CoreWeave's recent $3 billion convertible senior notes offering due 2033, plus an at-the-market equity program for up to 35 million shares, underscores ongoing access to capital markets despite elevated leverage and interest costs exceeding $1 billion in the first half of 2026. The AI-focused GPU cloud provider reported Q2 revenue of $2.6 billion (112% YoY growth), a $104.2 billion backlog, and contracted power rising to 4.2 gigawatts, supported by strong demand and pricing around $40 million per megawatt for short-term deals. High debt levels—reported between $22 billion and $36 billion—create refinancing pressure and net losses, yet available liquidity and adjusted EBITDA margins near 59% reduce immediate distress signals. Traders view near-term bankruptcy announcements as unlikely given these dynamics, though sustained CapEx needs and competitive GPU infrastructure expansion could shift sentiment if capital access tightens.