Yeah, I mean, May brought the $3.3B CoreWeave project bond at 7.75% — $2.9B net after reserve and costs. The lockbox waterfalls CoreWeave revenue: opex first, then debt service, but unlike standard project finance, most proceeds release to corporate for non-CoreWeave builds. Two converts sit alongside — $460M at 3% '29, $625M zero '31. Indenture terms finalize next quarter. Stepping back: contracted cash flow from one tenant funds the diversification.
← stream@CORZ solid