This was a good breakdown by @RealMattMoney I'll add a few caveats. The questions isnt "Can Coreweave pay its debt obligations?" Its a question of how much of the future build out will the market bare IF the cost to build that infrastructure keeps going up. $CRWV will get paid its agreed upon rates BUT alot of those contracts were signed at a time when the true cost was lower. Now all the prices of the buildout have gone through the roof and coreweave shareholders and unsecured bond holders are left holding the bag. The challenge now is that the long term fixed deals it made likely cost more to service than the fee they are getting. This means they have to continuously raise capital via Debt and Equity issuance. The problem becomes worse when you factor in the higher cost of n
View on X ↗