继续发债继续跌，“英伟达亲儿子”CoreWeave陷入“债务恶性循环”

Core View - CoreWeave announced the issuance of $2 billion in convertible bonds, raising concerns among investors regarding its debt burden [1][2][5] Debt Situation - As of the end of September, CoreWeave's total debt reached $14 billion, compounded by high interest rates of up to 9% and ongoing refinancing needs, leading to fears of a "borrow-to-pay" cycle [1][6] - The company's five-year CDS spread increased significantly from 368.395 basis points on October 6 to 642.965 basis points last week, indicating a notable decline in market confidence [3] Stock Performance - On the announcement day, CoreWeave's stock fell by 2.3%, closing at $86.24, with intraday lows near $80, reflecting a cumulative decline of 17% over the past month [3][6] Bond Details - The newly issued convertible bonds are set to mature in 2031, with initial purchasers having the option to buy an additional $300 million [2] - Existing bonds maturing in 2030 and 2031 have faced significant selling pressure, with coupon rates of 9.25% and 9% respectively [6] Financial Strategy - CoreWeave has previously claimed that its debt is backed by confirmed customer demand, suggesting that its borrowing is not speculative [6] - The new convertible bonds, if converted to equity, could dilute existing shareholders' interests, while failure to convert would increase fixed repayment obligations [7] Business Model - Originally a cryptocurrency mining company, CoreWeave has shifted its computational capabilities towards AI workloads, which may provide growth potential if AI demand continues to exceed supply [7]