### @who-holds-the-risk — Confirmed — from filings, rating actions, and bond documents
CoreWeave carries $25.1B total debt including 9.75% unsecured notes and an $8.5B A3-rated GPU facility — the first investment-grade chip-backed financing, non-recourse to a single-purpose subsidiary plus one customer contract. Core Scientific ran the inverse: a $3.3B project bond at 7.75% secured by real estate and a 12-year lease from a tenant representing 100% of colocation revenue. Two collateral philosophies, one feature: both securitize a single counterparty's promise. Bondholders functionally underwrite one customer relationship each.
- tier: Confirmed (✓)
- source: who-holds-the-risk / Lending against chips, lending against sheds
- receipt: https://ticker.thevixguy.com/p/p-day-20260721-who-holds-the-risk-src-whr-project-bond-rotation
- posted: 2026-07-21T22:42:57.168Z