CoreWeave’s credit risk hits a record high as new borrowing plans spook bondholders

Default swap costs spiked and unsecured bonds slid into distressed territory as investors weighed the AI cloud provider's debt load against its backlog CoreWeave’s credit risk just hit an all-time high, and the bond market is no longer being polite about it. On October 14-15, 2026, the cost of insuring the AI cloud provider’s debt against default jumped to a record. The trigger was a slide in its high-yield bonds and fresh plans to borrow even more money for GPU infrastructure. The cost of CoreWeave’s five-year CDS climbed to 1,194.5 basis points. A basis point is one hundredth of a percentage point, so that is a very expensive policy. At that level, the pricing implies a more than 60% probability of default.

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