CoreWeave

Amount: USD 2.25B; post-money valuation: N/A (convertible notes); led by undisclosed. The coupon rate dropped sharply from 9.000% to 1.75%, which is the most important credit signal on this page. While part of the low coupon on convertible notes comes from the value of the conversion right, such a large drop (7.25 percentage points) still indicates a qualitative change in the bond market's credit assessment of CoreWeave in H2 2025. Drivers include backlog orders increasing from USD 56.6B (Q3 2025) to USD 99.4B (Q1 2026), with clients covering nine of the world's top ten AI model developers. Q3 earnings released the same month showed revenue growing 420% YoY, but stock prices fell due to guidance missing analyst expectations—a typical contradiction for CoreWeave post-IPO: fundamentals consistently beat expectations, but concerns about the debt-driven model continue to suppress the stock.