CoreWeave 2032 年无担保债券跌破 85 美分，AI 债务担忧蔓延
Bloomberg: CoreWeave’s unsecured 2032 bonds fell below 85 cents on the dollar, the price that usually signals distress, yields near 15% on concern about AI borr
彭博报道，CoreWeave 2032 年到期的无担保债券价格跌破 85 美分，收益率接近 15%，市场担忧 AI 借贷热潮。这批 6 月发行的 12.5 亿美元 9.625% 优先债在 4 个月内被大幅折价，公司股价当日一度下跌 17%，但仍较 2025 年 3 月 IPO 价格高出 60% 以上。CoreWeave 靠借债购买 GPU、建设数据中心并向 AI 开发者出租算力，第二季度亏损 6.26 亿美元，净利息支出达 6.4 亿美元。担忧已扩散至 CoreWeave 之外，Oracle 债券走弱，Nebius 到 Dell 等 AI 相关股票下跌。
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Bloomberg: CoreWeave’s unsecured 2032 bonds fell below 85 cents on the dollar, the price that usually signals distress, yields near 15% on concern about AI borrowing binge
Those notes are $1.25B of 9.625% senior debt sold in June, so lenders have marked them down sharply within 4 months of issue. The shares fell as much as 17% today, though the stock remains more than 60% above its March 2025 IPO price.
The business runs on expensive debt. CoreWeave buys GPUs, builds data centers and rents the capacity to AI developers, and it funds most of that with borrowing.
The interest bill is now bigger than the losses. The company lost $626M in the second quarter while net interest expense reached $640M, driven by heavy capital spending. Revenue is growing fast, but the cost of financing the growth is consuming it.
It’s spreading beyond CoreWeave. Investors are treating it as a test of debt-funded AI infrastructure in general. Oracle’s bonds weakened, and AI-linked stocks from Nebius to Dell fell as markets questioned how much debt sits beneath the buildout.