CoreWeave, a New Jersey-based provider of AI cloud-computing services, has closed a US$2.6 billion debt facility to support the purchase and maintenance of equipment, hardware, and cloud infrastructure systems to deliver services under a long-term agreement with OpenAI.

The facility was led by Morgan Stanley and MUFG as joint bookrunners and joint lead arrangers. Goldman Sachs was also joint lead arranger. JPMorgan Chase, Wells Fargo, BBVA, Crédit Agricole, SMBC, PNC, and Société Générale were also in the syndicate.

The delayed draw term loan facility ( DDTL 3.0 facility ) brings to US$25 billion the amount of debt and equity raised over the past 18 months. In late July, CoreWeave, which listed on the Nasdaq in March, closed a US$1.75 billion senior notes offering priced at 9%.

“This is another step forward in our ability to provide our highly specialized AI cloud platform at massive scale to meet the demands of our innovative clients," says CoreWeave co-founder and chief development officer Brannin McBee.

OpenAI chief financial officer Sarah Friar adds: "CoreWeave is an important partner in OpenAI’s overarching AI infrastructure platform. Scaling advanced AI requires world-class compute infrastructure, and partnering with CoreWeave and leading financial institutions enables us to train more capable models and deliver better experiences to people around the world."

The DDTL 3.0 facility was priced at Sofr plus 4%, which the company says demonstrates its progress in reducing its cost of capital and enhancing its credit profile. The facility matures in August 2030, and is secured by all assets of CoreWeave Compute Acquisition Co VII.