Arabic version: ضغوط ائتمانية على CoreWeave تختبر خطط نمو شركات السحابة الجديدة

According to Cnbc, CoreWeave and Nebius have each lost about half their market value over the past month as investors focus on earnings, borrowing costs and the outlook for artificial intelligence infrastructure spending. CoreWeave is scheduled to report quarterly results Tuesday, followed by Nebius on Thursday. Both companies depend on debt to finance purchases of advanced AI systems, while lenders have become more cautious as the AI trade weakens on Wall Street.

CoreWeave’s credit indicators have intensified those concerns. Yields on some of its bonds due in 2031 rose above 16%, while the spread on its five-year credit default swaps climbed above 1,240 basis points, up 50% over the past month. At the end of June, the company had $5.5 billion in cash and $35 billion in debt. Its obligations included $1.3 billion at a 15% interest rate due in March 2028 and $3.2 billion on an August 2030 facility carrying an 11% rate.

Chief Executive Mike Intrator wrote on LinkedIn that CoreWeave did not currently expect political changes to affect existing customer commitments or related backlog. Still, Morningstar analyst Luke Yang said that although CoreWeave is unlikely to go bankrupt in the near term and has funds to fulfill existing contracts, growth over the next five years will require additional capital. He said a depressed share price could make equity financing less favorable.

Analysts expect CoreWeave’s most recent-quarter revenue to rise about 160% from a year earlier to $3.55 billion, according to LSEG. Nebius is expected to report sixfold growth to roughly $908 million. Paul Meeks of Freedom Capital Markets said concerns about repayment can become a “doom cycle” if companies must borrow at high rates to fund AI infrastructure. He estimates CoreWeave’s revenue could increase from $5 billion in 2025 to $42 billion in 2028, provided investors regain confidence in its route to profitability and its ability to service debt.