(Bloomberg) — CoreWeave Inc. is tapping the US junk-bond market for a second time in a week as the cloud infrastructure firm seizes on strong investor demand.
The Livingston, New Jersey-based company is selling $1 billion of additional 9.75% senior notes due 2031, it said in a statement. Proceeds will repay outstanding debt among other corporate uses, it added.
The debt is being pitched at a price of 101.5 to 102 cents on dollar, and may be sold as soon as Thursday, according to a person with knowledge of the matter. The offering is being run by JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc., the person added, asking not to be identified because details are private.
The move comes a week after CoreWeave raised $1.75 billion in its initial 2031 notes offering, amid relentless investor appetite for debt tied to the artificial intelligence boom. Those bonds have since rallied to more than 102 cents, according to Trace pricing data, having priced at par.
CoreWeave, which rents access to high-end AI processors, has been tapping different corners of credit markets to help finance an aggressive expansion of its cloud computing capacity. Its capital needs have increased after signing a $21 billion deal last week to supply AI cloud capacity to Meta Platforms Inc., adding to an earlier $14.2 billion agreement.
Wall Street has been able to successfully stitch together tens of billions of dollars in funding to underpin the AI boom in recent weeks, even as the conflict in the Middle East led some borrowers to pause debt sales.
As optimism about a longer-term peace deal rises, borrowing costs have eased broadly for companies of all types — bringing with it a revival in issuance.
Data centers linked to Alphabet Inc.’s Google are also seeking to raise $5.7 billion from a junk-bond transaction, in what would be the largest deal of its kind to finance the AI buildout frenzy. That deal, led by Morgan Stanley, is offered at a yield of 6.25% to 6.375% and may also price Thursday, according to a different person with knowledge of the matter.
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