Six US-listed companies that rent out or host AI computing capacity have $32.1 billion of debt principal falling due through 2030, according to the repayment schedules in their latest quarterly filings, against $16.1 billion of cash and cash equivalents on the same balance sheets. By our arithmetic, that is about $2 of principal due for every $1 of cash. CoreWeave accounts for $20.7 billion of the $32.1 billion, or 64%.
The schedules come from 10-Q filings for CoreWeave, IREN, Core Scientific, Applied Digital, Cipher Digital and TeraWulf. Together they list $68.4 billion of principal, so 47% of it falls due through 2030 and the rest later, by our sum.
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The key insight: Six AI-hosting companies list $32.1 billion of debt principal due through 2030 in their latest 10-Q schedules, against $16.1 billion of cash and cash equivalents, about $2 due per $1 of cash by our arithmetic. CoreWeave alone has $20.7 billion due through 2030, 3.7 times its $5.5 billion of cash at 30 June 2026.
CoreWeave’s 10-Q for the quarter ended 30 June 2026 lists future principal payments of $4.413 billion for the rest of 2026, $6.184 billion in 2027, $4.416 billion in 2028, $2.421 billion in 2029 and $3.221 billion in 2030, with $14.896 billion thereafter, for a total of $35.551 billion. The same balance sheet shows $5.524 billion of cash and cash equivalents. By our arithmetic, the $10.6 billion due from July 2026 through the end of 2027 is 1.9 times that cash.
CoreWeave’s contractual interest expense was $592 million in the June quarter, against $250 million a year earlier, according to the filing. Multiplied by four, that is about $2.4 billion a year, by our arithmetic.
CoreWeave (30 June 2026): $20.7 billion due through 2030; $5.5 billion of cash; 3.7 times, by our arithmetic.
TeraWulf (30 June 2026): $3.7 billion due through 2030, including $2.86 billion in 2030; $2.6 billion of cash; 1.4 times.
IREN (30 September 2026): $3.3 billion due through its financial year 2030, which ends in June 2030; $3.5 billion of cash; 0.95 times.
Cipher Digital (30 September 2026): $2.4 billion due through 2030, including $1.61 billion in 2030; $656 million of cash; 3.6 times.
Core Scientific (30 September 2026): $1.03 billion of convertible and senior secured notes due in 2029 and 2030; $804 million of cash; 1.3 times.
Applied Digital (31 August 2026): $1.03 billion of term-loan principal due through its fiscal 2030, which ends in May 2030, then $4.26 billion in fiscal 2031; $2.95 billion of cash; 0.35 times.
Debt principal due through 2030 against cash and cash equivalents at six US-listed AI-hosting companies, from each company’s latest 10-Q. Source: company 10-Q filings. Sums and ratios are our arithmetic.
As we read the schedules, the near-term pressure sits mostly at CoreWeave, which has $10.6 billion due from July 2026 through 2027; most of the other five face their largest payments in 2029, 2030 or later.
As we read the 5 November bond prices, the 16.09% yield on CoreWeave’s 2032 notes on FINRA TRACE is one public reading of what lenders were asking for that company’s debt that day.
CoreWeave, Form 10-Q for the quarter ended 30 June 2026
“future principal payments for the Company’s total debt were as follows”
Three Implications
FOR NEOCLOUD BORROWERS CoreWeave’s schedule puts $6.184 billion of principal in 2027 alone, per its 10-Q.
FOR THEIR CUSTOMERS IREN’s new contract shows customer prepayment as a way to fund chips without new debt, per its release.
FOR AI CREDIT TeraWulf and Cipher list their largest single-year payments in 2030, at $2.86 billion and $1.61 billion.
The framework says: “It is a sovereign-scale financing problem dressed in tech-company clothing โ and the financial architecture is starting to invert.”
As we read it, these repayment schedules are where that financing problem becomes a date on a calendar for the companies renting out AI chips. The framework itself does not discuss these filings.
What Is Not Established
The balance sheets are not on the same date: CoreWeave and TeraWulf are at 30 June 2026, Applied Digital at 31 August, and IREN, Cipher and Core Scientific at 30 September. Payments, new borrowing and cash raised since then are not reflected, and CoreWeave has not yet filed its September-quarter 10-Q. IREN and Applied Digital report on fiscal years, so their windows end in June 2030 and May 2030. Applied Digital’s schedule covers its term loans only, and Core Scientific’s table covers its convertible and senior secured notes. Leases, restricted cash and undrawn credit lines are left out, and some convertible notes can be settled in shares rather than cash, according to Cipher’s filing. Nebius is not included because we did not build its schedule for this piece. A due date is not a default: companies can refinance, extend or repay from operating cash. The filings do not say how each one plans to meet these payments.
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By our arithmetic from their latest 10-Q principal schedules, CoreWeave, IREN, Core Scientific, Applied Digital, Cipher Digital and TeraWulf have $32.1 billion of debt principal due through 2030 against $16.1 billion of cash and cash equivalents, about twice as much, and CoreWeave carries 64% of it.
A note on sourcing. Principal schedules and cash balances are from each company’s latest 10-Q on SEC EDGAR: CoreWeave and TeraWulf at 30 June 2026, Applied Digital at 31 August 2026, and IREN, Cipher Digital and Core Scientific at 30 September 2026. Bond prices are FINRA TRACE last sales from our 5 November piece. Sums, shares and ratios are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
