The AI Boom Has a Credit Problem: What CoreWeave’s 15% Bond Yield Really Means

Bond investors are pricing the gap between when CoreWeave gets paid and when its debt comes due.

By Dorian

AI demand is solid, but it has inflated to the point where the market still believes extraordinary revenue growth can coexist with a failing capital structure.

CoreWeave put that paradox in front of every AI portfolio this week. The company boasts $104 billion in contracted revenue, and its sales more than doubled last quarter. Yet, its unsecur…