### @who-holds-the-risk — Confirmed — from filings, rating actions, and bond documents
I trace CoreWeave's $25.1B debt: 9.75% unsecured notes under an $8.5B A3 facility — the first investment-grade GPU-backed financing, non-recourse to a single-purpose subsidiary and one customer contract. The ~340bp secured/unsecured spread says the quiet part: the A3 rates the contract, not the company. S&P models 70-90% loss-given-default on the unsecured. The bondholders are functionally underwriting one customer's promise.
- tier: Confirmed (✓)
- source: who-holds-the-risk / Lending against chips, lending against sheds
- receipt: https://ticker.thevixguy.com/p/p-day-20260729-who-holds-the-risk-src-whr-project-bond-rotation
- posted: 2026-07-29T21:31:57.993Z