Delayed-draw term loan, a loan drawn in stages as the equipment it pays for is bought. Row 26 of the Scorecard reads the spreads CoreWeave paid on such loans. Chapter 10.
From The AI Compute Race. Read the book
Where the book uses it
- Chapter 10 — The Lender’s Decision
Who is lending the money and who bears the loss: the bonds, leases and guarantees behind the largest campuses, and how the paper reaches ordinary retirement accounts.
Where the record uses it
- Scorecard indicator CoreWeave 2026 borrowing spread ladder
Sources that use it
- CoreWeave, “CoreWeave Closes $3.1 Billion Loan Facility,” 18 May 2026 (SOFR+450 bp; Ba2/BB+; “Proceeds from the DDTL 5.0 Facility will support the purchase and deployment of infrastructure dedicated to customer contracts with two large, non-investment grade customers”). In the Sources
- CoreWeave, “CoreWeave Closes Landmark $8.5 Billion Financing Facility, Achieving First Investment-Grade Rated GPU-Backed Financing,” 31 March 2026 (SOFR+225 bp; “The DDTL 4.0 Facility received ratings of A3 by Moody’s and A (low) by DBRS, respectively, representing the first investment-grade rated financing secured by HPC infrastructure and an associated customer contract”); the release’s own two-stage sentence: “borrow up to approximately $7.5 billion initially, with the ability to increase total borrowing capacity to $8.5 billion as underlying assets reach stabilization”; “a floating rate tranche financed at SOFR + 2.25% and a fixed rate tranche financed at approximately 5.9%”; matures March 2032; secured by substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC. In the Sources
- Nscale, “Nscale Signs a $1.4bn Delayed Draw Term Loan Backed by GPUs,” press release, London, 12 February 2026 (a $1.4 billion loan secured on GPUs, led by three asset managers’ funds; “a USD $1.4 billion Delayed Draw Term Loan backed by GPUs”; “The GPU DDTL was led by funds managed by PIMCO, Blue Owl, and LuminArx Capital Management, with support from additional asset managers and banks”; “The funding will be used to purchase GPU infrastructure to deliver service under multiple contracts”; Goldman Sachs “acted as Sole Structuring Agent and Sole Placement Agent”). In the Sources
- Carlyle Tactical Private Credit Fund, Form N-CSRS semi-annual report for the six months ended 30 June 2026, filed with the Securities and Exchange Commission on 21 August 2026 (sixteen CoreWeave delayed-draw term loan tranches — CoreWeave Compute Acquisition Co. II and IV and CoreWeave Financing DDTL V — at $82,398 thousand of par, $81,378 thousand of amortized cost and $81,525 thousand of fair value, against net assets of $4,469,894 thousand; margins from SOFR plus 425 to SOFR plus 962 basis points and maturities from 30 July 2028 to 6 November 2031; fifteen of the sixteen carry footnote 5, “The value of this security was determined using significant unobservable inputs”; first-lien Level 3 debt of $3,391,039 thousand valued on an income approach at discount rates of 7.9 to 20.8 percent, weighted average 10.6 percent). In the Sources
- CoreWeave, credit agreement for DDTL 4.0, 30 March 2026, Exhibit 10.1 to Form 8-K, accession 0001769628-26-000129 ($8.5 billion of commitments, $4,459,200,000 floating rate and $4,040,800,000 fixed rate; Applicable Margin 2.25 percent for SOFR loans and 1.25 percent for Base Rate loans on the floating-rate loans; the fixed-rate loans at a Fixed Rate Margin of 2.00 percent plus an interpolated Treasury yield; term maturity 31 March 2032; borrower CoreWeave Compute Acquisition Co. VIII, LLC; opened live on EDGAR and archived on 3 October 2026). In the Sources
And 8 more: search the Sources.
Related terms
From the glossary of The AI Compute Race.
How to cite this page
Dryburgh, Lee S. “DDTL.” In The AI Compute Race. DRYBURGH. https://dryburgh.com/vol1/glossary/ddtl (accessed 2026-11-01).
BibTeX
@misc{dryburgh-ddtl-2026,
author = {Dryburgh, Lee S.},
title = {{DDTL}},
howpublished = {In \emph{The AI Compute Race}, DRYBURGH},
year = {2026},
url = {https://dryburgh.com/vol1/glossary/ddtl},
note = {Accessed 2026-11-01}
}