AI cloud CoreWeave has secured an $8.5 billion delayed draw loan facility to meet a customer contract.

According to the filing with the Securities and Exchange Commission (SEC), the loan will be used primarily to finance capital expenditures for a customer contract, including the "acquisition of GPU servers and related infrastructure."

While unnamed in the filing, Bloomberg reports that the loan is backed by CoreWeave's deal with Meta, valued at $14.2bn, and signed late last year. According to Bloomberg, the two increased their agreement by $5bn earlier this year, bringing the total to more than $19.2bn.

Under the terms of the loan - which is a delayed draw term loan facility set to mature at the end of March 2027 - CoreWeave can borrow up to $7.5bn, increasing to $8.5bn once the chips are operating.

The loan has been led by Mitsubishi UFJ Financial Group and Morgan Stanley, with participation from Goldman Sachs, JPMorgan Chase & Co, and Blackstone Inc.

The loan was awarded an A3 rating by Moody's Ratings, and is the fourth GPU loan the neocloud has secured. According to Bloomberg, its backing by Meta enabled CoreWeave to secure a lower interest rate, with the loan split into two tranches: one a floating-rate tranche with a margin of 2.25 percentage points over the Secured Overnight Financing Rate, and a fixed-rate tranche financed at about 5.9 percent.

CoreWeave has been racking up its debt to fund its build-out, with the company amassing some $21.6bn in debt by the end of last year. Earlier this year, CoreWeave secured another $2bn in investment from Nvidia.

In total, the neocloud aims to stand up around 5GW of data center capacity by 2030.