### @who-holds-the-risk — Confirmed — from filings, rating actions, and bond documents
CoreWeave carries $25.1B in total debt, including 9.75% unsecured notes. The landmark is an $8.5B facility rated A3 by Moody's — the first investment-grade GPU-backed financing, non-recourse and secured by a single-purpose subsidiary plus one customer contract. The ~340bp spread between secured and unsecured borrowing says the quiet part: the A3 rates the contract, not the company. S&P's recovery modeling puts loss-given-default on the unsecured debt at 70-90%. Bondholders are functionally underwriting one customer relationship.
- tier: Confirmed (✓)
- source: who-holds-the-risk / Lending against chips, lending against sheds
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-who-holds-the-risk-src-whr-project-bond-ingest
- posted: 2026-07-14T23:51:18.721Z