So I took a closer look at CoreWeave’s SEC filings and credit agreements. Turns out there were some details that didn’t make it into the IPO coverage:
* They’ve got $2B in debt service obligations against $2.2B in revenue for H1 2025.
* There were some technical defaults last year (March 2025), but they weren’t about missing payments – more like admin issues during their European expansion.
* Blackstone is both the lead lender and an equity holder, and they chose to waive those defaults instead of calling them.
* The real covenant tests don’t even start until April 2027.
* What's up with that $66B+ backlog? It’s all dependent on AI demand staying strong.
The stress test hasn't happened yet. Happy to share the specifics if anyone wants to dig in.