Morgan Stanley Leads $8.5B GPU-Backed Deal, Eyes SpaceX IPO Retail Role
Morgan Stanley led an $8.5 billion GPU-backed loan for CoreWeave at an A3 rating with 5.9% fixed-rate pricing and a 2.25 point SOFR spread. E*TRADE may route retail allocations for SpaceX’s planned $75 billion IPO at a $1.75 trillion valuation, boosting Morgan Stanley’s potential underwriting and trading fees.
1. CoreWeave GPU-Backed Financing
Morgan Stanley co-led an $8.5 billion secured loan for CoreWeave, drawing $7.5 billion initially and ramping to the full amount once GPUs are operational. The facility, maturing in March 2032, carries an investment-grade A3 rating and pricing at 5.9% for fixed-rate tranches and 2.25 points over SOFR for floating-rate tranches, and was oversubscribed.
2. E*TRADE’s Role in SpaceX IPO
Morgan Stanley is positioned as a lead underwriter for SpaceX’s planned IPO, potentially routing a significant share of the $75 billion retail allocation through its E*TRADE platform. At a target $1.75 trillion valuation, this role could drive substantial underwriting fees and increased trading activity on the platform.