CoreWeave Gets Lower Costs on $3.1 Billion Chip-Backed Loan

CoreWeave Inc. has secured lower borrowing costs on a first-of-its-kind $3.1 billion loan backed by customer contracts for microchips, benefiting from strong investor demand for artificial intelligence exposure.

The loan priced Wednesday at 4.5 percentage points above the benchmark, 50 basis points tighter than initially discussed, according to people familiar with the matter. The move came after the deal attracted more than $15 billion of investor orders, the people added, asking not to be identified because details are private.