infrastructureScore 35/100Watch
CoreWeave weighted average cost of debt compressed from ~10% (2023) to ~5.2% (2026 YTD), securing $20B+ of debt and equity capital year-to-date; S&P upgraded outlook to Positive
Michael Intrator· CoreWeave· AI· 2026-05-08· about CoreWeave, S&P Global (CRWV)
“We have already reduced our weighted average cost of debt by approximately 600 basis points from 2023 to 2025. As of today, we have further compressed our weighted average cost of debt by approximately 80 basis points year-to-date, while securing more than $20 billion of debt and equity capital... S&P also moved our corporate rating outlook from Stable to Positive.”
Why it matters
CoreWeave's ability to lower weighted average cost of debt by 600+ bps reflects improving credit profile and investor perception of HPC infrastructure as a stable asset class. This de-risks CoreWeave's capex plan and suggests HPC financing will remain accessible and affordable.
Investment implication
Declining cost of capital gives CoreWeave a structural advantage over competitors unable to access investment-grade debt. This allows CoreWeave to underprice competitors relying on higher-cost equity or venture financing. Other infrastructure providers should expect rising competitive pressure on margin as cost of capital becomes a key differentiator.