According to a report from Bloomberg, which cited people familiar with the matter, the loan would help fund a cloud computing capacity buildout for Meta Platforms Inc.
CoreWeave Inc. (CRWV) is reportedly seeking a loan of $8.5 billion from banks to fund a cloud computing capacity buildout for Meta Platforms Inc. (META).
According to a report from Bloomberg, which cited people familiar with the matter, the proposed deal would be a delayed-draw term loan that would be backed by a previously-signed contract with Meta that agreed to pay the company up to $14.2 billion for its services.
The deal would also be backed by a separate, previously unreported agreement between the two companies valued at over $5 billion, according to people cited in the report.
Morgan Stanley and Mitsubishi UFJ Financial Group Inc. are among the banks that CoreWeave is looking to raise the funds from.
Shares of CRWV surged over 7.7% at the time of writing.
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