NEW YORK, Jan 4, 2026, 17:38 ET — Market closed
- CoreWeave amended a key loan agreement to lower near-term liquidity hurdles and delay covenant testing.
- The stock closed up about 10.8% on Friday at $79.32.
- Next watch: the Feb. 28 covenant test and details in the company’s annual 10-K filing.
CoreWeave, Inc. said it amended a key credit agreement to ease near-term liquidity and covenant requirements, aligning the facility with a delivery schedule it discussed on its last earnings call.
The changes matter because CoreWeave’s growth hinges on financing and deploying large amounts of computing infrastructure. Covenant headroom — the buffer before a lender test is breached — can shape how comfortably a company can keep investing without raising fresh capital.
They also put specific dates on the calendar that traders will track into the next session. The company’s contract-related covenant test is now set for late February, with a minimum cash requirement lowered for early-spring payment dates.
CoreWeave shares, which trade on Nasdaq under the symbol CRWV, ended Friday up about 10.8% at $79.32. The stock ranged from $72.95 to $81.11, on about 30.1 million shares traded.
In an 8-K filed on Friday, the company said its subsidiary CoreWeave Compute Acquisition Co. VII, along with the parent company and another unit, entered into a first amendment to the DDTL 3.0 Credit Agreement and a related parent guarantee and pledge agreement.
The amendment cuts the minimum liquidity covenant — effectively a minimum cash-on-hand test — to $100 million for monthly payment dates from March 1 through April 30, 2026, and pushes the initial testing date for the debt service coverage ratio until Oct. 31, 2027, the filing said.
It also delays initial testing of the contract realization ratio until Feb. 28, 2026. The original DDTL 3.0 terms describe that ratio as comparing actual amounts billed or received under a customer contract over a recent three-month period with projected contracted cash flows for that period.
CoreWeave also expanded its ability to use “equity cures” — shareholder cash injections used to remedy covenant breaches — allowing an unlimited number of cures before Oct. 28, 2026, with tighter limits after that, the filing said.
CoreWeave provides AI-focused cloud services, including access to Nvidia GPUs used to train and run AI models, and it has been scaling data-center capacity as demand for AI compute has surged.
But easing tests does not remove the underlying risk: lenders still tie the company’s flexibility to cash generation and contract execution. Any gap between projected cash flows and actual billing could pressure the contract-based covenant as the first test date approaches.
Investors will watch for the full amendment text when CoreWeave files its annual report on Form 10-K for the year ended Dec. 31, 2025, and for the first contract realization ratio test due Feb. 28, 2026, ahead of the March–April monthly payment dates tied to the lowered $100 million liquidity floor.
