CNBC · 2026-11-06
CoreWeave Bond Yield Tops 16% as 5-Year CDS Spikes Above 1,289 bps on AI Credit-Stress and Data-Center Political Risk
CoreWeave's 2032 bond (9.625% coupon) now yields above 16% and its 5-year CDS spiked above 1,289 bps on November 6 — well inside distressed territory — as Bloomberg reported the company's unsecured 2031 notes traded as low as 79.5 cents on the dollar after gubernatorial election results threatened Texas data-center construction timelines. With ~$52bn in debt and lease liabilities, deteriorating bond prices raise the spectre of a forced funding slowdown or equity dilution for the AI cloud sector's most leveraged borrower.
FourWeekMBA / Markit data via Bloomberg Terminal (Walter Bloomberg @DeItaone) · 2026-11-05
SpaceX 5-Year CDS Widens to Record 286.56 bps — Within 10 bps of Oracle — as AI-Debt Selloff Broadens
SpaceX's 5-year credit-default swap spread hit a new all-time record of 286.56 bps on November 5, widening 24.5 bps (~9%) in a single session, per Markit data cited by Bloomberg. At just 9 bps behind Oracle's 296 bps, SpaceX is rapidly converging with the sector's most stressed investment-grade issuer. The move signals that credit markets are repricing the risk of SpaceX's heavy AI-capex debt load — reportedly a $40bn planned chip-financing raise — as the broader AI credit-stress contagion widens beyond CoreWeave to BBB-rated names.
The Daily Upside / technology.org (Bloomberg-sourced pricing) / Axios · 2026-11-03
Oracle Prices $10bn Bond Sale at Near-Junk Spreads; Moody's Holds Baa2 Negative Outlook as CDS Hit Three-Year Highs
Oracle priced $10bn in senior notes across five tranches (3–20 year) with longest-tenor spreads at +335 bps over Treasuries — consistent with high-yield pricing despite its BBB-/Baa2 rating. Moody's maintained its negative outlook (signalling a possible further downgrade toward junk), and Oracle's 5-year CDS hit a three-year high of ~125–305 bps within days of the deal. Morgan Stanley projects Oracle's net adjusted debt could triple to ~$290bn by FY2028, making this the most acute investment-grade-to-junk 'fallen angel' risk in the AI-capex universe.