CoreWeave

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.

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.

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.