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Recent Debt Financings

• CoreWeave · $3.1B · Morgan Stanley/MUFG-led syndicate

  AI cloud infrastructure provider supplying GPU compute for frontier-model training and inference. CoreWeave bills the 5.5-year delayed-draw term loan (SOFR + 4.50%, maturity November 2031, rated Ba2/BB+) as the first publicly syndicated HPC infrastructure-backed financing. It follows the larger investment-grade facility the company closed earlier in 2026. (Source)

• Lambda · $1B · J.P. Morgan-led syndicate

  AI compute company building supercomputers for model training and inference. Its oversubscribed senior secured facility, upsized from $275M in 2025, funds the deployment of next-generation NVIDIA accelerators and data-center expansion. (Source)

• Nscale · $790M · Nordic bank syndicate

  UK-based AI hyperscaler building data-center capacity. Committed project financing from ABN AMRO, DNB, Nordea, SEB and Norway's export-credit agency Eksfin funds its AI campus in Narvik, Norway, with a matching uncommitted accordion for a further 115MW. (Source)

• Applied Digital · $300M · Goldman Sachs

  Designer and operator of AI data centers. Its 364-day senior secured bridge facility (SOFR + 275bps), secured by project assets, funds construction of its third AI data center at the Polaris Forge 1 campus in Ellendale, North Dakota. (Source)

• Kids2 · $225M · Bain Capital Private Credit

  Global infant and toddler products company behind brands including Baby Einstein and Bright Starts; senior credit facility funds its continued growth and global expansion. (Source)

• Root · $200M · Huntington National Bank

  Auto insurance technology company built on telematics-based, usage-based pricing; senior secured term loan refinances its prior BlackRock facility. (Source)

• Fold · $150M · Encina Lender Finance

  Bitcoin financial services company issuing the Fold Bitcoin Credit Card on the Visa network. Its 4-year senior secured revolving facility, backed by consumer card receivables, funds card-program origination without equity dilution. (Source)

• NALA · $25M · Mars Growth Capital (Liquidity/MUFG JV)

  African cross-border payments company expanding a stablecoin payment network, running a consumer remittance app and the Rafiki B2B platform. The credit facility, with room to scale past $50M, pre-funds customer accounts and payment corridors. (Source)

• Aquestive Therapeutics · $150M · Oaktree Capital Management

  Specialty pharmaceutical company developing oral and complex-molecule therapies. The secured debt facility ($55M funded at close, up to $150M) refinances an existing $45M loan and funds the commercial launch of Anaphylm if FDA-approved. (Source)

• Cartesian Therapeutics · $150M · K2 HealthVentures

  Clinical-stage biotech developing mRNA cell therapies including the CAR-T candidate Descartes-08 for myasthenia gravis. The non-dilutive credit facility ($50M initial tranche, up to $150M) funds preparations for its commercial launch and extends runway into 2028. (Source)

• Lexicon Pharmaceuticals · $100M · Hercules Capital

  Commercial-stage biopharmaceutical company marketing INPEFA (sotagliflozin) for heart failure. The senior secured term loan ($55M funded at close, up to $100M across three tranches, with warrants) repays an existing Oxford Finance facility ahead of upcoming regulatory and commercial milestones. (Source)

• OptimizeRx · $35M · Fifth Third Bank

  Digital health technology company connecting life sciences brands with providers and patients at the point of care. A $25M term loan and $10M revolver refinance prior Blue Torch Finance debt and fund working capital. (Source)

• Armata Pharmaceuticals · $25M · Innoviva Strategic Opportunities

  Clinical-stage biotech developing precision phage therapeutics for antibiotic-resistant infections. A secured term loan at 14.0% per annum from its largest shareholder funds development of lead candidate AP-SA02. (Source)

• Citius Oncology · $25M · Avenue Capital

  Oncology company commercializing the FDA-approved cutaneous T-cell lymphoma therapy LYMPHIR; senior secured term loan ($10M funded, up to $25M) accelerates commercial launch. (Source)

• EnsoData · Undisclosed · CIBC Innovation Banking

  AI software company that automates the analysis of sleep studies for clinical providers; growth capital facility funds its continued expansion. (Source)

Platform & Capital Moves

• Barings — $19B+ for global direct lending

  Closed over $19 billion in committed capital for its global direct lending strategy, a two-year raise across multiple vehicles that lifts its Global Private Finance platform above $67 billion. (Source)

• Trinity Capital — $300M senior unsecured notes

  Priced $300 million of 7.0% senior unsecured notes due 2031. (Source)

• Runway Growth Finance — $50M notes due 2029

  Priced $50 million of 7.0% notes due 2029, with proceeds earmarked to repay its revolver. (Source)

• Parafin — Warehouse credit facility renewal & upsize

  Renewed and upsized its warehouse credit facility with Silicon Valley Bank (a division of First Citizens), EverBank as a new A-note lender, and Trinity Capital. The larger line expands the embedded-finance lender's capacity to fund small businesses on platforms like Amazon, DoorDash and Walmart. (Source)

• Pinegrove Credit Partners & Temasek — Venture debt partnership

  Formed a strategic partnership to provide venture debt to growth-stage technology and life sciences companies, with Pinegrove backed by Brookfield and HRTG Partners. (Source)

Recommended Reading

From Duration Growth

On Our Radar

• How much AI-infrastructure debt the market can absorb — with a growing roster of operators tapping the same handful of arrangers, watch whether syndication demand and spreads hold through the rest of 2026, and whether sub-investment-grade infrastructure paper clears as readily as the marquee rated deals did.

• The venture-debt refinancing test — the venture-lending BDC cohort heads into a wave of 2026–2027 loan maturities; how those facilities get refinanced will signal where mid-size venture debt is clearing through the back half of 2026.