Today was a wild day and the speculation about what $CRWV is paying on its debt got out of hand. CoreWeave’s 2032 notes did not suddenly become a 16% loan. There is a big difference between the coupon CoreWeave pays and the yield investors can get by buying those bonds at a discount. In June CoreWeave priced $1.25 billion of senior unsecured notes due July 2032 at par with a 9.625% coupon. That means $96.25 in annual interest per $1,000 of face value, or about $120.3 million a year across that issuance. That coupon doesn’t change when the bonds sell off. Barron’s reported the notes trading around 79.5 cents on the dollar with a yield around 15%. My system showed approximately $798 per $1,000 of face value. Here’s what that means for a buyer at $798: • A quoted price of approximately
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