CoreWeave Closes $7.5 Billion Debt Facility, Calling It the Largest Private Debt Financing Ever
CoreWeave says it has closed a $7.5 billion debt facility led by returning investor Blackstone, which the company describes as the largest private debt financing of all time. The AI cloud provider also pointed to a European expansion and a growing list of institutional backers.
- CoreWeave closed a $7.5 billion debt facility led by Blackstone, which it calls the largest private debt financing of all time.
- Magnetar and Coatue took strategic roles, with Carlyle, CDPQ, DigitalBridge Credit and others also participating.
- The deal follows a $1.1 billion Series C led by Coatue in May 2024.
- CoreWeave announced a London European headquarters and a $1.25 billion investment in the region.
- The company says it has grown to 550 people and plans 28 data centers by the end of 2024.
Who is behind the $7.5 billion facility
According to CoreWeave, the debt facility was led by Blackstone, which is a returning investor, with strategic participation from Magnetar and Coatue. Other participants included Carlyle, CDPQ and DigitalBridge Credit, along with funds and accounts managed by BlackRock, Eldridge Industries and Great Elm Capital Corp.
The company said the news follows its $1.1 billion Series C round, led by Coatue in May 2024, which it described as one of the largest in history. Participants in that round included Magnetar, which led the previous primary round, as well as Altimeter Capital, Fidelity Management & Research Company and Lykos Global Management.
Expansion into Europe
CoreWeave also said it is going global. Earlier in the month it announced a new European headquarters in London and a $1.25 billion investment in the region, which it called the start of a broader expansion plan on the continent.
The company said its launch and growth in the UK was acknowledged by Prime Minister Rishi Sunak and by Michelle Donelan, Secretary of State for Science, Innovation and Technology.
Growth over the past year
In the announcement, the company framed the past 12 months, counted from its Series B in May 2023, as a period of rapid growth. It said it has grown from 3 people in a garage to 550 in locations around the world, and from 3 data centers to 28 by the end of 2024.
CoreWeave said it has raised a total of $12 billion in equity and debt. The equity figures it listed are:
- $1.1 billion in May
- $642 million in December
- $420 million in April 2023
On the debt side, it listed the new $7.5 billion facility and $2.3 billion raised in August 2023.
What it means
CoreWeave argues that demand for AI infrastructure remains very strong. In its words, the market's demand for critical AI infrastructure is "simply insatiable." The company said it is gearing up to deliver even more computing power through its platform, and that it has built what it calls "the AI hyperscaler."
The source gives no details on how the new debt will be spent or on the terms of the facility. What it does show is that the company is backing a global build-out with capital from large institutional investors, a point it presents as validation of its specialized AI cloud.
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