CoreWeave 2032年债券跌破85美分，收益率接近15%
借债买 GPU 租算力的 CoreWeave，利息支出6.4亿已经超过亏损6.26亿了，债券跌到危机价位，连带 Oracle 和 Dell 一起遭殃。
据彭博报道，CoreWeave 2032年到期的无担保债券跌破85美分，这一价格通常被视为财务困境信号，收益率接近15%。这批债券是6月发行的12.5亿美元、票面利率9.625%的高级债务，发行不到4个月就被大幅减记。CoreWeave 二季度净亏损6.26亿美元，而净利息支出达到6.4亿美元，利息负担已超过亏损本身。消息传出后公司股价一度下跌17%，不过仍比2025年3月IPO价高出60%以上。Oracle 债券走弱，Nebius、Dell 等 AI 相关股票也跟跌，市场开始质疑整个债务驱动的 AI 基础设施建设。
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.
