CoreWeave’s Chip-Backed Loan Racks Up $19 Billion of Demand

CoreWeave Inc. racked up $19 billion of investor orders for a $3.1 billion loan backed by customer contracts for microchips, according to people familiar with the matter, the first of its kind to be broadly syndicated in the US leveraged loan market.

That kind of demand almost certainly ranks among the highest ever for a term loan, said the people, who asked not to be named because the details are private. It’s one of the clearest signs yet that investors in riskier corners of the credit market are clamoring for exposure to the AI infrastructure boom — so long as the right guarantees are in place.