CoreWeave Seeks $8.5 Billion Loan From Banks Backed by Meta Deal
CoreWeave Inc. signage during the company's IPO at the Nasdaq MarketSite in New York on March 28.
Photographer: Michael Nagle/BloombergCoreWeave Inc. is looking to raise about $8.5 billion from banks including Morgan Stanley and Mitsubishi UFJ Financial Group Inc. to help finance a buildout of cloud computing capacity for Meta Platforms Inc., according to people familiar with the matter.
The proposed delayed-draw term loan would be backed by a contract Meta signed last year to pay CoreWeave up to $14.2 billion for its services, said the people, who asked not to be named discussing private information. It’s also supported by a separate agreement between the two reached earlier this year valued at more than $5 billion that hasn’t been previously reported, they said.