Neocloud borrowing cost (CoreWeave facility rates)
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.
Reason through thisThe reading
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.
1 reading drawn from the derived metric neocloud_weighted_facility_rate; 12 observations in the evidence.
Derived (neocloud_weighted_facility_rate) from: SEC EDGAR filings (8-K, 6-K, 10-Q exhibits). SEC EDGAR archives.
The numbers
| as of | reading | value | record |
|---|---|---|---|
| 2026-06-30 | crwv | 10.5% | reported |
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.
What cuts against it
Effective rates mix vintages and hedges; an unweighted average overstates small facilities; one filer with facility-level disclosure.
How it is measured
- 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) - source SEC EDGAR filings (8-K, 6-K, 10-Q exhibits) · default tier 4 · Public domain (U.S. government)
- proxy capital_flow, market_structure · cadence quarterly
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.
Latest readings
- 2026-06-30 · 10.5%as of 2026-06-30(4 obs)
Why this status, and its history
It has 1 reading and its direction rule compares 4, so it reads emerging rather than not yet measurable: the site uses not yet measurable only for what cannot be measured at all. The status turns into a direction once enough readings exist.
- 2026-09-27not yet measurable to emergingconf 60 → 60 · Claude (model)
It has 1 reading and its direction rule compares 4, so it reads emerging rather than not yet measurable: the site uses not yet measurable only for what cannot be measured at all. The status turns into a direction once enough readings exist.
Weighed against it: None needed: no reading has changed; this corrects the word used for too few readings.
- 2026-09-10unmeasured to not yet measurableconf — → 60 · the evaluator (automatic)
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.
Why this confidence
Rests on 12 observations from SEC EDGAR filings (8-K, 6-K, 10-Q exhibits); best evidence tier 4, grade B; current.
Confidence is independent of status: 90–95 multiple strong independent sources; 70–89 good evidence, some ambiguity; 50–69 mixed or hard to operationalise; 0–49 limited or vague evidence.