{ "schema_version": "1.0.0", "title": "The loan runs for years. Repayments can start earlier.", "topic": "Is AI a Bubble?", "question_revision": 1, "question": "Is AI a Bubble?", "evidence_checked_on": "2026-09-13", "financial_snapshot": "2026-03-31", "filing_date": "2026-05-08", "currency": "USD for March snapshot; post-March events explicitly label USD or EUR", "money_unit": "millions", "scope": "March 31 historical 12-row principal snapshot plus separately dated May facility and June issued-note events. Not a June or September group roll-forward.", "rules": [ "Historical March snapshot, not September current debt.", "Principal, net carrying amount, facility ceiling and conditional availability differ.", "Effective interest rates are rounded issuer measures, not contractual coupons or market yields.", "Principal schedule is not an all-cash forecast; subsequent share settlement, repayment and new borrowing are not silently netted.", "Null means not established here, not zero or unsecured.", "Do not add facility limits, gross new issues or different currencies to March principal. Current group net changes and repayments are not reconstructed." ], "debt": [ { "id": "ddtl1", "label": "DDTL 1.0", "as_of": "2026-03-31", "principal_usd_millions": 1438, "final_maturity_disclosed": "2028-03", "maturity_precision": "month", "reported_effective_rate_percent": 15, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Issuer describes DDTL underlying project assets and pledged contractual cash flows; full individual security schedules not reviewed.", "recourse": "Parent-guaranteed per Q1 indebtedness risk disclosure; full individual guarantee terms not reviewed.", "guarantor": "CoreWeave, Inc. parent; issuer states unconditional guarantee for earlier DDTL facilities.", "amortization": "Issuer describes amortization as contracted cash flows are generated; facility-specific principal schedule not reconstructed.", "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 MD&A financing discussion and indebtedness risks, printed pp.84–85; not a direct audit of each older agreement." }, { "id": "ddtl2", "label": "DDTL 2.0", "as_of": "2026-03-31", "principal_usd_millions": 4425, "final_maturity_disclosed": "2030-08", "maturity_precision": "month", "reported_effective_rate_percent": 11, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Issuer describes DDTL underlying project assets and pledged contractual cash flows; full individual security schedules not reviewed.", "recourse": "Parent-guaranteed per Q1 indebtedness risk disclosure; full individual guarantee terms not reviewed.", "guarantor": "CoreWeave, Inc. parent; issuer states unconditional guarantee for earlier DDTL facilities.", "amortization": "Issuer describes amortization as contracted cash flows are generated; facility-specific principal schedule not reconstructed.", "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 MD&A financing discussion and indebtedness risks, printed pp.84–85; not a direct audit of each older agreement." }, { "id": "ddtl21", "label": "DDTL 2.1", "as_of": "2026-03-31", "principal_usd_millions": 3000, "final_maturity_disclosed": "2031-03", "maturity_precision": "month", "reported_effective_rate_percent": 9, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Issuer describes DDTL underlying project assets and pledged contractual cash flows; full individual security schedules not reviewed.", "recourse": "Parent-guaranteed per Q1 indebtedness risk disclosure; full individual guarantee terms not reviewed.", "guarantor": "CoreWeave, Inc. parent; issuer states unconditional guarantee for earlier DDTL facilities.", "amortization": "Issuer describes amortization as contracted cash flows are generated; facility-specific principal schedule not reconstructed.", "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 MD&A financing discussion and indebtedness risks, printed pp.84–85; not a direct audit of each older agreement." }, { "id": "ddtl3", "label": "DDTL 3.0", "as_of": "2026-03-31", "principal_usd_millions": 1700, "final_maturity_disclosed": "2030-08", "maturity_precision": "month", "reported_effective_rate_percent": 9, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Issuer describes DDTL underlying project assets and pledged contractual cash flows; full individual security schedules not reviewed.", "recourse": "Parent-guaranteed per Q1 indebtedness risk disclosure; full individual guarantee terms not reviewed.", "guarantor": "CoreWeave, Inc. parent; issuer states unconditional guarantee for earlier DDTL facilities.", "amortization": "Issuer describes amortization as contracted cash flows are generated; facility-specific principal schedule not reconstructed.", "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 MD&A financing discussion and indebtedness risks, printed pp.84–85; not a direct audit of each older agreement." }, { "id": "ddtl4", "label": "DDTL 4.0", "as_of": "2026-03-31", "principal_usd_millions": 1260, "final_maturity_disclosed": "2032-03", "maturity_precision": "month", "reported_effective_rate_percent": 7, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": { "floating": "Daily compounded SOFR + 2.25 percentage points, or alternative base rate + 1.25 percentage points", "fixed": "Applicable blended Treasury benchmark at borrowing + 2.00 percentage points", "undrawn_fee_percent_per_year": 0.5, "note": "Not one fixed rate for every borrowing; draw-specific fixed rates and benchmark resetting matter." }, "security": "First-priority pledge of borrower equity and substantially all borrower/credit-party assets and controlled accounts; permitted liens, perfection timing and exclusions apply. Not a claim over every CoreWeave group asset.", "recourse": "Borrower/project obligations; limited parent carve-out guarantee, not ordinary blanket parent repayment guarantee", "guarantor": "CoreWeave, Inc. for defined Guaranteed Obligations; subsidiary guarantees under collateral documentation", "amortization": "Monthly principal begins after specified commitment-termination, delayed-site or top-up events; residual due at maturity. Full Schedule 2.08/base-case amortization model not recovered.", "source_ids": [ "coreweave-q1-10q", "ddtl4-8k", "ddtl4-credit", "ddtl4-guarantee" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "borrower": "CoreWeave Compute Acquisition Co. VIII, LLC", "agreement_date": "2026-03-30", "facility_limit_usd_millions": 8500, "final_maturity_date": "2032-03-31", "availability_end": "2027-06-30", "contract_sources": [ "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex1011.htm", "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex102.htm" ], "security_verification": "Issuer Q1 Note10 reports perfected first-priority interests. No independent perfection search was performed." }, { "id": "senior2030", "label": "2030 senior notes", "as_of": "2026-03-31", "principal_usd_millions": 2000, "final_maturity_disclosed": "2030-06", "maturity_precision": "month", "reported_effective_rate_percent": 10, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Senior unsecured notes and subsidiary guarantees, as described for the note group in Q1 risk disclosure; individual indenture not audited.", "recourse": "Issuer obligation with described subsidiary guarantees; no lien priority inferred from senior label.", "guarantor": "Specified wholly owned domestic subsidiaries that guarantee the revolver, per issuer description; complete current list unverified.", "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 indebtedness risks, printed p.85" }, { "id": "senior2031", "label": "2031 senior notes", "as_of": "2026-03-31", "principal_usd_millions": 1750, "final_maturity_disclosed": "2031-02", "maturity_precision": "month", "reported_effective_rate_percent": 10, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": "Senior unsecured notes and subsidiary guarantees, as described for the note group in Q1 risk disclosure; individual indenture not audited.", "recourse": "Issuer obligation with described subsidiary guarantees; no lien priority inferred from senior label.", "guarantor": "Specified wholly owned domestic subsidiaries that guarantee the revolver, per issuer description; complete current list unverified.", "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 indebtedness risks, printed p.85" }, { "id": "convertible2031", "label": "2031 convertible senior notes", "as_of": "2026-03-31", "principal_usd_millions": 2588, "final_maturity_disclosed": "2031-12", "maturity_precision": "month", "reported_effective_rate_percent": 2, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": { "coupon_percent": 1.75, "basis": "Issuer description in Q1 risk disclosure; distinct from rounded2% effective rate." }, "security": "Senior unsecured notes and subsidiary guarantees, as described for the note group in Q1 risk disclosure; individual indenture not audited.", "recourse": "Issuer obligation with described subsidiary guarantees; no lien priority inferred from senior label.", "guarantor": "Specified wholly owned domestic subsidiaries that guarantee the revolver, per issuer description; complete current list unverified.", "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "terms_locator": "Q1 indebtedness risks, printed p.85" }, { "id": "promissory", "label": "Convertible promissory notes", "as_of": "2026-03-31", "principal_usd_millions": 171, "final_maturity_disclosed": "2026-04", "maturity_precision": "month", "reported_effective_rate_percent": 7, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": null, "recourse": null, "guarantor": null, "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "subsequent_event": "Same Q1 filing reports settlement in April 2026 by Class A shares. Historical principal maturity is not proof that equivalent cash was paid." }, { "id": "revolver", "label": "Revolving credit facility", "as_of": "2026-03-31", "principal_usd_millions": 1500, "final_maturity_disclosed": "2029-11", "maturity_precision": "month", "reported_effective_rate_percent": 6, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": { "interest_formula": null, "undrawn_fee_percent_per_year": 0.25, "basis": "Note10 reports undrawn fee; no coupon formula reconstructed." }, "security": "Secured by pledges of certain assets according to Note10; full collateral schedule unverified.", "recourse": null, "guarantor": null, "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee.", "subsequent_event": "Q1 Note16 reports repayment of the March31 USD1500m balance in April. Future borrowing remains permitted; not a current-zero assertion." }, { "id": "oem-software", "label": "OEM and software license financing", "as_of": "2026-03-31", "principal_usd_millions": 5036, "final_maturity_disclosed": "2026-07 to 2030-07", "maturity_precision": "range of months", "reported_effective_rate_percent": 10, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": null, "recourse": null, "guarantor": null, "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee." }, { "id": "magnetar", "label": "Magnetar loan", "as_of": "2026-03-31", "principal_usd_millions": 281, "final_maturity_disclosed": "2029-01", "maturity_precision": "month", "reported_effective_rate_percent": 12, "effective_rate_basis": "Rounded issuer-reported effective annual rate in Note 10; not a contractual coupon or market yield", "contractual_rate": null, "security": null, "recourse": null, "guarantor": null, "amortization": null, "source_ids": [ "coreweave-q1-10q" ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "locator": "Note 10, debt obligations table, printed page 24", "unknown_terms_policy": "Null means not established in this case; not unsecured or no guarantee." } ], "principal_maturity_ladder": [ { "period": "Apr–Dec 2026", "principal_usd_millions": 6066 }, { "period": "2027", "principal_usd_millions": 5652 }, { "period": "2028", "principal_usd_millions": 3802 }, { "period": "2029", "principal_usd_millions": 2894 }, { "period": "2030", "principal_usd_millions": 2348 }, { "period": "Thereafter", "principal_usd_millions": 4387 } ], "reconciliation": { "principal_total": 25149, "unamortized_discount_and_issuance_costs": 290, "balance_sheet_net_debt_carrying_amount": 24859, "net_current_debt": 7547, "net_noncurrent_debt": 17312 }, "scheduled_through_2027": { "amount": 11718, "total": 25149, "percent_unrounded": "46.59429798401526899677919599", "percent_display": 46.6, "formula": "(6066+5652)/25149*100", "scope": "Historical scheduled principal, not default probability or a funding shortfall." }, "cash_priority": { "kind": "Normal-course contractual order, NOT bankruptcy distribution or observed cash flow", "steps": [ { "order": 1, "label": "Specified operating costs", "qualification": "Includes defined costs due or expected within 60 days; excludes certain management fees" }, { "order": 2, "label": "Agent, depositary and related fees" }, { "order": 3, "label": "Interest and ordinary hedging payments" }, { "order": 4, "label": "Scheduled principal and hedge termination payments" }, { "order": 5, "label": "Liquidity reserve" }, { "order": 6, "label": "Power reserve" }, { "order": 7, "label": "Cash trap, when triggered" }, { "order": 8, "label": "Other permitted costs and management fees" }, { "order": 9, "label": "Conditional distributions and permitted intercompany uses" } ], "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex1011.htm", "locator": "Section 2.20(b); default proceeds have a distinct section 7.04 waterfall" }, "coverage": { "maintenance_minimum": 1.15, "projected_sizing_minimum": 1.2, "actual_ratio": null, "testing_start": "After first full fiscal month following commitment termination, per section 6.12", "definition": "Contractually defined net operating income divided by defined debt service over trailing three fiscal months; not a group GAAP ratio.", "debt_service_excludes": "Final maturity bullet and specified other repayments excluded by contract definition", "cure": "Section7.03 allows defined equity cures: financial covenant deadline is the fifteenth day after required statement delivery date; a cash-shortfall cure has a different thirty-day window. Lenders need not advance during the breach. Usage limit changes after a defined sunset date; no borrower compliance certificate inspected.", "source_url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex1011.htm", "locator": "Definitions Debt Service/DSCR/Projected DSCR; sections 6.12 and 7.03", "actual_compliance_status": null, "hypothetical": { "is_observed": false, "unit": "invented comparable units", "debt_service": 100, "initial_eligible_income": 120, "stressed_eligible_income": 108, "threshold_eligible_income": 115, "initial_ratio": 1.2, "stressed_ratio": 1.08, "meaning": "Arithmetic illustration only, not actual covenant inputs, estimated headroom or a default forecast." } }, "rating_scope": { "issuer_reported_facility_ratings": [ "A3", "A(low)" ], "primary_rating_report_inspected": false, "whole_group_rating_inferred": false, "maintenance_clause": "Section5.18 requires a rating to be maintained, not a specified rating level." }, "recovery": { "fair_value_or_liquidation_estimate": null, "reason": "No complete perfection/search record, executed collateral schedules, realizable GPU prices or correlated customer-default scenario verified. First-priority claim is a legal position, not a recovery percentage." }, "sources": { "coreweave-q1-10q": { "title": "CoreWeave Q1 2026 Form 10-Q", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm", "publication_date": "2026-05-08", "scope": "Notes on debt, future principal payments, financing costs, subsequent convertible-note settlement, revenues/customer concentration, and liquidity/financing discussion; selected financial statements, not a full audit; subsequent-events Note16 and full relevant indebtedness-risk section, including earlier-facility parent guarantees and issuer perfection/hedge-compliance statements", "limitations": "Historical March31 balances; later June-quarter and August terms not successfully recovered. No current September balance or default inference." }, "coreweave-q1-index": { "title": "SEC filing metadata for CoreWeave Q1 2026", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/0001769628-26-000222-index.htm", "publication_date": "2026-05-08", "scope": "Complete filing detail, dates and document table", "limitations": "Date metadata, not separate corroboration of financial facts." }, "ddtl4-8k": { "title": "CoreWeave DDTL 4.0 closing and material terms", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/crwv-20260330.htm", "publication_date": "2026-03-31", "scope": "Complete 8-K financial terms and exhibit references", "limitations": "Summary is qualified by exhibits; does not establish satisfaction of every future draw condition." }, "ddtl4-credit": { "title": "CoreWeave Compute Acquisition Co. VIII credit agreement", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex1011.htm", "publication_date": "2026-03-31", "scope": "Close reading of definitions; borrowing and amortization; section2.20; representations and closing conditions; account, rating and hedge covenants; sections6.12 and7.01–7.04; selected agency provisions", "limitations": "Selected operative sections of a long agreement, not the entire loan-document suite. Amortization model, schedules, counterparty terms, some redactions, UCC perfection and compliance certificates absent. No legal enforceability opinion." }, "ddtl4-guarantee": { "title": "CoreWeave parent limited guarantee", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000129/ex102.htm", "publication_date": "2026-03-31", "scope": "Complete guarantee, signature and Schedule1 definition read", "limitations": "Unconditional applies to defined Guaranteed Obligations. Specific conduct triggers/exclusions, not all ordinary debt repayment or a guarantee of collateral market value." }, "ddtl4-release": { "title": "CoreWeave announces $8.5bn DDTL 4.0 financing", "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Closes-Landmark-8-5-Billion-Financing-Facility-Achieving-First-Investment-Grade-Rated-GPU-backed-Financing/default.aspx", "publication_date": "2026-03-31", "scope": "Full substantive release: commercial rationale, facility ratings, participants and reported pricing", "limitations": "Issuer marketing, not a primary rating report or group investment-grade designation; same transaction family as filing." }, "latham-financing": { "title": "Latham advises arrangers on CoreWeave financing", "url": "https://www.lw.com/en/news/2026/03/latham-advises-on-coreweave-landmark-financing-facility", "publication_date": null, "scope": "Main transaction and representation paragraphs", "limitations": "Other-side transaction perspective but commercially interested, not independent economic validation or ratings analysis." }, "bis-financing": { "title": "BIS Bulletin 120: The financing of the AI boom", "url": "https://www.bis.org/publ/bisbull120.pdf", "publication_date": "2026-01-07", "scope": "All eight PDF pages and references read; graph pages indexed3–7 screenshot-inspected", "limitations": "Authors’ analysis, not institution-wide prediction; dated January context. No chart dollar figures or macro forecasts adopted; not a CoreWeave underwriting model." }, "sec-bond-guide": { "title": "Investor.gov: What are corporate bonds?", "url": "https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/what-are", "publication_date": "2013-06-04", "scope": "Debt, maturity, collateral, secured/unsecured priority and default explanation", "limitations": "General education, not present CoreWeave credit or recovery evidence." }, "ddtl5-release": { "title": "CoreWeave May DDTL 5.0 facility announcement", "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Closes-3-1-Billion-Loan-Facility-Expanding-Access-to-Public-Markets-for-GPU-Backed-Financing/default.aspx", "publication_date": "2026-05-18", "scope": "Full substantive release; facility amount, pricing, commercial rationale and unnamed customer credit quality", "limitations": "Issuer perspective; closing a facility does not prove full drawing. Ratings are attributed, not independently examined." }, "ddtl5-index": { "title": "CoreWeave May financing filing index", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/0001769628-26-000236-index.htm", "publication_date": "2026-05-18", "scope": "Complete date, accession and exhibit index", "limitations": "Metadata only, not independent verification of the transaction." }, "ddtl5-8k": { "title": "CoreWeave May 15 DDTL 5.0 agreement, filed May 18", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/crwv-20260515.htm", "publication_date": "2026-05-18", "scope": "Full short 8-K; Item 1.01, exhibit links and schedule omissions", "limitations": "Terms qualified by exhibits; no current principal, covenant certificate or receipt audit." }, "ddtl5-credit": { "title": "CoreWeave Financing DDTL V credit agreement", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/ex101.htm", "publication_date": "2026-05-18", "scope": "Selected definitions for coverage, debt service, payment and availability; sections 2.08, 2.20, 5.23, 6.12 and selected 7.03", "limitations": "Selected operative sections, not complete 134-page audit; amortization percentages and other schedules/redactions unavailable." }, "ddtl5-guarantee": { "title": "CoreWeave May parent guarantee and holdco pledge", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000236/ex102.htm", "publication_date": "2026-05-18", "scope": "Definitions; Articles II and III; sections 6.8–6.9; payment-not-collection and statutory-limit language", "limitations": "No enforcement or collectibility opinion; parent tests subject to rating/revolver qualifications." }, "june-notes-pricing": { "title": "CoreWeave prices dollar and euro 2032 notes", "url": "https://investors.coreweave.com/news/news-details/2026/CoreWeave-Announces-Pricing-of-1-25-Billion-of-Senior-Notes-and-2-Billion-of-Senior-Notes/default.aspx", "publication_date": "2026-06-11", "scope": "Full substantive pricing announcement; expected June 18 close and intended proceeds", "limitations": "Pricing is not closing; later actual issue filing read separately." }, "june-notes-8k": { "title": "CoreWeave June 18 dollar and euro notes issuance", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000291/crwv-20260618.htm", "publication_date": "2026-06-18", "scope": "Full short 8-K: Item 1.01, completion, principal currencies, coupons, maturity, guarantees and exhibits", "limitations": "Gross issuance, not net proceeds or a current group debt roll-forward; intended uses not traced." }, "june-usd-indenture": { "title": "CoreWeave 9.625% dollar notes indenture", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000291/exhibit41.htm", "publication_date": "2026-06-18", "scope": "Selected sections 3.2, 3.17, 10.1–10.2 and Exhibit A note status", "limitations": "Not a full indenture, debt-basket or guarantor audit; incurrence restrictions differ from maintenance covenants." }, "june-eur-indenture": { "title": "CoreWeave 8.500% euro notes indenture", "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000291/exhibit43.htm", "publication_date": "2026-06-18", "scope": "Selected guarantee limits/releases and Exhibit A senior-unsecured note status", "limitations": "Not a full indenture audit; no EUR/USD conversion or current currency-exposure estimate." }, "latham-may": { "title": "Arranger counsel account of CoreWeave May financing", "url": "https://www.lw.com/en/news/2026/05/latham-watkins-advises-on-coreweave-delayed-draw-term-loan-facility", "publication_date": "2026-05-26", "scope": "Main transaction and representation paragraphs", "limitations": "Interested arranger counsel, not independent bank-settlement or rating confirmation." } }, "limitations": [ "Current principal and later credit agreement changes", "Complete collateral agreement and perfection filings", "Borrower-specific compliance certificates and actual ratios", "Cash reserves and contingent draw headroom today", "Customer payment waterfall cash actually received", "GPU liquidation values, re-letting expense and correlated customer default", "Every facility collateral/guarantee/covenant schedule", "Existing principal schedule, not all future cash uses, interest, leases or undrawn commitments.", "Final legal maturity does not mean all principal waits until that date.", "A later equity settlement is reported for the April convertible promissory notes; do not label all scheduled principal a cash repayment.", "Current portion covers a different time window from the remaining nine months of calendar 2026; carrying amount and principal also differ.", "June and August originals were discovered but not fully retrievable; no current-amount claim is admitted from search extracts.", "DDTL4 timing uses management estimates of specified start events; not all dates are an independently reconstructed fixed repayment schedule.", "The same Q1 filing reports April revolver repayment and new note issuance. Neither this ladder nor selected subsequent events reconstruct September debt.", "May and June event evidence narrows the later-source gap but does not substitute for the unread June-quarter or August original documents." ], "post_march_events": [ { "id": "debt:r04-ddtl5-event", "label": "DDTL 5.0 facility", "event_date": "2026-05-15", "disclosed_on": "2026-05-18", "borrower": "CoreWeave Financing DDTL V, LLC", "currency": "USD", "money_unit": "millions", "amount": 3100, "amount_basis": "facility limit, not current principal", "current_principal": null, "final_maturity": "2031-11-15", "contractual_rate": "Daily compounded SOFR, floor zero, plus 4.50 percentage points; base-rate alternative plus 3.50 points", "undrawn_fee_percent_per_year": 0.5, "security": "Substantially all borrower/subsidiary assets and 100% borrower equity pledge by CW Financing DDTL V Holdco, LLC", "guarantor": "CoreWeave, Inc. and borrower subsidiaries under their applicable documents", "recourse": "Broad parent payment/performance guarantee; statutory liability maximum and other terms apply, not assured collectibility", "availability": "Earlier of commitments reduced to zero and September 30, 2026", "amortization": "Monthly scheduled principal after commitment termination under section 2.08; percentages in unavailable schedule", "coverage": "Borrower 1.35x maintenance under defined start, transition, numerator/denominator and cure rules; no actual ratio inspected", "unknowns": [ "Current drawn balance", "Full amortization/security schedules", "Compliance certificates and applicable parent-revolver tests", "Enforceability and recovery value" ], "sources": [ "ddtl5-8k", "ddtl5-credit", "ddtl5-guarantee" ] }, { "id": "debt:r04-june-usd-notes-event", "label": "June USD 2032 senior notes", "event_date": "2026-06-18", "borrower": "CoreWeave, Inc.", "currency": "USD", "money_unit": "millions", "amount": 1250, "amount_basis": "issuer-reported principal issued at closing, not a later outstanding balance", "current_principal": null, "final_maturity": "2032-07-15", "coupon_percent_per_year": 9.625, "interest_payment_dates": "January 15 and July 15; first January 15, 2027; accrues from June 18, 2026", "security": "Senior unsecured", "guarantor": "Specified wholly owned subsidiaries and qualifying future domestic restricted subsidiaries; applicable limitations and releases", "recourse": "Issuer obligation plus specified subsidiary guarantees, not a GPU-collateral claim", "use_of_proceeds": "Intended general corporate purposes including potential repayment and costs; actual allocation not traced", "unknowns": [ "Current outstanding principal", "Net proceeds and actual uses", "Complete current guarantor map", "Enforceability/recovery; for EUR, currency exposures and hedges" ], "sources": [ "june-notes-8k", "june-usd-indenture" ] }, { "id": "debt:r04-june-eur-notes-event", "label": "June EUR 2032 senior notes", "event_date": "2026-06-18", "borrower": "CoreWeave, Inc.", "currency": "EUR", "money_unit": "millions", "amount": 2000, "amount_basis": "issuer-reported principal issued at closing, not a later outstanding balance", "current_principal": null, "final_maturity": "2032-07-15", "coupon_percent_per_year": 8.5, "interest_payment_dates": "January 15 and July 15; first January 15, 2027; accrues from June 18, 2026", "security": "Senior unsecured", "guarantor": "Specified wholly owned subsidiaries and qualifying future domestic restricted subsidiaries; applicable limitations and releases", "recourse": "Issuer obligation plus specified subsidiary guarantees, not a GPU-collateral claim", "use_of_proceeds": "Intended general corporate purposes including potential repayment and costs; actual allocation not traced", "unknowns": [ "Current outstanding principal", "Net proceeds and actual uses", "Complete current guarantor map", "Enforceability/recovery; for EUR, currency exposures and hedges" ], "sources": [ "june-notes-8k", "june-eur-indenture" ] } ], "later_recourse_comparison": { "march": "DDTL 4.0: defined parent carve-outs; borrower security distinct", "may": "DDTL 5.0: parent payment/performance guarantee, subject to statutory limit and terms", "rule": "Qualitative legal-scope comparison, not dollar-proportional risk or a controlled credit-quality comparison", "sources": [ "ddtl4-guarantee", "ddtl5-guarantee", "ddtl5-8k" ] } }