CoreWeave's AI contracts and the lenders financing its build-out
CRWV•CoreWeave has secured tens of billions of dollars in AI infrastructure contracts while relying on private-credit investors, banks and bond markets to finance expansion. The company has about $50 billion in debt, and default-insurance costs have risen to around 1,000 basis points, implying a nearly 63% five-year default probability, up from about 30% a year ago.
1. Major customer contracts
Microsoft accounted for about 67% of CoreWeave's 2025 revenue, up from 62% in 2024. CoreWeave's disclosed deals include OpenAI agreements totaling about $22.4 billion, Meta agreements including a $21 billion expansion through December 2032, and an agreement to support Anthropic's Claude models with undisclosed terms. Nvidia agreed to buy any unsold CoreWeave compute capacity through 2032 for $6.3 billion.
2. Debt and financing
CoreWeave has about $50 billion in debt. Its financing includes loans backed by chips and contracts, revolving credit facilities, senior notes and convertible notes. Recent listed facilities include an $8.5 billion delayed-draw term loan in March 2026, a $3.1 billion loan in May 2026 and a $2.6 billion loan in August 2026.
3. Default risk rises
CoreWeave shares and bonds slumped during the week as investors questioned the borrowing behind its AI build-out. The cost of insuring against default rose to around 1,000 basis points, implying a nearly 63% chance of default over five years, compared with about 30% a year earlier.
