CoreWeave Debt Risks Rise Despite Major AI Contracts

CoreWeave’s major contracts with Microsoft, OpenAI, Meta and Nvidia, plus a $104.2 billion backlog and access to financing, have supported its rapid AI infrastructure expansion. But newer figures show rising financial strain: liabilities reached $72 billion by June 2026, against $5.5 billion in cash and $20.9 billion in current liabilities. The company forecast $35 billion to $39 billion in capital spending for 2026, while its founders sold about $3.3 billion in shares since the 2025 IPO. CoreWeave says the sales were pre-arranged and disclosed. Market confidence has weakened. CoreWeave shares and bonds have fallen, an unsecured bond traded below 80 cents on the dollar, and CDS pricing implied a five-year default probability above 60%, according to the article. Earlier bankruptcy estimates were lower, at 14.5% by January 2028 and 28.5% by January 2030. CoreWeave is seeking longer-term refinancing and building its own data centres, but its ability to service debt depends on contract delivery, borrowing costs and returns on AI infrastructure spending. For crypto traders, CoreWeave’s stress is an indirect warning about leveraged technology credit; neither summary identifies a direct catalyst for cryptocurrency prices.