CoreWeave borrows through separate SPVs, each holding chips plus one customer contract. DDTL 4.0, $8.5B in March 2026, priced at SOFR plus 225bps and rated A3 because it sits on a $14.2B Meta contract, so lenders are really underwriting Meta. DDTL 5.0, $3.1B in May, SOFR plus 450bps, rated Ba2, on two non-investment-grade customers. DDTL 5.5, $2.6B in August, SOFR plus 550bps, where the contracts average three years but the debt runs five, so lenders are funding two years of hardware with no tenant.
CoreWeave has not funded a dollar of its GPUs from operations
A case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.