CoreWeave seeks insurers’ capital to finance AI infrastructure build-out - report
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CoreWeave (CRWV) is seeking to tap insurers’ vast investment pools to finance its AI infrastructure expansion, with co-founder Brannin McBee targeting investment-grade ratings for additional chip-backed debt and eventually the company itself,, the Financial Times reported.
“It’s unlimited. Like, that’s all the money in the world that sits in the insurance tranche,” McBee said, referring to the capital available from insurers.
CoreWeave has raised more than $35B this year through chip-backed loans, high-yield bonds, convertible bonds and share sales. Its debt and lease obligations totaled about $52B at the end of June.
An $8.5B loan backed by computing infrastructure and a contract with Meta Platforms (META) received an investment-grade rating. CoreWeave is seeking to extend this financing approach to debt backed by contracts with lower-rated AI labs.
McBee said nearly all of CoreWeave’s capacity for 2027 had been sold, with the company also signing contracts extending into 2028 and beyond.
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