Business Context and Reporting Period
Company: CoreWeave, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 30, 2026
Event: Entry into a Material Definitive Agreement (Credit Agreement) and creation of a direct financial obligation.
Key Financial Metrics and Facility Details
This filing details a new financing facility rather than reporting period-end financial results (revenue, profit, or cash flow). The filing text does not provide a clear value for the company's current revenue, profit, or existing debt levels outside of this new facility.
- Facility Name: DDTL 4.0 Facility (Delayed Draw Term Loan).
- Facility Size: $8.5 billion.
- Purpose: To finance capital expenditures for a customer contract, specifically the acquisition of GPU servers and related infrastructure.
- Availability: Available in one or more draws until the commitment termination date in June 2027.
- Maturity Date: March 31, 2032.
- Interest Rates:
- SOFR Loans: Daily compounded SOFR (0.00% floor) + 2.25% margin.
- Base Rate Loans: Base rate (0.00% floor) + 1.25% margin.
- Fixed Rate Loans: 2.00% + blended rate based on U.S. Treasury security (approx. 3.14-year maturity).
- Fees: 0.50% per annum on the undrawn portion, payable monthly.
- Security: Secured by substantially all assets of the Borrower (CoreWeave Compute Acquisition Co. VIII, LLC) and a pledge of 100% of its equity interests.
Material Changes and Covenants
The primary material change is the establishment of the $8.5 billion credit facility. The filing does not provide comparative financial data against prior periods.
- Debt Service Coverage Ratio (DSCR): The Borrower must maintain a DSCR of at least 1.15x. This covenant becomes effective beginning the first full calendar month after the earlier of: (a) the date commitments are reduced to zero, or (b) June 30, 2027.
- Guarantees: Obligations are guaranteed by the Parent (CoreWeave, Inc.) on a limited recourse basis for specified "bad acts" and unconditionally guaranteed by the Borrower's subsidiaries.
- Events of Default: Includes payment defaults, covenant failures, cross-defaults, change of control, bankruptcy, and adverse events regarding material contracts.
Guidance, Outlook, and Risks
Management Commentary: The facility was entered into primarily to fund capital expenditures required to perform a specific customer contract involving GPU servers. A press release announcing the closing was issued on March 31, 2026.
Risks and Contingencies:
- Undrawn Fees: The company incurs a 0.50% annual fee on any portion of the $8.5 billion not drawn.
- Covenant Compliance: Failure to meet the 1.15x DSCR after the trigger date could result in default.
- Collateral Risk: The facility is secured by substantially all assets of the subsidiary and its equity interests.
Key Facts for Investor Verification
- Verify the specific customer contract driving the $8.5 billion capital expenditure requirement.
- Monitor the drawdown schedule to assess when the 0.50% undrawn fee liability will decrease.
- Track the company's ability to meet the 1.15x Debt Service Coverage Ratio once the covenant becomes active (post-June 30, 2027 or upon full drawdown).
- Review the "Limited Guarantee" terms to understand the extent of the Parent company's liability exposure.
- Confirm the interest rate environment impact on the floating rate portions of the loan (SOFR + 2.25%).