CoreWeave's roughly $50 billion AI infrastructure debt stack saw five-year CDS peak above 1,140 basis points and its 9.75% 2031 notes yield about 15.8% (Reuters saw as high as ~16%), the zone markets treat as credit distress even with hyperscaler backlog still cited as support. On the landlord side, Fermi's Oct 14 TensorWave fact sheet puts $6.5 billion of contracted revenue on 222 MW total power and 156 MW critical IT at Project Matador, but the Oct 31 close still needs project finance and AMD credit support only after construction and rent start. Capital still clears when a lease and credit wrap are clear; leveraged operator debt is clearing mid-teens.
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