CoreWeave Inc. (NASDAQ: CRWV) has sold the first euro-denominated junk bonds ever issued by a US artificial intelligence infrastructure company, marking a significant expansion of its global funding strategy.
The company raised €2 billion ($2.3 billion) in euro-denominated notes alongside $1.25 billion in dollar bonds, bringing the total deal size to approximately $3.55 billion.
The six-year euro notes will yield 8.5%, while the dollar bonds will yield 9.625%, according to a person familiar with the matter who asked not to be identified.
Investor demand for the euro portion was particularly strong, with orders topping €7 billion, signaling broad appetite among European high-yield buyers for AI-linked debt.
“European investors have been looking for ways to gain exposure to the AI buildout, but opportunities of this scale and quality have been scarce,” said Hashem Shubber, JPMorgan Chase & Co.’s managing director of leveraged finance capital markets.
JPMorgan led the CoreWeave debt sale, which highlights how US AI infrastructure companies are broadening their funding sources well beyond domestic markets.
CoreWeave carries a junk credit rating of Ba3 from Moody’s Ratings, B+ from S&P Global Ratings, and BB- from Fitch Ratings, placing it in significantly riskier territory than investment-grade peers like Alphabet Inc. and Amazon.com Inc.
Alphabet and Amazon have together raised the equivalent of $77 billion in non-dollar bond markets since the start of last year, reflecting the enormous capital demands of the AI infrastructure buildout.
CoreWeave is expected to invest almost $35 billion and burn nearly $26 billion in cash this year, according to the average of analyst estimates compiled by Bloomberg.
Before this latest deal, the company had already issued $6.5 billion of junk-rated dollar bonds since its first sale in May 2025, as well as $6.6 billion of convertible notes and a $3.1 billion leveraged loan backed by customer contracts for microchips.
The cost of protecting CoreWeave’s debt against default for five years remains about 3.5 percentage points higher than that for Oracle Corp. (NYSE: ORCL), reflecting the lingering risk premium investors attach to the company.
CoreWeave has also emerged as a key anchor tenant for data center projects tapping US junk-bond markets, with Applied Digital Corp. raising $1.59 billion earlier this week to fund additional computing capacity for CoreWeave in North Dakota.
Founded in 2017 as a crypto miner, CoreWeave today operates nearly 50 data centers across North America and Europe, leasing Nvidia graphics processing units by the hour to companies including Microsoft Corp. (NASDAQ: MSFT) and OpenAI.
Nvidia Corp. remains one of CoreWeave’s largest shareholders, underscoring the deep ties between the chip giant and one of its most aggressive infrastructure customers.
