---
title: "CoreWeave's newest GPU loan costs SOFR plus 5.50%. Twelve filed lines on its debt, and the demand behind it."
description: "In March CoreWeave borrowed against an investment-grade contract at SOFR + 2.25%. In August it borrowed at SOFR + 5.50% against contracts shorter than the loan. Twelve lines from its 10-Q and 8-Ks on $35.6 billion of debt, what falls due, who pays, the 28 October covenant date, and the demand Meta, Microsoft, Oracle and Amazon have filed on the other side. Each figure with its accession."
canonical: https://evidinvest.com/blog/coreweave-bonds-and-the-demand-behind-them-what-the-filings-say-2026-10-21
date: "2026-10-21"
last_updated: "2026-10-21"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["CRWV", "CoreWeave", "AI infrastructure", "credit", "debt", "10-Q", "8-K", "SEC filings"]
---

# CoreWeave's newest GPU loan costs SOFR plus 5.50%. Twelve filed lines on its debt, and the demand behind it.

- Published: 2026-10-21
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/coreweave-bonds-and-the-demand-behind-them-what-the-filings-say-2026-10-21
- Research, not investment advice.

> In March CoreWeave borrowed against an investment-grade contract at SOFR + 2.25%. In August it borrowed at SOFR + 5.50% against contracts shorter than the loan. Twelve lines from its 10-Q and 8-Ks on $35.6 billion of debt, what falls due, who pays, the 28 October covenant date, and the demand Meta, Microsoft, Oracle and Amazon have filed on the other side. Each figure with its accession.

*Every figure below was read from CoreWeave's own filings on sec.gov, and from the latest 10-Q or
10-K of Meta, Microsoft, Oracle and Amazon, and is cited with its accession. We show no bond
yields, no CDS levels, no share prices and no analyst estimates, because none of them is filed.
Sums, differences and quarterly figures derived from six-month totals are our arithmetic on filed
values and are marked *(Ours.)* Research, not investment advice.*

In mid-October the bond market repriced CoreWeave's **[$CRWV](https://evidinvest.com/filings/CRWV)** debt. That
repricing is the headline, and none of it is in a filing. We don't price bonds. We read what the
company signed.

What it signed is specific. CoreWeave's newest GPU-backed loan pays Term SOFR plus 5.50%. In March
an investment-grade one paid SOFR plus 2.25%. Both numbers are in 8-Ks. The latest periodic report
is the Q2 10-Q of 12 August (**accession `0001769628-26-000366`**); the last 8-K is the convertible
closing of 22 September (`0001769628-26-000432`). We checked EDGAR at 04:30 UTC on 21 October and
found nothing later. Twelve lines follow.

## 1. $35.6 billion of principal

Total debt principal was **$35,551 million** at 30 June (10-Q Note 10, `0001769628-26-000366`).
Recourse debt, net of discounts, was $31,405 million, against $20,726 million at 31 December.
Non-recourse debt was $3,663 million, against $647 million. *(Ours: recourse debt rose $10,679
million in six months.)*

The convertible-offering presentation, furnished as Exhibit 99.2 to the 8-K of 17 September
(**`0001769628-26-000429`**), puts total debt at $1.6 billion, $8.0 billion, $21.6 billion and
$35.6 billion for FY-23, FY-24, FY-25 and Q2-26.

## 2. What each 2026 borrowing costs

Each instrument, from its own filing:

| Instrument | Price | Rating / note | Accession |
|---|---|---|---|
| DDTL 4.0, $8.5bn (March) | SOFR + 2.25%, or Treasury + 2.00% fixed | A3 / A (low); non-recourse | `0001769628-26-000129` |
| 9.750% senior notes due 2031, $2.75bn (April) | 9.750% | | `0001769628-26-000366` |
| Convertible notes due 2032, $4.0bn (April) | 1.75% | | `0001769628-26-000164` |
| DDTL 5.0, $3.1bn (May) | SOFR + 4.50% | Ba2 / BB+; "two customer contracts" | `0001769628-26-000236` |
| USD notes due 2032, $1.25bn (June) | 9.625% | | `0001769628-26-000366` |
| EUR notes due 2032, €2.0bn (June) | 8.50% | | `0001769628-26-000366` |
| DDTL 5.5, $2.6bn (August) | Term SOFR + 5.50% | Ba2 / BB+ | `0001769628-26-000357` |
| Convertible notes due 2033, $4.2bn (September) | 2.875% | launched at "Expected Coupon 2.375 – 2.875%" | `0001769628-26-000429`, `0001769628-26-000432` |

*(Ours: the secured-loan margin is 3.25 points wider in August than in March, and the convertible
coupon 1.125 points higher in September than in April.)* This is not one series. DDTL 4.0 was
backed by one investment-grade contract; its press release calls it "the first investment-grade
rated financing secured by HPC infrastructure". DDTL 5.0 funds contracts with "two large,
non-investment grade customers". DDTL 5.5 is described in line 6. Different collateral, different
price. For the rate history before 2026, see our
[August note on GPU lending](https://evidinvest.com/blog/gpu-asset-class-ai-credit-risk-2026-08-23).

## 3. The interest line against the operating line

Second quarter, from the 10-Q income statement (`0001769628-26-000366`): operating loss **$(49)
million**, interest expense, net **$(640) million**, net loss $(626) million. The results 8-K of 11
August (**`0001769628-26-000362`**) gives the same $(49) million and $(640) million.

Note 10 breaks the debt interest down: contractual interest of $592 million in Q2, against $250
million a year earlier; $1,075 million for the half. Capitalised interest took $79 million off the
quarter. *(Ours: $592 million times four is $2,368 million a year at the Q2 run-rate.)*

The presentation (`0001769628-26-000429`) shows a weighted-average interest rate of 14.9% for
FY-23, 12.2%, 9.0%, then **8.3%** at Q2-26, and 7.8% "pro forma". Its footnote: the pro forma
assumes a "$3.5B Convertible Note issuance at 2.625% interest, does not include DDTL 5.5". The note
priced at $4.2 billion and 2.875% (`0001769628-26-000432`).

## 4. What falls due, against what is in hand

Principal due, from Note 10:

| Period | Principal ($m) |
|---|---|
| Rest of 2026 | 4,413 |
| 2027 | 6,184 |
| 2028 | 4,416 |
| 2029 | 2,421 |
| 2030 | 3,221 |
| Thereafter | 14,896 |

*(Ours: $10,597 million falls due between July 2026 and December 2027.)* Liquidity at 30 June was
**$15,553 million**: cash of $5,524 million, marketable securities of $15 million and $10,014
million available under facilities.

The risk factors give the half's debt service: "approximately $6.2 billion, consisting of $5.2
billion of principal payments and $982 million of interest payments". Operating cash flow for the
same six months was $3.7 billion.

After the quarter: "In August 2026, the Company made a $1.2 billion draw down on the Revolving
Credit Facility", and $1.2 billion was drawn on DDTL 5.5 (10-Q subsequent events). The September
convertible's net proceeds were "approximately $3,644.5 million" before the upsize option, of which
"approximately $498.8 million" went to capped calls (Exhibit 99.1, `0001769628-26-000432`).

## 5. The backlog that is meant to repay it

"As of June 30, 2026, the Company had $103.7 billion of unsatisfied RPO, of which 41% was expected
to be recognized over the initial 24 months ending June 30, 2028" (`0001769628-26-000366`).
*(Ours: about $42.5 billion in 24 months.)* Revenue backlog in the presentation is $104.2 billion
and "Does not include more than $25 billion of net new customer commitments added in early Q3". It
puts total debt to revenue backlog at 0.3x.

The presentation also describes how the asset-level loans are built: each "Typically amortizes as
customers make contractual payments, such that the debt is fully repaid by the time the customer
contract expires."

## 6. The loan that outlives its contracts

DDTL 5.5 is the exception to that sentence, and its own press release says so (Exhibit 99.1,
`0001769628-26-000357`): "Unlike prior delayed draw term loan facilities backed by customer
contracts extending through the maturity of the debt, the DDTL 5.5 Facility carries an approximate
five-year maturity while its underlying customer contracts average approximately three years in
length." It includes "the option for CoreWeave to either renew existing contracts or re-lease
capacity to other customers at the end of the initial underlying contracts". The 10-Q gives a
September 2031 maturity and a draw window to December 2026.

## 7. Who pays

| Share of revenue (10-Q) | Q2 2026 | Q2 2025 | H1 2026 |
|---|---|---|---|
| Customer A | 36% | 71% | 40% |
| Customer B | 26% | * | 23% |
| Customer C | 10% | * | * |

Customers A and B were each 32% of receivables at 30 June. The 10-Q does not name them and warns
that the letters "may represent different customers than those reported in a previous period". Its
risk factors say "Other significant customers include Microsoft and OpenAI." The FY2025 10-K
(**`0001769628-26-000104`**) does name one: "approximately 67% of our revenue from our top customer,
Microsoft, for the year ended December 31, 2025." No 2026 share for Microsoft is filed.

## 8. The named contracts

From the 10-K (`0001769628-26-000104`): OpenAI committed "up to approximately $11.9 billion through
October 2030" and "up to approximately $6.5 billion through May 31, 2031"; Meta "up to
approximately $14.2 billion through December 2031". Then the 8-K of 9 April
(**`0001769628-26-000154`**): Meta "has initially committed to pay the Company approximately $21
billion", for capacity through 20 December 2032. The 10-Q adds that Jane Street "committed
approximately $6.0 billion", and Jane Street bought about $1.0 billion of stock at $109.00 a share
(8-K **`0001769628-26-000167`**).

## 9. Cash in, cash out

Six-month operating cash flow was **$3,663 million**; purchases of property and equipment were
**$14,117 million** (`0001769628-26-000366`). The Q1 10-Q (**`0001769628-26-000222`**) gives $2,984
million and $7,695 million. *(Ours: Q2 alone, $679 million in and $6,422 million out.)* Financing
brought in $13,985 million for the half.

CoreWeave gave its 2026 capital-expenditure outlook on its earnings call, not in a filing. We do
not print it.

## 10. How long the GPUs last on paper

The 10-K: "Effective January 1, 2023, the Company changed its estimate of the useful life for its
computing equipment utilized in data centers from five to six years". Depreciation and amortisation
on property and equipment was $1.4 billion in Q2, against $553 million a year earlier.
Technology equipment stood at $33,823 million gross, construction in progress at $11,918 million
(10-Q). The depreciation schedule assumes six years; the DDTL 5.5 contracts average about three.

## 11. The covenant date: 28 October

The DDTL 3.0 First Amendment, 8-K of 2 January (**`0001769628-26-000003`**), says it "aligns the
facility for the timing of deliveries". It cut the minimum liquidity to $100.0 million for payment
dates from March to April 2026, postponed the first debt-service-coverage test "until October 31,
2027", and "permits an unlimited number of equity cures ... prior to October 28, 2026, and
thereafter equity cures with respect to such financial covenants may be utilized no more than three
consecutive calendar months in any four consecutive calendar month period." No later amendment has
been filed by 8-K.

At 30 June: "the Company was in compliance with all covenants under its delayed draw term loan
facility agreements." DDTL 4.0 also requires restricted cash on "a forward-looking three-month
coverage of scheduled cash interest and principal payments" (10-Q).

## 12. The demand on the other side

All filed, all for the June or August quarter:

| Company | Line | Accession |
|---|---|---|
| Meta | $349.31 billion of non-cancelable commitments, "mostly" third-party cloud capacity and infrastructure; $53.52bn due 2026, $81.65bn due 2027 | `0001628280-26-050705` |
| Meta | Contingent obligation to purchase up to $14.72 billion of cloud capacity over five years | `0001628280-26-050705` |
| Meta | 2026 capital expenditures "in the range of $130-145 billion" | `0001628280-26-050596` |
| Microsoft | Leases not yet commenced, $329.1 billion, starting FY2027–FY2033 | `0001193125-26-323660` |
| Oracle | RPO $664 billion, "approximately 13%" in twelve months | `0001193125-26-389274` |
| Amazon | Unrecognised commitments of about $496 billion, 6.4-year weighted life | `0001018724-26-000026` |

*(Ours: 13% of Oracle's $664 billion is about $86 billion.)* None of those four filings names
CoreWeave; we searched each. The $21 billion Meta order is filed only on CoreWeave's side.

The two halves of the file, together: the demand is contracted at the top of the stack, and it
reaches CoreWeave as multi-year take-or-pay contracts. CoreWeave's filings show what it pays to
carry its share, and that each new layer of 2026 debt has been priced higher than the one before.
For the off-balance-sheet structures the hyperscalers use, see our
[shadow-debt map](https://evidinvest.com/blog/hyperscaler-shadow-debt-spv-map-2026-08-22).

## What to watch, with dates

- **21 October:** Meta's Q3 8-K. The commitments line arrives with the 10-Q, not the release.
- **28 October:** the unlimited equity-cure window under DDTL 3.0 closes (`0001769628-26-000003`).
- **November 2026:** DDTL 5.0 starts monthly amortisation (10-Q).
- **December 2026:** DDTL 5.5's draw window ends.
- **CoreWeave's Q3 10-Q:** no date has been filed. Read the debt table, the customer letters and
  the share count for sales under the 35,000,000-share programme set up on 17 September, whose
  stated uses include "migrating its enterprise credit profile toward investment grade"
  (`0001769628-26-000429`).

## Run it yourself

[/filings/CRWV](https://evidinvest.com/filings/CRWV) lists every 8-K above. Open the DDTL 4.0 and DDTL 5.5 press
releases side by side; the rating line and the sentence about contract length take a minute.
[/financials/CRWV](https://evidinvest.com/financials/CRWV) holds the standardised statements, including the interest
line against operating income.

Then write down what you expect from the Q3 10-Q. Our [Thesis Monitor](https://evidinvest.com/thesis-monitor) reads each
new filing against what you wrote: principal at $35,551 million, Customer A at 36%, RPO at $103.7
billion, liquidity at $15,553 million. It tells you which of them moved. If you work inside an
agent, the same filings are on the [EvidInvest MCP server](https://evidinvest.com/developers). It is free to start,
credit packs from $10, and there is no subscription.

The yield is not in any filing. The spread, the maturity and the length of the contracts behind
it are.

*Sources. CoreWeave, Inc. Form 10-Q for the quarter ended 30 June 2026: accession
`0001769628-26-000366`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm)).
Form 10-Q for the quarter ended 31 March 2026: `0001769628-26-000222`. FY2025 Form 10-K:
`0001769628-26-000104`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1769628/000176962826000104/crwv-20251231.htm)).
Forms 8-K: `0001769628-26-000003` (DDTL 3.0 amendment), `0001769628-26-000129` (DDTL 4.0),
`0001769628-26-000154` (Meta order), `0001769628-26-000164` (April notes),
`0001769628-26-000167` (Jane Street), `0001769628-26-000236` (DDTL 5.0), `0001769628-26-000357`
(DDTL 5.5), `0001769628-26-000362` (Q2 results), `0001769628-26-000429` (convertible launch,
Exhibit 99.2 presentation, equity programme) and `0001769628-26-000432` (convertible pricing and
closing). Meta Platforms Form 10-Q, Q2 2026: `0001628280-26-050705`; Form 8-K of 29 July 2026:
`0001628280-26-050596`. Microsoft FY2026 Form 10-K: `0001193125-26-323660`. Oracle Form 10-Q,
quarter ended 31 August 2026: `0001193125-26-389274`. Amazon Form 10-Q, Q2 2026:
`0001018724-26-000026`. No bond yield, CDS level, share-price move, analyst estimate or call
remark appears on this page. Sums, differences and Q2-only figures are arithmetic on those filed
values, labelled as ours where they appear. Research, not investment advice.*

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