Huang's remarks came as CoreWeave's credit risk climbed to a record high on Thursday amid a three day bond rout sparked by the company's plans to ramp up borrowing. Yields on its 2031 notes crossed 16%, while $1.25 billion of unsecured 2032 notes issued in June at 9.625% traded below 80 cents on the dollar to yield more than 15%, pushing spreads past 1,000 basis points. In the first half of 2026, CoreWeave generated $3.7 billion in operating cash flow while spending $14.9 billion on investing activities and raising $14 billion in financing, followed by $4.2 billion in 2.875% convertible notes in September. One $2.6 billion loan closed in August matures in about five years against customer contracts averaging roughly three years.
Wall Street analysts remain divided on whether CoreWeave's $104 billion backlog and more than $25 billion in early third quarter commitments outweigh its rising financing costs. Bank of America and Deutsche Bank reiterated Buy ratings on Thursday with price targets of $140 and $150, with Bank of America raising its revenue growth forecasts to 105% for 2027 and 63% for 2028 as the company targets 8 GW of power capacity by 2030. By contrast, Bernstein maintained an Underperform rating, calling the business "economically challenged," and short seller Kerrisdale Capital said CoreWeave generates returns below its cost of capital.