"Its Going To Zero": CoreWeave Implodes As Stocks Finally Notice What Credit Has Been Screaming For Weeks

Yesterday morning we first pointed out that amid the ongoing data center bond rout (which we have been discussing virtually every day for the past month), the G-spread of former bitcoin miner turned data center, CoreWeave, had breached the "distressed" level of 1,000bps on its bonds due 2032, as the yield on the same paper topped 15% for the first time ever (a yield that one would normally find in CCC-rated junk bonds or worse) with its bonds trading below 80 cents on the dollar, a level known as deep distress.

Data Center debt getting smoked today. Coreweave unsecureds tag 1000 g-sprd bps for the first time ever. Oracle unsecureds trading like deep junk. Even Meta's Project Beignet about to hit record wide https://t.co/bcwfOwViRn

— zerohedge (@zerohedge) October 13, 2026