 14, 2031. The contract has an option to renew for another year.
On April 9, CoreWeave announced a $21 billion expanded agreement with Meta to supply AI cloud capacity through December 2032.
ANTHROPIC
In April 2026, CoreWeave signed a multiyear agreement with Anthropic to support its Claude family of models. Terms were undisclosed.
NVIDIA
In 2025, Nvidia announced it would purchase any of CoreWeave’s unsold compute capacity through to 2032 for $6.3 billion.
Nvidia is also an early investor. In 2023, CoreWeave raised $221 million in Series B funding led by Magnetar Capital with contributions from Nvidia.
COREWEAVE’S DEBT
LOANS BACKED BY CHIPS AND CONTRACTS:
$2.3 billion, August 2023: Led by Magnetar Capital and funds managed by Blackstone Tactical Opportunities, with strategic participation from Coatue and DigitalBridge Credit, and funds and accounts managed by BlackRock, Pimco and Carlyle.
$7.5 billion, May 2024: Led by funds managed by Blackstone, with strategic participation from Magnetar (co-lead investor) and Coatue. Participation also included Carlyle, CDPQ, DigitalBridge Credit, funds and accounts managed by BlackRock, Eldridge Industries and Great Elm Capital Corp.
$2.6 billion, July 2025 (delayed-draw term loan 3.0): The loan was raised to accelerate delivery of services for OpenAI. It was led by Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG) as joint bookrunners and joint lead arrangers. Goldman Sachs supported the deal as a joint lead arranger. JPMorgan Chase, Wells Fargo, BBVA, Crédit Agricole, SMBC, PNC and Société Générale were also in the syndicate.
$8.5 billion, March 2026 (delayed draw term loan 4.0): MUFG and Morgan Stanley served as co-structuring agents and joint bookrunners, with Goldman Sachs and JPMorgan as additional coordinating lead arrangers. The facility was anchored by Blackstone Credit & Insurance.
$3.1 billion, May 2026 (DDTL 5.0): Morgan Stanley and MUFG served as joint lead arrangers and bookrunners.
$2.6 billion, August 2026 (DDTL 5.5): JPMorgan and MUFG served as joint lead arrangers and bookrunners.
REVOLVING CREDIT FACILITY:
An October 2024 facility of $650 million was led by JPMorgan Chase, Goldman Sachs and Morgan Stanley, with participation from Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG and Wells Fargo.
It was raised to $1.5 billion in May 2025. In November 2025, CoreWeave agreed to increase its revolving credit facility from $1.5 billion to $2.5 billion and extend the maturity date from May 2028 to November 2029.
BONDS AND CONVERTIBLE NOTES:
CoreWeave’s outstanding bonds include 9.25% senior notes due 2030, 9% senior notes due 2031, 9.75% senior notes due 2031, 9.625% senior notes due 2032, 8.5% senior notes due 2032, 1.75% convertible senior notes due 2031 and 1.75% convertible senior notes due 2032 and 2.875% convertible senior notes due 2033.
April 2026: It announced the pricing of its private offering of $3.5 billion aggregate principal amount of its 1.75% convertible senior notes due 2032.
September 2026: It announced the pricing of its private offering of $3.7 billion aggregate principal amount of its 2.875% convertible senior notes due 2033.
SOME INSTITUTIONAL BONDHOLDERS:
Fidelity Convertible Securities Fund held $39.82 million in face value of CoreWeave’s 1.75% convertible notes due December 2031 as of August 31, 2026, accounting for 1.64% of its portfolio, according to LSEG data.
Nomura High Income Fund held about $11.68 million in face value of CoreWeave bonds across four issues as of the same date. Its holdings included $6.23 million of 9.75% notes due 2031, $2.23 million of 9% notes due 2031, $1.95 million of 9.25% notes due 2030 and $1.27 million of 9.625% notes due 2032.
(Reporting by Anzar Mehraj and Patturaja Murugaboopathy in BengaluruEditing by Vidya Ranganathan and Aurora Ellis)
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