CoreWeave owes $10.6 billion by 2027; its landlord Core Scientific just hit a 52-week low of $12.79
The landlord hit a 52-week low of $12.79 as Nvidia's chief executive vouched for its main tenant and default insurance on CoreWeave hit a record 1,194.5 basis points. One customer supplies most of the rent, and that customer's own filing shows a $10.6 billion wall due by the end of 2027.
Vincent Jiang · 3 min read
A 52-week low, timed to a tenant's argument
Core Scientific−6.61% — Core Scientific, down 6.61 percent today, a bitcoin miner turned data-center landlord that rents powered space to AI computing companies, touched $12.79 on October 15, its lowest price in a year 1. The same day, whether its biggest tenant can pay its rent became a public argument, carried out in Stockholm and in the credit market.
Nvidia−1.25% — Nvidia, down 1.25 percent today chief executive Jensen Huang, whose company owns about 10% of CoreWeave−12.11% — CoreWeave, down 12.11 percent today and supplies its chips, told Bloomberg that "CoreWeave's strength is improving every day" and that its cost of capital is falling 2. He said Nvidia has no need to backstop the company 11.
The credit market answered otherwise. Five-year credit default swaps, the price of insuring against a missed payment, hit an intraday record 1,194.5 basis points, implying better than 60% odds of default within five years 2 11. In June the same insurance cost 452 basis points 11. CoreWeave's 2032 notes, which investors bought at full price four months earlier, traded near 78 cents on the dollar, and CoreWeave shares fell another 6.4% on Friday morning, October 16 2 3. Oracle's−4.51% — Oracle, down 4.51 percent today default insurance also hit a record, 288 basis points 4.
The rent is one customer
CoreWeave, an AI cloud company that rents out Nvidia computing by the hour, has leased roughly 590 megawatts from Core Scientific and stands as its only meaningful high-density colocation customer; a single customer produced 77% of the landlord's first-half revenue 5. Colocation, the landlord business, generated $136.7 million of its $164.2 million second-quarter revenue 5. Shareholders rejected CoreWeave's roughly $9 billion takeover bid in 2025 to keep exactly that rent 5.
On October 14 the brokerage KBW said the stock already trades at about the implied value of those leases, and that investors fixated on CoreWeave's credit are overlooking a power reservation held by AMD−5.73% — AMD, down 5.73 percent today, the chipmaker 6. That reservation stands at 1.9 gigawatts 6. Only about 530 megawatts are under signed 15-year leases, from July; on the other 1,925 megawatts, AMD holds rights through December 2028 it can exercise or let lapse 5.
The wall the swaps are pricing
The tenant's own filing shows what the bond market is charging for. CoreWeave owed $35.6 billion of principal on June 30, with $10.6 billion scheduled for repayment by the end of 2027 7. Interest took 21.7% of second-quarter revenue, the highest share among 446 large companies outside finance and real estate, and $7.5 billion of debt classed as current sat against $5.5 billion of cash 7.
CoreWeave's $10.6 billion wall lands before 2028
Data
| Value | |
|---|---|
| Rest of 2026 | $4.4B |
| 2027 | $6.2B |
| 2028 | $4.4B |
| 2029 | $2.4B |
| 2030 | $3.2B |
| After 2030 | $14.9B |
Core Scientific's ledger is the mirror image: $4.4 billion of debt, $1.8 billion of cash, nothing classed as current, and a first repayment its filing assumes arrives in November 2029 7. The landlord owes nothing scheduled until 2029; the tenant that pays its rent owes $10.6 billion by the end of 2027.
The tenant owes eight times what the landlord does, with less cash behind it
- Debt outstanding
- Cash
Data
| Debt outstanding | Cash | |
|---|---|---|
| CoreWeave | $35.6B | $5.5B |
| Core Scientific | $4.4B | $1.8B |
The bull case, and what it does not cover
CoreWeave chief executive Mike Intrator called the selloff "irrational" in a memo and said the backlog "more than supports all of our debt obligations"; Deutsche Bank counts about two-thirds of the $100-billion-plus backlog with investment-grade customers including Microsoft−2.12% — Microsoft, down 2.12 percent today and Meta−3.61% — Meta, down 3.61 percent today 8. Nvidia backstops unsold CoreWeave capacity through April 2032 9. Neither answer addresses the $10.6 billion of principal due through the end of 2027.
The first reading is November 5
Core Scientific reports third-quarter results before the open on November 5, the first test of whether the leases collect 10. Watch receivables against that $12.79 print, and CoreWeave's own November filing for covenant language and new draws. Huang has said no Nvidia backstop is needed; the rent ledger this quarter says who is right 11.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
