CoreWeave Bonds Fall Below 80 Cents as AI Data Center Debt Sells Off

Bond prices tied to U.S. AI data center projects have fallen as investors question whether future revenue can support heavy borrowing, with CoreWeave debt slipping below 80 cents on the dollar. Some bonds financing data center construction for Meta, Nvidia and Oracle have dropped below face value. CoreWeave’s bonds fell to less than 80 cents per $1 of face value, and their yield approached 15% Thursday, a level commonly associated with distressed debt. CoreWeave shares lost 17% this week, while rival Nebius fell 18%. Nvidia’s market value declined by about $270 billion over the past week. Investors are weighing the cost of AI infrastructure against revenue from AI services.

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