Public Company · Neocloud
CoreWeave
NeocloudPublic CompanyLivingston, NJ
28/100
↗ +1.4 (7d)
Executive summary
CoreWeave's first Signal Score run reflects two straight weeks of genuinely negative credit signal, not a one-off wobble: its own unsecured notes briefly yielded near 15% as a tenant and its landlord, Applied Digital, both revealed balance-sheet strain in the same month. CEO Michael Intrator has pushed back publicly on the selloff, but nothing in the site's coverage so far offsets the two negative entries. First real run — signalDelta is 0.0 because there's no prior score yet to compare against.
Timeline
Oct 19
Wall Street splits on the credit story: Goldman Sachs upgrades CoreWeave from Neutral to Buy, arguing its asset-backed project financing should keep future borrowing costs only modestly above current levels, while D.A. Davidson's Gil Luria warns shareholders could lose everything if AI spending falters — as its 9.625% 2032 notes yield as high as ~15% and three unrelated AI-infrastructure IPOs (Solidigm, Firmus Grid, AirTrunk) are pulled or delayed the same month.
Oct 17
Unsecured 2031/2032 notes briefly yield near 15% and shares fall as much as 16% intraday, as bond investors price real doubt about repayment against $51.6 billion in combined debt and lease liabilities and a single quarter's $5.7 billion in negative free cash flow — a harsher verdict than equity markets, even as CEO Michael Intrator calls the selloff disconnected from underlying demand.
Oct 4
Its own balance-sheet strain comes into view as a tenant, not just a borrower: debt climbs to $17.3 billion against a $740 million net loss and $4.71 billion in negative free cash flow in the same quarter landlord Applied Digital leans on CoreWeave's roughly $11 billion Polaris Forge lease for about 69% of its own contracted backlog.