NVIDIA-backed AI cloud provider CoreWeave is courting insurance-company capital
to lower financing costs for buying AI chips and building infrastructure.
Management says if more chip-collateralized debt can secure investment-grade
ratings and the firm can lift its own credit rating, it could access insurers’
large capital pools. Earlier this year CoreWeave obtained an $8.5bn loan backed
by NVIDIA chips and a long-term Meta usage contract. It plans to pitch insurers
loans backed by lower-rated customers, including AI labs. Year-to-date
fundraising via chip-backed loans, high-yield bonds, convertibles and equity has
exceeded $35bn; debt and lease obligations were about $52bn at end-June.
