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Compute & physical

Neocloud borrowing cost (CoreWeave facility rates)

not yet measurable60/95 confidence, mixed or hard to operationalisegrade Acoincident

1What this measures

Average effective interest rate CoreWeave reports on its delayed-draw term-loan facilities at each quarter end (derived metric neocloud_weighted_facility_rate over the 10-Q debt table), with the stated spreads, total indebtedness and Nebius's convertible terms shown alongside.

Why it matters. The compute build is financed at the margin by lenders. If neoclouds pay double-digit rates while hyperscalers borrow at treasuries plus a little, the capture story at the compute layer is a credit story.

Proxy types
capital_flow, market_structure
Unit
share
Cadence
quarterly

2How we track this

  • series sec_filing.crwv.debt_facility_rate_*.pt
  • series sec_filing.crwv.debt_terms_*.pt
  • series sec_filing.crwv.total_debt_usd.q
  • series sec_filing.nbis.convertible_coupon_rate.pt
  • series sec_filing.nbis.debt_effective_rate.pt
  • series sec_filing.nbis.total_debt_usd.q
  • derived metric neocloud_weighted_facility_rate (formula in the semantic layer)

Direction over 3 periods, dead-band 1.0%; higher = concentrating.

Three quarter-ends; moves under a percentage point are facility mix. Rising rates concentrate the compute layer's returns with its lenders.

Applied to metric:neocloud_weighted_facility_rate.

3Tracker interpretation

Effective rates from 7% (non-recourse) to 15% on the 2023 facility, 10.5% on average, on $35.6B of debt; the newest facility prices at SOFR plus 5.5%. Nebius borrows through converts at 1.25 to 2.6% coupons instead.

4Evidence

Direction over the last 3 periods; the band is ±1.0% around the window's first point. Higher reads concentrating.

Latest point
10.5%as of 2026-06-30(4 obs)
Value the bands apply to
10.5%as of 2026-06-30(4 obs)

12 observations. Hollow points are disputed (see counterevidence). Every point links to its observation.

Derived rows (1)
as ofdimsvalueinputs
2026-06-30crwv10.5%obs:07ff8ebaobs:5ecdd579obs:61c7969e+1 more

5Status and reasoning

not yet measurablesince 2026-09-10 · evaluate

First reading. CoreWeave's Q2 2026 10-Q states effective rates of 15% (DDTL 1.0), 11% (DDTL 2.0), 9% (DDTL 5.0) and 7% (non-recourse DDTL 4.0), a simple average of 10.5%, on $35.6B of total indebtedness; the August DDTL 5.5 facility prices at Term SOFR plus 5.5%. One quarter-end, so the direction rule cannot run: not yet measurable.

6Timeline notes

  • 2026-06-30 · 10.5%as of 2026-06-30(4 obs)

7Counterevidence

What cuts against this reading

Effective rates mix vintages and hedges; an unweighted average overstates small facilities; one filer with facility-level disclosure.

8Update history

  1. 2026-09-10unmeasured to not yet measurableconf — → 60 · evaluate

    First reading. CoreWeave's Q2 2026 10-Q states effective rates of 15% (DDTL 1.0), 11% (DDTL 2.0), 9% (DDTL 5.0) and 7% (non-recourse DDTL 4.0), a simple average of 10.5%, on $35.6B of total indebtedness; the August DDTL 5.5 facility prices at Term SOFR plus 5.5%. One quarter-end, so the direction rule cannot run: not yet measurable.

9Confidence

60 / 95 — mixed or hard to operationalise

Confidence is independent of status: 90–95 multiple strong independent sources; 70–89 good evidence, some ambiguity; 50–69 mixed or hard to operationalise; below 50 limited or vague.

10Related