CoreWeave's debt costs falling: DDTL spreads tightened from S+9.62% to S+2.25%
BenBajarin · x · 2026-10-16
RHouse Research argues CoreWeave's cost of capital is clearly declining: its debt is mostly DDTL facilities (project-finance style loans backed by specific clusters and customer contracts), with pricing tightening from S+9.62% on DDTL 1.0 in 2023 to as low as S+2.25% on DDTL 4.0 in March 2026. Older, pricier facilities decline as they self-amortize, while new cheaper ones fund recent capex. The next DDTL's pricing will be telling.
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