CoreWeave’s 9.75% senior notes due October 2031 last traded at 79.75 cents on the dollar on 2 November, a yield of 15.83%, according to FINRA’s TRACE bond data, read at 20:31 UTC. The other three dollar senior notes last traded between 80.03 and 84.37 cents, with yields from 14.93% to 15.42%.
CoreWeave’s 10-Q lists $7.75 billion of face value across those four notes. By our arithmetic, priced at each note’s last sale they come to about $6.29 billion, roughly 81 cents on the dollar and about $1.46 billion below face value. At 30 June, CoreWeave put the fair value of its five senior notes, including a euro issue, at $10.0 billion, about 99.7% of their $10.03 billion principal, by our arithmetic.
Business Pill · Financial Conditions Explained
Financial conditions explained: how the cost and availability of credit move across markets. It teaches the general idea only and says nothing about any company in this piece.
The key insight: As we read it, the gap that matters is between two prices of the same debt: CoreWeave valued its five senior notes at about face in June, and on 2 November the four dollar notes last traded at 79.75 to 84.37 cents, so $7.75 billion of face value was priced at about $6.29 billion, by our arithmetic.
FINRA lists 12 CoreWeave bond lines with a last trade on 2 November. Each dollar senior note has a Rule 144A line and at least one Regulation S line (the October 2031 notes have two), and FINRA gives a yield only for the Rule 144A lines. Those last sales were: the 9.25% notes due June 2030 at 84.37 (15.05%), the 9.00% notes due February 2031 at 80.50 (15.42%), the 9.75% notes due October 2031 at 79.75 (15.83%) and the 9.625% notes due July 2032 at 80.03 (14.93%).
The Regulation S lines last traded slightly higher, between 80.24 and 85.11. The prices are last reported sales during the day, not closing levels, and they moved while we read them: an earlier query at about 20:20 UTC had the February 2031 notes at 81.07.
FINRA’s listing shows ratings of B1 from Moody’s and B from S&P on the Rule 144A lines. Our yield-to-maturity calculation from each price, coupon and maturity, assuming settlement on 3 November, matches FINRA’s yields to within 0.01 percentage point.
The convertible notes trade lower, but their prices also carry the option to convert into shares: the 1.75% notes due 2031 at 66.82, the 1.75% notes due 2032 at 64.13, and the 2.875% notes due 2033 at 72.87. CoreWeave’s 8-K says it completed the $4.2 billion sale of those 2033 notes on 22 September.
Last reported sale price per $100 of face value on 2 November 2026 for the Rule 144A line of each of CoreWeave’s four dollar senior notes, from FINRA’s TRACE data read at 20:31 UTC, with FINRA’s yields; amounts outstanding from CoreWeave’s 10-Q for the quarter to 30 June 2026. Intraday last sales, not closing prices.
How the Claim on X Compares
ZeroHedge posted on X at 19:55 UTC: “In case you were wondering if CoreWeave bonds are trading back under 80 cents (>15%), the answer is yes”. The post carried a chart but did not name the note.
FINRA’s data supports part of that. One of the four Rule 144A lines, the October 2031 notes, last traded under 80 cents, and three of the four yield more than 15%. The July 2032 notes sat just above 80 cents, yielding 14.93%.
The “back” refers to mid-October. CNBC reported on 15 October that “the yield to maturity on its 9.75% bond due in 2031 reaching 15.78%”. The 15.83% on the same notes in FINRA’s data is 0.05 percentage point above that, by our arithmetic. CNBC reported on 14 October that the 9.625% notes due 2032 yielded 14.8%, as we covered in our piece on the 2032 bonds.
From Face Value in June to 81 Cents
CoreWeave’s 10-Q for the quarter to June gives the principal of each note: $2.0 billion of 2030 notes, $1.75 billion of 9.00% 2031 notes, $2.75 billion of 9.75% 2031 notes and $1.25 billion of 9.625% 2032 notes, plus euro notes carried at $2.279 billion. It says the fair value of the five senior notes was $10.0 billion, “based on observable market prices of identical instruments in less active markets”.
FINRA does not report the euro notes, so our 2 November figure covers the four dollar notes only. On those, the gap between face value and last-sale value is about $1.46 billion, by our arithmetic. The lower price does not change what CoreWeave owes, which is still the face value plus the coupons.
The 15.83% yield on the October 2031 notes is about 11.1 percentage points above the 4.71% five-year Treasury par yield for 30 October, the latest date the Treasury had published when we checked, by our arithmetic. CoreWeave’s shares traded at $49.97 at 20:32 UTC on Yahoo Finance, about 8.9% below Friday’s $54.87 close and about 44% below the $89.62 close of 2 October, by our arithmetic.
As we read it, a bond price is the market’s running quote for a company’s borrowing: FINRA’s yields of 14.93% to 15.83% sit well above the 9% to 9.75% coupons CoreWeave set when it sold these notes between May 2025 and June 2026.
As we read it, the price fall moves value between investors rather than changing CoreWeave’s obligations: holders who bought at face value carry the loss in market value, while CoreWeave still owes face value plus the coupons.
As we read it, the bond and share markets have moved together this autumn: the 9.75% October 2031 notes yield about what CNBC reported on 15 October, and the shares traded about 44% below their 2 October close, by our arithmetic.
Mike Intrator, CoreWeave CEO, in a memo obtained by CNBC (15 Oct 2026)
“We are confident in our backlog which more than supports all of our debt obligations.”
Three Implications
FOR COREWEAVE’S BONDHOLDERS FINRA’s last sales put the four dollar senior notes at 79.75 to 84.37 cents on 2 November, about $6.29 billion for $7.75 billion of face value, by our arithmetic.
FOR COREWEAVE’S COST OF BORROWING The existing notes yield 14.93% to 15.83% in FINRA’s data, against coupons of 9% to 9.75% when CoreWeave sold them between May 2025 and June 2026.
FOR COREWEAVE’S WIDER FUNDING PICTURE CoreWeave’s landlord Merlin disclosed a €3.75 billion loan on 2 November, as we reported, and our earlier pieces track CoreWeave’s default-swap prices and its cash against debt.
The framework describes itself as being about the financing: “How the money flows, where it cracks, what it buys, who can absorb it, and what happens when revenue can’t catch up.”
As we read it, CoreWeave’s bond prices are one place where that question is priced every trading day: FINRA’s data turns it into a yield near 15%. The framework is the owner’s argument and does not discuss these bond prices.
FINRA’s figures are single last-sale prints from 2 November, not closing levels; trade sizes are not shown in the data we read, and the prices can differ from dealer quotes. We did not read ZeroHedge’s chart, and the post did not name the note. The $6.29 billion applies each note’s Rule 144A last sale to its full face value; the Regulation S lines traded slightly higher.
The June fair value is CoreWeave’s own figure at 30 June and includes the euro notes. The Treasury comparison uses a 30 October rate, because 2 November had not been published when we checked. CoreWeave has not commented on the 2 November bond prices in the documents we read, and we did not contact the company.
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FINRA’s TRACE data put CoreWeave’s four dollar senior notes at 79.75 to 84.37 cents on 2 November, with yields from 14.93% to 15.83%. By our arithmetic, $7.75 billion of face value was priced at about $6.29 billion, against a fair value close to face that CoreWeave reported for its senior notes at 30 June.
A note on sourcing. Bond prices and yields come from FINRA’s TRACE data, read at 20:31 UTC on 2 November; note amounts and the June fair value from CoreWeave’s 10-Q; the 2033 convertible sale from its 8-K. Share prices are from Yahoo Finance, the Treasury rate from the US Treasury. Market values, gaps, spreads and percentage changes are our arithmetic. We did not contact CoreWeave.
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.
