← CoreWeave · FinancingEdit
Delayed Draw Term Loan Facility ("DDTL 1.0")
Aug 3, 2023 · ClosedTerms of issuance
Instrument
Term loan / DDTL
Principal
$2.30B
Net proceeds
Drawn (of commitment)
$1.30B as of Jun 30, 2026
Coupon
floating
Issue date
Aug 3, 2023
Maturity
Mar 28, 2028 (4.7 years)
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)
n/ano datapoint on or before the issue date
Stock price / market cap (as of issue date)
n/ano price on or before the issue date
Use of proceeds
Expand GPU compute fleet, open data centers, hiring
Other financing outstanding (excl. this instrument)
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), Fifth Amendment DDTL — incremental $3.0B tranche to DDTL 2.0 ($3.00B), 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
$51.50B
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
ClosedCoreWeave secures $2.3 billion GPU-collateralized debt facility ("DDTL 1.0")
Aug 3, 2023