CoreWeave has borrowed $2 billion in high-yield debt through bonds set to mature in 2030.

First reported by the Financial Times and Barron's, the funding builds on CoreWeave's previously reported plan to raise $1.5 billion earlier this month.

According to the FT report, after CoreWeave saw "robust" investor demand for its debt raise, the neocloud expanded the offering to $2bn.

The bonds have an interest rate of 9.25 percent, and are "unsecured bonds," meaning they do not have the same seniority as its existing debt.

Update -

According to a new release from CoreWeave, the notes offering will close on May 27, 2025, and will mature on June 1, 2030.

Original story resumes -

As revealed in the company's recent earnings call, CoreWeave has to date raised more than $21bn, and in December 2024 had around $8bn in total debt on its balance sheet with interest rates between 11 and 15 percent.

CoreWeave spent close to $264 million in interest expenses in the first quarter of this year, and the FT has previously reported that CoreWeave is facing debt and interest payments of $7.5bn by the end of 2026.

According to the FT, the $2bn raised through the junk bond market will enable CoreWeave to refinance some of its overall debt at lower rates, and it has reportedly disclosed that it is looking to secure up to another $2.6bn in new loans.

DCD has reached out to CoreWeave for comment.

CoreWeave was originally founded in 2017 as a cryptomining firm, though it later pivoted to offering an AI cloud. At the end of 2024, it had 32 data centers operating more than 250,000 GPUs in total and more than 360MW of active power.

The company began trading on the Nasdaq stock exchange on March 28, offering shares at $40 each and giving it the potential to raise up to $1.5bn with the IPO - $4bn less than previously mooted for the offering. At the time of writing, CoreWeave's shares are priced at $107.39.