---
title: "CoreWeave owes $10.6 billion by 2027; its landlord Core Scientific just hit a 52-week low of $12.79"
description: "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."
publisher: "The Inference"
section: "Markets"
published: 2026-10-16T17:35:46.797Z
modified: 2026-10-16T17:35:46.797Z
canonical: https://theinference.org/article/coreweave-owes-10-6-billion-by-2027-its-landlord-core-scientific-just-hit-a-52-week-low-of-12-79
language: en
keywords: "CoreWeave, Core Scientific, Credit Markets, Debt, Nvidia, Data Centers"
---

# 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.

## A 52-week low, timed to a tenant's argument

[Core Scientific](https://theinference.org/markets/companies/core-scientific), 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](https://www.investing.com/news/company-news/core-scientific-stock-hits-52week-low-at-1279-usd-93CH-4951981) [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](https://theinference.org/markets/companies/nvidia) chief executive [Jensen Huang](https://theinference.org/markets/people/jensen-huang), whose company owns about 10% of [CoreWeave](https://theinference.org/markets/companies/coreweave) 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](https://www.msn.com/en-us/money/markets/coreweave-credit-default-swaps-hit-distress-levels-as-investors-sour-on-ai-debt/ar-AA2ejDri), 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](https://theinference.org/markets/companies/oracle)'s 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](https://www.insidermonkey.com/blog/core-scientific-corz-shareholders-rejected-a-9b-sale-does-the-amd-deal-vindicate-them-1805240/) 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](https://theinference.org/markets/companies/amd), 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](https://www.stocktitan.net/articles/coreweave-nebius-ai-cloud-debt-when-it-comes-due), 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].

*Chart: **CoreWeave's $10.6 billion wall lands before 2028** Bar chart of CoreWeave's scheduled debt principal by period: $4.4B in the rest of 2026, $6.2B in 2027, $4.4B in 2028, $2.4B in 2029, $3.2B in 2030 and $14.9B after 2030.*

*Scheduled principal payments on total debt, as of June 30, 2026, and before $4.2 billion of convertible notes added in September; from CoreWeave's Form 10-Q as compiled by StockTitan. [7]*

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.

*Chart: **The tenant owes eight times what the landlord does, with less cash behind it** Column chart comparing CoreWeave and Core Scientific: CoreWeave has $35.6 billion of debt against $5.5 billion of cash; Core Scientific has $4.4 billion of debt against $1.8 billion of cash.*

*Total principal outstanding and cash on hand as of June 30, 2026, from CoreWeave's and Core Scientific's filings as compiled by StockTitan. [7]*

## 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](https://theinference.org/markets/companies/microsoft) and [Meta](https://theinference.org/markets/companies/meta) [8]. [Nvidia backstops unsold CoreWeave capacity through April 2032](https://cryptobriefing.com/coreweave-credit-risk-record-high/) [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](https://www.businesswire.com/news/home/20261014599891/en), 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].

## Takeaway

CoreWeave's record default insurance and its $10.6 billion repayment wall through 2027 now hang over Core Scientific, whose rent depends on one customer; the November 5 landlord print is the first hard test.

## Sources

1. [Investing.com, "Core Scientific stock hits 52-week low at 12.79 USD", 15 October 2026](https://www.investing.com/news/company-news/core-scientific-stock-hits-52week-low-at-1279-usd-93CH-4951981)
2. [Briefs.co (Jackson Moreland), "Nvidia's Jensen Huang throws support behind CoreWeave as debt fears rattle markets", 15 October 2026](https://www.briefs.co/news/nvidia-s-jensen-huang-throws-support-behind-coreweave-as-deb/)
3. [Benzinga via MSN (Piero Cingari), "CoreWeave has 'Darwin moment' as credit markets price in 60% default odds", 16 October 2026](https://www.msn.com/en-us/news/other/coreweave-has-darwin-moment-as-credit-markets-price-in-60-default-odds/ar-AA2eox23)
4. [Reuters via MSN (Tom Westbrook), "Cost of AI default insurance spikes as data centre confidence wobbles", 15 October 2026](https://www.msn.com/en-us/money/companies/cost-of-ai-default-insurance-spikes-as-data-centre-confidence-wobbles/ar-AA2egPlv)
5. [Insider Monkey (Jeff Lewis), "Core Scientific (CORZ) Shareholders Rejected a $9B Sale. Does the AMD Deal Vindicate Them?", 9 August 2026](https://www.insidermonkey.com/blog/core-scientific-corz-shareholders-rejected-a-9b-sale-does-the-amd-deal-vindicate-them-1805240/)
6. [The Apex Times, "KBW reiterates Core Scientific outperform rating, arguing AMD's 1.9 GW reservation is undervalued", 14 October 2026](https://www.theapextimes.com/articles/kbw-reiterates-core-scientific-outperform-rating-arguing-amd-s-1-9-gw-reservatio-business)
7. [StockTitan, "How Much CoreWeave and Nebius Owe, and When It Comes Due", 15 October 2026](https://www.stocktitan.net/articles/coreweave-nebius-ai-cloud-debt-when-it-comes-due)
8. [CNBC via MSN (Michelle Fox), "CoreWeave credit default swaps hit distress levels as investors sour on AI debt", 15 October 2026](https://www.msn.com/en-us/money/markets/coreweave-credit-default-swaps-hit-distress-levels-as-investors-sour-on-ai-debt/ar-AA2ejDri)
9. [Crypto Briefing (Diego Almada Lopez), "CoreWeave's credit risk hits a record high as new borrowing plans spook bondholders", 15 October 2026](https://cryptobriefing.com/coreweave-credit-risk-record-high/)
10. [Business Wire, "Core Scientific, Inc. Schedules Third Quarter Fiscal Year 2026 Earnings Release, Conference Call and Webcast", 14 October 2026](https://www.businesswire.com/news/home/20261014599891/en)
11. [The Next Web (Ana-Maria Stanciuc), "Nvidia's Huang says CoreWeave needs no backstop, as its credit swaps hit a record", 15 October 2026](https://thenextweb.com/news/huang-coreweave-backstop-stockholm)


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CoreWeave owes $10.6 billion by 2027; its landlord Core Scientific just hit a 52-week low of $12.79 — The Inference. Canonical: https://theinference.org/article/coreweave-owes-10-6-billion-by-2027-its-landlord-core-scientific-just-hit-a-52-week-low-of-12-79