AI“加杠杆”开始有难度了？CoreWeave相关数据中心发债遭市场冷遇

Core Insights - The financing boom for AI infrastructure is showing signs of cooling, as evidenced by Applied Digital's $2.35 billion bond issuance for data center construction receiving lukewarm market interest [1][3] - The bond issuance faced challenges due to the speculative credit rating of its main tenant, CoreWeave, leading to increased financing costs [1][3][7] Market Reaction - Applied Digital's bond offering only received about $2 billion in orders, contrasting sharply with recent successful transactions in the same sector [3][4] - The expected yield on Applied Digital's bonds is around 8.5%, significantly higher than the yields of recent comparable offerings, which were 7.75% and 7.125% for TeraWulf and Cipher Mining, respectively [4][5] Comparison with Previous Offerings - TeraWulf's $3.2 billion bond issuance attracted over $10 billion in orders, while Cipher Mining's $1.4 billion bond drew more than $7 billion in subscriptions, largely due to implicit support from Alphabet, Google's parent company [5][6] - The lack of such strong backing for Applied Digital's offering has raised investor concerns, particularly given CoreWeave's speculative credit rating [6][7] Dependency on CoreWeave - Standard & Poor's Global Ratings noted that Applied Digital is "highly dependent on CoreWeave," which is expected to contribute approximately two-thirds of its contract revenue [8]