CoreWeave（CRWV.O）是一家由英伟达支持的云计算公司，为人工智能提供高性能计算基础设施，已与多家主要科技公司签署数十亿美元的合同，其快速扩张在很大程度上依赖私募信贷投资者、银行和债券市场的资金。
CoreWeave (CRWV.O), an Nvidia-backed cloud company that provides high-performance computing infrastructure for artificial intelligence, has secured tens of billions of dollars in contracts with major technology companies, relying heavily on private-credit investors, banks and bond markets to fund its rapid expansion.
本周，随着投资者对人工智能建设背后的借贷表示质疑，该公司的股票和债券均出现下跌。该公司债务约为500亿美元，根据LSEG数据，为其违约投保的成本已上升至约1000个基点，意味着未来五年违约概率接近63%，而一年前约为30%。
Its shares and bonds have slumped this week as investors question the borrowing behind the AI build-out. The company has about $50 bln in debt, and the cost of insuring it against default has risen to around 1,000 basis points, implying a nearly 63% chance of default in five years, up from about 30% a year ago, according to LSEG data.
以下是根据该公司监管文件和新闻稿整理的其最大交易及债权人详情：根据公司文件，微软占CoreWeave 2025年收入的约67%，而2024年为62%。
Here are details of its biggest deals and who it owes money to, based on the company's regulatory filings and press releases: Microsoft accounted for about 67% of CoreWeave's 2025 revenue, up from 62% in 2024, according to company filings.
2025年3月，CoreWeave表示已签署一项价值高达119亿美元的协议。作为该协议的一部分，OpenAI将通过发行3.5亿美元的CoreWeave股票成为CoreWeave的投资者。2025年5月，该公司又增加了一项最高达40亿美元的协议。OpenAI将在2029年前支付该款项。
In March 2025, CoreWeave said it signed a deal worth up to $11.9 billion. As part of this deal, OpenAI will become an investor in CoreWeave through the issuance of $350 million of CoreWeave stock In May 2025, it added a deal worth as much as $4 billion. OpenAI will pay the sum through 2029.
2025年9月，它签署了一项价值高达65亿美元的新合同，使双方的总合作额达到约224亿美元。
In September 2025, it signed a new contract valued at up to $6.5 billion, bringing their total collaboration to about $22.4 billion.
2025年9月，Meta概述了计划，将在截至2031年12月14日期间向CoreWeave购买价值142亿美元的云服务。该合同包含续约一年的选择权。
In September 2025, Meta outlined plans to spend $14.2 billion on cloud services from CoreWeave through to December 14, 2031. The contract has an option to renew for another year.
4月9日，CoreWeave宣布与Meta达成一项扩大至210亿美元的协议，将向其提供AI云容量，直至2032年12月。
On April 9, CoreWeave announced a $21 billion expanded agreement with Meta to supply AI cloud capacity through December 2032.
2026年4月，CoreWeave与Anthropic签署了一项多年期协议，以支持其Claude系列模型。条款未披露。
In April 2026, CoreWeave signed a multiyear agreement with Anthropic to support its Claude family of models. Terms were undisclosed.
2025年，英伟达宣布将购买CoreWeave截至2032年任何未售出的计算能力，金额为63亿美元。
In 2025, Nvidia announced it would purchase any of CoreWeave's unsold compute capacity through to 2032 for $6.3 billion.
英伟达也是早期投资者之一。2023年，CoreWeave在Magnetar Capital的牵头下完成了2.21亿美元的B轮融资，英伟达也参与了此次投资。
Nvidia is also an early investor. In 2023, CoreWeave raised $221 million in Series B funding led by Magnetar Capital with contributions from Nvidia.
2023年8月：此次融资总额达23亿美元，由Magnetar Capital以及黑石战术机会基金负责管理的相关基金牵头，Coatue和DigitalBridge Credit也给予了战略支持；此外，贝莱德、太平洋投资管理公司及凯雷集团旗下管理的基金与账户也参与了投资。
$2.3 billion, August 2023: Led by Magnetar Capital and funds managed by Blackstone Tactical Opportunities, with strategic participation from Coatue and DigitalBridge Credit, and funds and accounts managed by BlackRock, Pimco and Carlyle.
2024年5月：融资总额达75亿美元，由黑石集团管理的基金牵头，Magnetar Capital与Coatue作为联合领投方参与投资。其他参与方还包括凯雷集团、魁北克储蓄投资集团、DigitalBridge Credit，以及贝莱德、Eldridge Industries和Great Elm Capital Corp旗下管理的基金与账户。
$7.5 billion, May 2024: Led by funds managed by Blackstone, with strategic participation from Magnetar (co-lead investor) and Coatue. Participation also included Carlyle, CDPQ, DigitalBridge Credit, funds and accounts managed by BlackRock, Eldridge Industries and Great Elm Capital Corp.
2025年7月：此次为26亿美元的延期提款定期贷款项目，资金用于加速OpenAI相关服务的交付。摩根士丹利与三菱日联金融集团担任联席账簿管理人与联席牵头安排行；高盛也以联席牵头安排行身份参与。其他参与银团贷款的机构还包括摩根大通、富国银行、西班牙对外银行、法国农业信贷银行、三井住友银行、PNC银行以及法国兴业银行。
$2.6 billion, July 2025 (delayed-draw term loan 3.0): The loan was raised to accelerate delivery of services for OpenAI. It was led by Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG) as joint bookrunners and joint lead arrangers. Goldman Sachs supported the deal as a joint lead arranger. JPMorgan Chase, Wells Fargo, BBVA, Crédit Agricole, SMBC, PNC and Société Générale were also in the syndicate.
2026年3月：此次为85亿美元的延期提款定期贷款项目，三菱日联金融集团与摩根士丹利担任共同架构设计方及联席账簿管理人，高盛与摩根大通则作为额外协调牵头安排行参与。该笔贷款由黑石信贷与保险部门提供资金支持。
$8.5 billion, March 2026 (delayed draw term loan 4.0): MUFG and Morgan Stanley served as co-structuring agents and joint bookrunners, with Goldman Sachs and JPMorgan as additional coordinating lead arrangers. The facility was anchored by Blackstone Credit & Insurance.
2026年5月：此次为31亿美元的延期提款定期贷款项目，摩根士丹利与三菱日联金融集团担任联席牵头安排行及账簿管理人。
$3.1 billion, May 2026 (DDTL 5.0): Morgan Stanley and MUFG served as joint lead arrangers and bookrunners.
2024年10月：一笔6.5亿美元的融资项目由摩根大通、高盛及摩根士丹利牵头，巴克莱银行、花旗银行、德意志银行、杰富瑞集团、瑞穗银行、三菱日联金融集团以及富国银行也参与了投资。
An October 2024 facility of $650 million was led by JPMorgan Chase, Goldman Sachs and Morgan Stanley, with participation from Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG and Wells Fargo.
该笔融资规模随后在2025年5月增至15亿美元。2025年11月，CoreWeave决定将其循环信贷额度从15亿美元提升至25亿美元，并将到期日从2028年5月延至2029年11月。
It was raised to $1.5 billion in May 2025. In November 2025, CoreWeave agreed to increase its revolving credit facility from $1.5 billion to $2.5 billion and extend the maturity date from May 2028 to November 2029.
CoreWeave发行的各类债券包括：票面利率为9.25%、2023年到期的优先票据；票面利率为9%、2021年到期的优先票据；票面利率为9.75%、2021年到期的优先票据；票面利率为9.625%、2022年到期的优先票据；票面利率为8.5%、2022年到期的优先票据；票面利率为1.75%、2021年到期的可转换优先票据；票面利率为1.75%、2022年到期的可转换优先票据以及票面利率为2.875%、2023年到期的可转换优先票据。
CoreWeave's outstanding bonds include 9.25% senior notes due 2030, 9% senior notes due 2031, 9.75% senior notes due 2031, 9.625% senior notes due 2032, 8.5% senior notes due 2032, 1.75% convertible senior notes due 2031 and 1.75% convertible senior notes due 2032 and 2.875% convertible senior notes due 2033.
2026年4月，该公司宣布完成了总额为35亿美元的私募发行计划，所发行的均为票面利率为1.75%、2022年到期的可转换优先票据。
April 2026: It announced the pricing of its private offering of $3.5 billion aggregate principal amount of its 1.75% convertible senior notes due 2032.
根据伦敦证券交易所集团的数据，截至2026年8月31日，富达可转换证券基金持有CoreWeave发行的票面利率为1.75%、2021年12月到期的可转换优先票据，其面值总额达3982万美元，占该基金投资组合的1.64%。
Fidelity Convertible Securities Fund held $39.82 million in face value of CoreWeave's 1.75% convertible notes due December 2031 as of August 31, 2026, accounting for 1.64% of its portfolio, according to LSEG data.
同一日期，野村高收益基金持有CoreWeave发行的各类债券，面值总额约为1168万美元。具体构成如下：票面利率为9.75%、2021年到期的票据，面值达622万美元；票面利率为9%、2021年到期的票据，面值达223万美元；票面利率为9.25%、2023年到期的票据，面值达195万美元；票面利率为9.625%、2022年到期的票据，面值达127万美元。
Nomura High Income Fund held about $11.68 million in face value of CoreWeave bonds across four issues as of the same date. Its holdings included $6.23 million of 9.75% notes due 2031, $2.23 million of 9% notes due 2031, $1.95 million of 9.25% notes due 2030 and $1.27 million of 9.625% notes due 2032.