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According to the Financial Times, Coreweave (CRWV.O) is preparing to test market interest in AI financing with a multibillion-dollar, chip-backed loan. The loan will fund the purchase of Nvidia chips and other computing equipment to fulfill contracts with an unnamed investment-grade customer. A CoreWeave executive said the loan will raise several billion dollars. CoreWeave said the interest cost on the loan is expected to be about 7% to 7.5%, less than half the yield on its unsecured debt. Its unsecured "junk" debt in the public bond market recently yielded more than 15%. CoreWeave CEO Michael Intrator told analysts that, depending on the customer, chip-backed loans cover 70% to 100% of the cost of the equipment being financed. CoreWeave also said it expects to receive about $9 billion in customer prepayments and deposits over the next three months and will seek more such funding.