← CoreWeave · FinancingEdit
Fifth Amendment DDTL — incremental $3.0B tranche to DDTL 2.0
Sep 29, 2025 · UpsizedTerms of issuance
Instrument
Term loan / DDTL
Principal
$3.00B
Net proceeds
Drawn (of commitment)
$3.00B as of Jun 30, 2026
Coupon
3-month term SOFR + 425 bps
Issue date
Sep 29, 2025
Maturity
Seniority
Conversion ratio
n/a
Settlement
n/a
Economic analysis
Effective annual cost
n/acalculated: coupon + capped-call cost amortized over the note's life — needs coupon, maturity, and (if hedged) capped-call cost
Interest savings vs. plain debt
n/anot shown — would require an assumed comparable straight-debt rate, which we do not fabricate
Implied option value / volatility
n/anot shown — would require an assumed volatility input, which we do not fabricate
Breakeven
n/anot shown — would require assumed reinvestment/discount-rate assumptions, which we do not fabricate
Context
Shares outstanding (as of issue date)
488,572,388
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Fund the purchase and maintenance of equipment, hardware, infrastructure and other systems to provide services to investment grade and unrated strategic customers of CoreWeave
Other financing outstanding (excl. this instrument)
Delayed Draw Term Loan Facility ("DDTL 1.0") ($2.30B), Series C preferred equity (post-money valuation $19B), Delayed Draw Term Loan Facility ("DDTL 2.0") (CoreWeave Compute Acquisition Co. IV, LLC) ($7.50B), IPO — Class A common stock, Nasdaq: CRWV ($1.50B), Revolving credit facility (JPMorgan-led, Amendment No. 3) ($1.50B), 9.250% Senior Notes due 2030 ($2.00B), 9.000% Senior Notes due 2031 ($1.75B), Delayed Draw Term Loan Facility ("DDTL 3.0") (CoreWeave Compute Acquisition Co. VII, LLC) ($2.60B), 1.75% Convertible Senior Notes due 2031 ($2.25B), Nvidia private placement of Class A shares ($2.00B), Delayed Draw Term Loan Facility ("DDTL 4.0") (CoreWeave Compute Acquisition Co. VIII, LLC) ($8.50B), 1.75% Convertible Senior Notes due 2032 ($4.00B), 9.750% Senior Notes due 2031 ($1.75B), Jane Street private placement of Class A common stock ($1.00B), 9.750% Senior Notes due 2031 (additional notes tap) ($1.00B), Delayed Draw Term Loan Facility ("DDTL 5.0") (CoreWeave Financing DDTL V, LLC) ($3.10B), 9.625% Senior Notes due 2032 (USD, $1,250 million) ($1.25B), 8.500% Senior Notes due 2032 (EUR, EUR 2,000 million), Delayed Draw Term Loan Facility ("DDTL 5.5") ($2.60B), At-the-market equity program (up to 35 million Class A shares), Convertible senior notes due 2033 ($4.20B), Capped call transactions ($566.2M)
— of which existing debt
$50.80B
Existing cash
n/anot tracked in the system yet
Anti-dilution adjustment terms
n/a
Related acquisition
none
Related deal
none
Related site
none
Sources
UpsizedCoreWeave adds $3.0 billion incremental tranche to DDTL 2.0 facility
Sep 29, 2025