CoreWeave is testing demand from European high yield investors as the AI cloud company looks for another source of debt financing to fund its infrastructure buildout.

The Nasdaq listed company has been speaking with investors about potential new bond sales denominated in dollars and euros. A euro deal would mark CoreWeave’s first high yield bond in the currency, opening a new investor base for AI infrastructure debt.

In March, CoreWeave closed an $8.5 billion delayed draw term loan facility, known as DDTL 4.0, backed by contracted demand from a major AI enterprise customer. The facility carried an investment grade rating and was designed to fund previously contracted cloud services.

CoreWeave then returned to the market in April with a $4 billion offering of 1.75% convertible senior notes due 2032. The company also announced a private offering of $1 billion of 9.75% senior notes due 2031.

The debt pile reflects the cost of competing in AI cloud infrastructure. CoreWeave needs capital for data centers, Nvidia GPUs, networking equipment, power access, and long term capacity commitments before all of that infrastructure converts into revenue.

The company’s borrowing case is built around customer contracts. Meta expanded its AI cloud agreement with CoreWeave in April through a $21 billion deal running through 2032. OpenAI agreements with CoreWeave reached about $22.4 billion in total contract value after an expansion announced in 2025.

Those commitments give lenders more visibility than they would normally get from a fast growing cloud company. They also create concentration risk, because a large share of CoreWeave’s financing story depends on a small group of massive AI customers continuing to spend aggressively.