New Jersey-based provider of generative AI infrastructure, software, and cloud services company CoreWeave Inc. is issuing $1.5 billion of senior unsecured notes for general corporate purposes. We assigned our ?B+? issuer credit rating to CoreWeave. We also assigned our ?B? issue-level rating and ?5? recovery rating to the proposed senior unsecured notes indicating our view that lenders will have modest (10%-30%; rounded estimate: 25%) recovery in the event of default. The stable outlook reflects our expectation that CoreWeave will continue to grow quickly over the next year with good revenue visibility and success-based capital expenditures (capex), and funds from operations (FFO) to debt will improve above 12% in 2026 with cash flow from operations (CFO) to debt of 10%-15%. NEW
