W.029CoreWeave’s default-swap price hit a record as its bonds traded near 80 cents. Its latest quarterly filing shows $10.6B of debt due by the end of 2027
The cost of insuring CoreWeave’s debt against default rose to a record 1,267.9 basis points, Reuters reported on November 6, as AI credit sold off after the US midterms. Its four dollar high-yield notes, $7.75B of face value, traded at 80 to 83 cents in a table published on November 3, about $6.2B at those prices. Its 10-Q for the quarter to June lists $35.6B of debt principal, $10.6B of it due from July 2026 through 2027. The same day, a $500M package of data center loans went up for auction, and Apple sold $7.5B of bonds into about $31B of orders.
The bonds trade like distressed debt
The notes CoreWeave sold this year priced at or above par, and now trade around 80 cents. The company sold $1.75 billion of 9.75% notes due 2031 at par in April and added $1 billion at 102 a week later; in June it sold $1.25 billion of 9.625% dollar notes and €2 billion of 8.5% euro notes due 2032, both at par. A table published by the Motley Fool on November 3 showed its five non-convertible senior notes at 79 to 83 cents on the dollar, with yields to maturity of about 14% to 16%. On November 4 notes due 2031 traded as low as 79.5 cents, Bloomberg reported, citing Trace data, with the 2030 and 2032 bonds yielding above 15%. At the November 3 prices, the four dollar high-yield notes, $7.75B of face value, were worth about $6.2B, $1.5B less.
Default insurance reached a new high. CoreWeave’s five-year credit default swaps rose to a record 1,267.9 basis points, Reuters reported on November 6, citing S&P Global Market Intelligence; Bloomberg had reported an intraday record of 1,194.5 basis points on October 15, citing ICE data, a level it said priced more than 60% odds of default within five years. The two figures come from different data providers. Bloomberg tied the November 4 fall to Democratic governors-elect in Texas, Ohio and Georgia who favor slowing data center construction. The shares closed at $43.66 on November 5, down 9.8%, 68% below its 52-week high and 55% below the $97.85 conversion price of the convertible notes it sold in September.
Five issues at 79 to 83 cents
Price of each CoreWeave non-convertible senior note as a percentage of face value, and its yield to maturity, as shown in a Motley Fool table published November 3, 2026, which gives no time of day; the outline runs to par (100). Face values from CoreWeave’s second-quarter 10-Q.
Data
| Note | Face, millions | Price | Yield | Value at price, $M |
|---|---|---|---|---|
| 9.25% Jun 2030 | $2,000 | 79 | 13.7%–15.8% | 1,580 |
| 9.00% Feb 2031 | $1,750 | 83 | 14.5% | 1,453 |
| 9.75% Oct 2031 | $2,750 | 80 | 15.6% | 2,200 |
| 9.625% Jul 2032 | $1,250 | 81 | 14.5% | 1,013 |
| 8.50% Jul 2032 (euro) | €2,000 | 79 | 14.1% | – |
What falls due, and who is selling
Most of CoreWeave’s near-term debt is not in these bonds. Its 10-Q for the quarter to June lists $35.6B of debt principal, with $4.4B due in the rest of 2026 and $6.2B in 2027, together 30% of the total; the senior notes all mature in 2030 or later. Net interest expense was $640 million in the June quarter, about $2.6B a year at that rate, against cash of $5.5B at the end of June. CoreWeave reports its third-quarter results on November 10.
Lenders are selling other data center debt too. A package of a dozen data center loans worth about $500 million, including debt tied to Vantage Data Centers and CyrusOne and a $25 million piece of a Stargate site in New Mexico, went up for auction with bids due November 19, Bloomberg reported; a later Bloomberg report named ING as the seller, and ING declined to comment to Reuters. The Bank of England has questioned market participants about loans to data centers without a committed tenant, Bloomberg reported. Top-rated borrowers still found buyers: Apple sold $7.5 billion of bonds in seven parts on November 5 against orders of about $31 billion, 4.1 times the deal, with its 10-year notes priced 55 basis points over Treasuries, Bloomberg reported.
$10.6B due before the end of 2027
CoreWeave debt principal by the year it falls due, $ billions, as at June 30, 2026, from its second-quarter 10-Q. The first bar covers July to December 2026. The senior notes in the chart above all fall in 2030 or later.
The shares are less than half the conversion price
CoreWeave share price at five points, dollars: the 52-week high; the conversion price of the 2.875% convertible notes due 2033, priced on September 18 (grey); the close the day before they priced; and the closes of November 4 (our calculation, from the November 5 close and change) and November 5.
What this changes on 06.ai
- Pack lead (The leveraged middle; How neoclouds fund their capex): CoreWeave’s dollar notes at about 80 cents and yields of about 14% to 16% are a dated marker of what speculative-grade AI infrastructure debt costs after the midterms; the packs’ funding-cost assumptions can be checked against it.
- Watch: CoreWeave’s third-quarter results on November 10 and the 10-Q that follows, for an updated maturity schedule and interest expense, and the November 19 bid deadline for the data center loan package.
Sources and method
| Item | Figure | Source |
|---|---|---|
| Notes | Face values $2.0B 9.25% 2030, $1.75B 9.00% 2031, $2.75B 9.75% 2031, $1.25B 9.625% 2032, €2.0B 8.50% 2032; debt principal $35,551M at June 30, 2026, due Jul–Dec 2026 $4,413M, 2027 $6,184M, 2028 $4,416M, 2029 $2,421M, 2030 $3,221M, Later $14,896M; interest expense, net, $640M in Q2, $1,176M in the first half; cash $5,524M | CoreWeave Q2 2026 10-Q, via StockTitan |
| Notes | 9.75% notes due 2031: $1.75B priced at par April 9, 2026 | CoreWeave release |
| Notes | $1.0B add-on to the 9.75% notes due 2031 priced at 102.000, April 16, 2026 | CoreWeave release |
| Notes | $1.25B 9.625% and €2.0B 8.50% notes due 2032 priced at par June 11, 2026 | CoreWeave release |
| Convertible | 2.875% convertible notes due 2033; conversion price about $97.85, a 22.5% premium to the September 17 close of $79.88 | Yahoo Finance, Sep 18 |
| Prices | Note prices per $1 of face and yields to maturity as in chart 1 (table has no as-of time) | Motley Fool, Nov 3 |
| Prices | 2031 unsecured notes traded as low as 79.5 cents on Nov 4 (Trace); 2030 and 2032 bonds yielding above 15%; shares down 7.2% at $49.85 in the morning | Bloomberg, Nov 4, via Yahoo Finance |
| CDS | 5-year CDS widened to a record 1267.9 bp (S&P Global Market Intelligence) | Reuters, via RTÉ, Nov 6 |
| CDS | 5-year CDS intraday record 1194.5 bp on Oct 15 (ICE Data Services) | Bloomberg, Oct 15 |
| Shares | Closed at $43.66, down $4.76 (9.83%), Nov 5; day range $40.58–$47.29; 52-week high $138.25 | Motley Fool quote, Nov 5 |
| Shares | Results for the third quarter on Tuesday, November 10, 2026 | CoreWeave release, Oct 27 |
| Loans | About $500M of data center loans, including Vantage and CyrusOne debt and a $25M slice of a Stargate site in New Mexico; bids due Nov 19, $10M minimum | Startup Fortune, citing Bloomberg, Nov 6 |
| Loans | A dozen loans, sold through a bids-wanted-in-competition process; Bloomberg reported ING as the seller; ING declined to comment | Reuters, via The Standard |
| Apple | $7.5B in seven parts; orders about $31B; 2036 notes at 55 bp over Treasuries, 25 bp inside initial talk | BigGo, citing Bloomberg, Nov 5 |
| Apple | Preliminary prospectus supplement dated November 5, 2026, seven series | Apple 424B2 |
| Credit | Bank of England questioned market participants about data center loans for projects without a committed tenant | Bloomberg, Nov 5, via Yahoo Finance |
Value at quoted prices: face × price ÷ 100 for the four dollar issues: 2,000 × 79% = 1,580; 1,750 × 83% = 1,453; 2,750 × 80% = 2,200; 1,250 × 81% = 1,013; total 6,245 against face of 7,750, a gap of 1,505 ($ millions). The euro notes are left out. Prices are from one published table and move daily.
Maturities: 4,413 + 6,184 = 10,597; ÷ 35,551 = 29.8%. The six years sum to 35,551. Interest: 640 × 4 = 2,560, an annualized rate, not a forecast. Shares: Nov 4 close 43.66 + 4.76 = 48.42; fall 4.76 ÷ 48.42 = 9.8%; 43.66 ÷ 138.25 − 1 = -68.4%; 43.66 ÷ 97.85 − 1 = -55.4%. Apple: 31 ÷ 7.5 = 4.13 times.
Wire reports are written within hours of the news, on a six-hour schedule. Each lists its sources and shows the arithmetic behind its figures. Not investment advice.