CoreWeave’s heavy leverage and capital intensity remain the dominant driver of trader sentiment around any near-term bankruptcy timeline. The GPU cloud provider closed Q2 2026 with roughly $35.6 billion in total debt, net interest expense of $640 million for the quarter, and full-year capex guidance of $35–39 billion, while simultaneously launching a $3 billion convertible senior notes offering due 2033 and an at-the-market equity program for up to 35 million shares. Offsetting these pressures are accelerating demand signals, including a $104.2 billion revenue backlog (up 246% YoY), more than $25 billion in additional Q3 commitments, and contracted power rising to 4.2 GW, with recent short-term deals priced near $40 million per megawatt annualized. No liquidity crisis or covenant breach has been reported, and the company continues to access public debt and equity markets. Key upcoming catalysts include pricing of the convertible notes, Q3 results, and any updates on refinancing maturities or customer concentration risks.