SOFR

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 $2.6 Billion Loan Facility, Expanding Financing Flexibility for AI Infrastructure,” 10 August 2026 (SOFR+550 bp; “an approximate five-year maturity while its underlying customer contracts average approximately three years in length”; unlike the company’s prior delayed-draw facilities, “backed by customer contracts extending through the maturity of the debt”; “The facility received ratings of Ba2 from Moody’s and BB+ from Fitch, reflecting the strength of the collateral and structural protections supporting the transaction”). In the Sources
• 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
• CoreWeave, Inc., “CoreWeave Closes Landmark $8.5 Billion Financing Facility, Achieving First Investment-Grade Rated GPU-Backed Financing” (capitalized throughout in the exhibit), 31 March 2026, Exhibit 99.1 to the Form 8-K of 30 March 2026, accession 0001769628-26-000129 (the release’s second bullet: “First of a kind non-recourse facility, with an A3 / A (low) rating, marking the first HPC infrastructure delayed draw term loan to achieve investment grade status”; an $8.5 billion delayed draw term loan, about $7.5 billion of it available initially and $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%”; maturing March 2032 and secured on substantially all assets of CoreWeave Compute Acquisition Co. VIII, LLC; opened live on EDGAR and archived by stage-309a on 21 September 2026, 8,862 bytes, md5 a36c2018c780b7d538a167912851a751; the facility “was anchored by Blackstone Credit & Insurance and included participation from a diverse group of global financial institutions, asset managers, and insurance investors,” no insurer named and no share given). In the Sources
• Lambda, “Lambda closes $926 million senior secured Term Loan B facility,” 27 August 2026 (Baa2; SOFR plus 3.00 percent at 99.5; maturity 31 December 2030; fully amortizing against customer cash flows and the useful life of the GPU servers; no life, residual or advance rate published; “on a fully amortizing schedule aligned with the contracted cash flows and useful life of the underlying GPU infrastructure”). In the Sources

And 14 more: search the Sources.

Related terms

• Benchmark
• Spread
• 10-K, 10-Q
• Backstop
• Basis point
• Beignet
• Bridge loan
• Convertible
• Coupon
• Covenant
• DDTL
• Debt-service coverage