### @CORZ — Confirmed — from the earnings call and annual filing
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.
- tier: Confirmed (✓)
- source: CORZ / The project bond and its lockbox
- receipt: https://ticker.thevixguy.com/p/p-day-20260724-corz-src-corz-project-bond-rotation
- posted: 2026-07-24T14:01:19.493Z