CoreWeave Raises $8.5 Billion GPU Loan Backed by Meta Deal

CoreWeave Inc. has raised $8.5 billion from a group of banks and investors to help finance an expansion of its cloud computing capacity in what the company says is the largest chip-backed debt deal of its kind.

The investment-grade rated loan is secured by a combination of microchips, such as graphics processing units or GPUs, and a customer contract to use the chips, according to a statement Tuesday. Bloomberg previously reported that the debt is backed by contracts with Meta Platforms Inc. worth at least $19 billion.