CoreWeave’s elevated debt load, now exceeding $35 billion with substantial near-term maturities and interest costs several times its operating profit, has driven recent bond yields above 15% and credit default swap spreads implying elevated default risk. Traders are weighing this leverage against a $104 billion revenue backlog, multi-billion commitments from Microsoft and other AI labs, and ongoing capacity expansions including new European data centers and a global AI network rollout. The company’s GPU cloud infrastructure continues scaling rapidly to meet demand for large language model training, yet persistent cash-flow gaps and reliance on private credit raise questions about refinancing. Third-quarter results due November 10 could clarify whether contracted demand sufficiently offsets funding pressures.