Is CoreWeave At The Mercy Of The Bond Market?
CoreWeave, which rents GPU computing capacity to AI labs and hyperscalers, sits at the heart of a circular financing story that worries some investors. CoreWeave's total debt sits at $35 billion as of June 30, up sharply from $21 billion at year-end 2025. Further, interest expense hit $640 million last quarter, accounting for more than 25% of its revenue. Against that debt load sits a revenue backlog of approximately $100 billion, consisting mostly of take-or-pay contracts (buyer must pay whether they use the service) with Meta, OpenAI, Microsoft, and Anthropic. On paper, that is roughly…
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