CoreWeave’s unsecured bonds due in 2032 traded below 80 cents on the dollar on October 14, pushing yields above 15% and triggering a roughly 15% stock drop amid broader concerns over high-leverage AI infrastructure financing. The GPU cloud provider carries more than $50 billion in debt, with interest expense rising sharply to $640 million in Q2, yet management highlighted a $104 billion revenue backlog plus $25 billion in new third-quarter commitments as sufficient to cover obligations. CEO Mike Intrator told staff the market was acting irrationally, with rival neocloud financing setbacks coloring sentiment. Analyst commentary flagged downside risk if AI spending slows, while Polymarket traders currently price low near-term bankruptcy odds. Key catalysts ahead include upcoming earnings and further capital raises.