CoreWeave credit default swaps hit distress levels as investors sour on AI debt

CoreWeave's five-year credit default swap spread surged above 1,140 basis points, a level generally viewed as distressed. The yield on its 9.75% bond due 2031 reached 15.78% as the company carries over $51 billion in debt and obligations for AI infrastructure.

• CoreWeave CDS spread hit 1,088 bps, up 33% week-over-week and 177% year-over-year
• Yield on its 9.75% bond due 2031 climbed to 15.78%
• CoreWeave's debt and obligations exceed $51 billion
• Backlog tops $100 billion, with two-thirds from investment-grade clients