CoreWeave (NASDAQ:CRWV) announced that it has closed an $8.5 billion delayed draw term loan facility, marking a first-of-its-kind investment-grade financing backed by GPU infrastructure.

Shares of CoreWeave, a provider of high-performance cloud infrastructure for AI, rose roughly 6% in early trading following the announcement.

The DDTL 4.0 Facility received an A3 rating from Moody’s and an A (low) rating from DBRS, making it the first high-performance computing infrastructure financing linked to a customer contract to achieve investment-grade status. The facility allows CoreWeave to borrow up to $7.5 billion initially, with potential expansion to $8.5 billion as assets stabilize.

CoreWeave said the funding will support its AI cloud platform expansion and fulfill previously contracted cloud services with major AI enterprise clients, further increasing its footprint in high-performance AI cloud services.

“This transaction reflects confidence in AI adoption and represents continued market validation of our model that is proving both repeatable and scalable, enabling us to meet accelerating demand from our customers,” CoreWeave’s chief development officer Brannin McBee said in a statement.

The facility includes both floating-rate and fixed-rate tranches, with interest rates of SOFR + 2.25% and approximately 5.9%, respectively. It matures in March 2032 and is secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC.

MUFG and Morgan Stanley acted as co-structuring agents and joint bookrunners, while Goldman Sachs and JPMorgan served as coordinating lead arrangers. The facility was oversubscribed and anchored by Blackstone Credit & Insurance, with participation from a range of global financial institutions, asset managers, and insurance investors.

Over the past 12 months, CoreWeave has secured equity and debt financing totaling approximately $28 billion, reflecting ongoing institutional interest in its AI-focused infrastructure.