CoreWeave 债务收益率逼近15%引发AI云融资担忧，股价盘前再跌约6%

Shares of CoreWeave ( CRWV ) fell about 6% in premarket trading Thursday, extending a roughly 15% drop a day earlier as investors worried about what it costs the cloud provider to fund its AI buildout. The selloff came as yields on CoreWeave’s debt jumped. Its bonds trading in the secondary market have pushed yields close to 15%. The yield on CoreWeave’s bond due in 2032 was about 14.8%, compared with its 9.625% coupon. The higher yield does not immediately increase interest payments on existing fixed-rate debt, but it could make future borrowing more expensive. "What will the next dollar of growth cost? This has long been a concern of ours," Bernstein analysts said. “CoreWeave does not just need customers willing to buy the compute. It needs lenders willing to fund the hardware on terms that leave something attractive for shareholders.” Bernstein has Underperform rating on the stock. It said the company’s long-term business model “remains economically challenged.” Pressure on CoreWeave also came from a Gartner report out on Wednesday predicting that 80% of neoclouds will cease independent operations by 2030 if AI infrastructure spending continues at its breakneck speed. CoreWeave has raised more than $35B this year through chip-backed loans, high-yield bonds, convertible bonds, and share sales. Its debt and lease obligations totaled about $52B at the end of June. The Treasury yield rose more than 15 basis points on Wednesday before settling at 5.19%. Higher yields hit riskier, heavily indebted companies hardest, particularly those tied to AI infrastructure spending. Stocks such as Digital Ocean ( DOCN ), Nebius Group ( NBIS ), IREN ( IREN ) are also down before the bell, extending yesterday's losses.