Ok. But if their debt is all secured by contracts with much larger and more securely financed customers, why would lenders care?

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CRWV’s biz model is negative carry: finance depreciating compute with pricey debt while waiting for revs to ramp. Lower quality borrowers like CRWV/Nscale/etc. have to compete with higher-quality issuers for the marginal financing dollar. And this is happening when ?s about supply/demand are rising

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My point is more that it's hard to make sense of CoreWeave's financing problems on the hypothesis that everybody else in the space is fine.

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lol. He knows the gs prop yesterday was an 18 hour window to shift resources. He also knows shorts have executed over 150mm on n the past three trading days. He also knows crwv will hit 55 this week. Sell em if you got em he can’t say outright.

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🚨 OPTIONS ALERT $3M in $CRWV puts expiring Jun 2027 (240 days), swept into the offer. Open interest up 9 days straight. robinflow.io/t/CRWV/mvgrnsi0

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