CoreWeave AI Funding Goes Global With Euro Junk-Bond Deal

Cloud-computing giants powering the artificial intelligence boom are tapping global debt markets to fund hundreds of billions of dollars needed for data centers, chips and other infrastructure. Junk-rated CoreWeave Inc. is now following their lead.

The company sold the first euro-denominated junk bonds by a US AI infrastructure company, selling €2 billion ($2.3 billion) of such notes along with $1.25 billion of dollar bonds on Thursday. The six-year notes will yield 8.5% and 9.625%, respectively, according to a person familiar with the matter who asked not to be identified.

A representative for CoreWeave declined to comment.

The euro book attracted significant demand, with orders topping €7 billion, the person said. Interest came from most of the major high-yield buyers in Europe for what is expected to be one of the region’s few such deals in this space.

“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.

The bank led the CoreWeave debt sale, a deal that underscores how US companies building AI infrastructure are broadening their funding sources, accessing investor demand for exposure to the boom in markets from Canada to Japan.

Alphabet Inc. and Amazon.com Inc. have together raised the equivalent of $77 billion in non-dollar bond markets since the start of last year. They are in investment-grade territory while CoreWeave is graded Ba3 by Moody’s Ratings, B+ by S&P Global Ratings and BB- by Fitch Ratings. CoreWeave’s offering will provide an early test of investor appetite for riskier AI-linked credits outside of the US.

CoreWeave, which rents out computing power and provides software to run AI applications, has quickly ramped up spending to add capacity. The company 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.

Concerns about CoreWeave’s ability to generate profits amid broader AI bubble woes sent its credit risk soaring in late 2025. Those worries have since eased, helping lower financing costs for data center projects tied to the company. Still, the cost of protecting its debt against default for five years is about 3.5 percentage points higher than that for Oracle Corp.

Read More: CoreWeave’s Credit Rebound Spurs Cheaper Data Center Funding

The company has dipped into multiple corners of the debt market to fund its rapid expansion. Before Thursday’s deal, CoreWeave had issued $6.5 billion of junk-rate dollar bonds since its first sale in May 2025, as well as $6.6 billion of convertible notes. It also priced a first-of-its kind $3.1 billion leveraged loan backed by customer contracts for microchips.

CoreWeave, which has Nvidia Corp. among its largest shareholders, has also emerged as a key tenant for data center projects tapping the US junk-bond market. In the latest such deal, earlier this week, Applied Digital Corp. raised $1.59 billion to fund additional computing capacity for CoreWeave in North Dakota.

Founded in 2017 as a crypto miner, CoreWeave amassed a trove of Nvidia graphics processing units in its early days. Today, it operates nearly 50 data centers across North America and Europe, leasing those highly coveted chips by the hour to companies like Microsoft Corp. and OpenAI.