CoreWeave and Nebius Secure AI Financing at Different Rates
AI infrastructure companies CoreWeave, Inc. (NASDAQ:CRWV) and Nebius Group N.V. (NASDAQ:NBIS) have secured financing with notable differences in interest rates. CoreWeave closed a $2.6 billion delayed-draw term loan charging SOFR plus 5.50%, while Nebius obtained a roughly $775 million facility at SOFR plus 2.50%. The disparity reflects differing risk profiles and collateral structures, as well as lender confidence in the underlying assets. Nebius's lower rate is attributed to its financing being backed by deployed GPU infrastructure and cash flows from an investment-grade customer, covering more than 100% of capital expenditures for those deployments. In contrast, CoreWeave’s broader facility supports a wider range of customers with shorter contracts but carries higher debt costs that could impact profitability if utilization or pricing declines. The financing terms highlight how lenders are beginning to differentiate AI infrastructure projects based on risk and asset quality rather than treating all GPU buildouts the same. This trend may become more significant as concerns about slowing frontier AI development resurface.
