CoreWeave’s debt stress tests private credit’s AI financing boom

The GPU cloud provider's unsecured bonds slid below 80 cents on the dollar, putting the lenders behind the AI buildout in an uncomfortable spotlight CoreWeave’s unsecured bonds fell into distressed territory in mid-October 2026, trading below 80 cents on the dollar. For a company sitting on a contracted backlog of more than $100 billion, that is an awkward price tag. CoreWeave’s unsecured notes maturing in 2031 and 2032 changed hands at 76.5 to 81 cents on the dollar. Yields on those notes climbed to 15-16%. The credit default swap market told a similar story. CDS spreads on CoreWeave hit record levels of 1,000-1,200 basis points, which implies roughly a 60% probability of default within five years. A CDS works like an insurance policy on a borrower’s debt.

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