Stock Titan 분석은 CoreWeave와 Nebius가 얼마의 부채를 지고 있으며 그 상환 시기가 언제인지를 정리했다.
CoreWeave owed $35.6 billion of borrowed principal on June 30, 2026, with $10.6 billion of it scheduled to be repaid by the end of 2027, while Nebius owed about $10.0 billion at maturity on convertible notes that start coming due only in June 2029, according to the two companies' filings. By our calculation, CoreWeave was the only one of the seven listed AI cloud and data center borrowers we examined whose debt classified as current was larger than its cash, and the interest expense on its debt equaled 21.7% of its revenue that quarter, the highest share among 446 large companies outside finance and real estate in StockTitan's financials data.
Both companies have borrowed more since those balance sheets were drawn up: CoreWeave $4.2 billion of convertible notes on September 22 and Nebius $5.75 billion on August 24. The figures below carry the date of the filing they come from and will be updated when the next quarterly reports arrive. Oracle and SpaceX, which also borrow to build AI computing capacity, owe as much or more in dollars, and their filings show interest taking a far smaller share of their revenue.
**CoreWeave's debt at June 30, 2026**
- **Debt principal owed:** $35.6B (June 30, 2026, before $4.2B of convertible notes added in September)
- **Due by the end of 2027:** $10.6B (scheduled principal, July 2026 to December 2027)
- **Interest expense per $100 of revenue:** $21.70 (debt interest, second quarter 2026, highest of 446 companies outside finance in our data)
CoreWeave owed $35.6 billion of principal, $10.6 billion of it due by the end of 2027, and its interest took 21.7% of second quarter revenue. Figures from CoreWeave Form 10-Q for the quarter ended June 30, 2026, Note 10 and statement of operations, as of June 30, 2026.
**On this page**
- How much the AI cloud companies owe
- The kinds of debt behind the data centers
- When CoreWeave's debt comes due
- The cost of the borrowing
- Nebius and IREN borrowed through convertibles
- Repayment calendars side by side
- Oracle and SpaceX, a different kind of borrower
- The contracts meant to pay for it
- The bills outside the debt line
- Signs the picture is changing
- How we counted
- Frequently asked questions
**How much the AI cloud companies owe**
The listed companies that rent out AI computing power or build the data centers it runs in owed between $4.4 billion and $35.6 billion each at their latest balance sheet dates, and CoreWeave alone owed more than the next three combined, counting Nebius at its amount due at maturity. The table takes the Nasdaq companies we found whose business is renting graphics processors (GPUs) to AI developers, or leasing powered data center space to the companies that do, and whose own latest 10-K or 10-Q shows at least $4 billion of debt. Three of them run AI clouds, which means they own the chips and sell computing time, and four are landlords that build the buildings and lease them out.
| Company | Business | Debt principal | Cash and cash equivalents | Debt classified as current | Balance sheet date |
|---|---|---|---|---|---|
| CoreWeave | AI cloud | $35.6B | $5.5B | $7.5B | June 30, 2026 |
| Nebius | AI cloud | $10.0B at maturity ($8.5B on the balance sheet) | $8.0B | $0.05B | June 30, 2026 |
| IREN | AI cloud | $7.7B | $5.9B | $0.17B | June 30, 2026 |
| Applied Digital | Data center landlord | $6.7B | $2.9B | $0.11B | August 31, 2026 |
| Cipher Digital | Data center landlord | $6.0B | $0.8B | $0.09B | June 30, 2026 |
| TeraWulf | Data center landlord | $5.7B | $2.6B | $1.19B, of which $1.10B is convertible notes listed as short term | June 30, 2026 |
| Core Scientific | Data center landlord | $4.4B | $1.8B | None listed | June 30, 2026 |
Each row comes from the company's own filing: CoreWeave's 10-Q, the Nebius financial statements furnished on Form 6-K, IREN's 10-K, and the 10-Qs of Applied Digital, Cipher Digital, TeraWulf and Core Scientific. Cash here means unrestricted cash and cash equivalents; several of these companies also hold restricted cash set aside for specific projects or lenders, which we left out for all of them.
Both balance sheets grew fast in six months. CoreWeave's debt on the balance sheet went from $21.4 billion at the end of 2025 to $35.1 billion six months later, and Nebius's doubled from $4.1 billion to $8.5 billion over the same half year, with both companies adding more after June.
**Debt on the balance sheet, end of 2025 and mid 2026**
In six months CoreWeave's debt rose from $21.4 billion to $35.1 billion and Nebius's doubled from $4.1 billion to $8.5 billion (balance sheet values, after discounts). Figures from CoreWeave quarterly filing, Note 10, total debt after discounts and issuance costs, December comparison, as of December 31, 2025; CoreWeave quarterly filing, Note 10, total debt after discounts and issuance costs, June balance, as of June 30, 2026; Nebius financial statements, balance sheet, current debt plus debt due later, December comparison, as of December 31, 2025; Nebius financial statements, balance sheet, current debt plus debt due later, June balance, as of June 30, 2026.
| Item | December 31, 2025 | June 30, 2026 | Change |
|---|---|---|---|
| CoreWeave | $21.4B | $35.1B | +$13.7B |
| Nebius | $4.1B | $8.5B | +$4.4B |
More deals came after those balance sheets. On September 22, 2026, CoreWeave completed $4.2 billion of 2.875% convertible senior notes due April 2033, and in August it signed a $2.6 billion delayed draw term loan at a floating rate of SOFR plus 5.50%, maturing in September 2031. Nebius closed $5.75 billion of convertible notes on August 24 while swapping $800 million of older notes for about 15.8 million shares, and in July it took its first secured loan, about $775 million. The companies' next quarterly reports will show how much of the new money was actually drawn and how much old debt was repaid, which is why we do not add these deals to the June totals as one number.
**The kinds of debt behind the data centers**
Most of what these companies owe falls into a few very different kinds of borrowing, and the kind matters as much as the amount, because it decides who gets paid first, from which pile of cash, and on what schedule. A headline total that adds them together hides that.
The largest piece at CoreWeave is what its filing calls delayed draw term loans, $13.6 billion of them at June 30. They work like a construction loan for computers. A lender commits a sum, CoreWeave draws it as it buys GPUs for a specific customer contract, and the loan sits in its own subsidiary with the chips and the contract as collateral. The 10-Q says these loans "are collateralized with the assets underlying the contributed contracts and the pledged contractual cash flows, generally from investment grade counterparties," and that they "amortize over time as contracted cash flows are generated in a regular and predictable manner, with excess cash made available to us." In plain words, the customer's payments go to the lender first, every month, and CoreWeave gets what is left.
Some of that lending is non-recourse, a term the filing defines as debt "for which recourse is limited to the assets of the applicable subsidiaries." If the project fails, the lender can take the project's assets and generally cannot come after the parent company, apart from narrow cases such as fraud. CoreWeave's non-recourse debt was $3.7 billion at June 30, and the rest, $31.4 billion net of discounts, was recourse, meaning the parent stands behind it. The special-purpose subsidiaries that hold the project loans were secured by $18.2 billion of non-current assets, mostly equipment, according to the same note.
Next come ordinary corporate bonds: $10.0 billion of senior notes at CoreWeave with fixed coupons of 8.50% to 9.75% (effective rates of 9% to 10%), unsecured, which means they are backed by the company as a whole and by no particular machine.
Convertible notes make up the other large piece, bonds that the holder can swap for shares if the share price rises far enough. A convertible usually carries a much lower coupon because the holder also gets the right to convert, and CoreWeave's pay 1.75% on the April 2026 issue and 2.875% on the September one. The filings let CoreWeave settle a conversion in cash, shares or a mix, so the later cost can come as new shares or as cash, and it spent $492 million in the first half of 2026 on capped calls, hedges meant to limit the dilution, according to its cash flow statement.
**What CoreWeave owed, by kind of borrowing**
Project loans backed by GPUs and customer contracts were the largest part, $13.6 billion of the $35.6 billion CoreWeave owed on June 30, 2026. Figures from CoreWeave quarterly filing, Note 10, principal balances grouped by borrowing type, as of June 30, 2026.
| Part | Value | Share |
|---|---|---|
| Project loans backed by GPUs | $13.6B | 38.4% |
| Unsecured senior notes | $10.0B | 28.2% |
| Convertible notes | $6.6B | 18.5% |
| Supplier financing | $5.1B | 14.4% |
| Other loan | $0.2B | 0.5% |
The rest of CoreWeave's list is $5.1 billion of financing from equipment and software suppliers, at effect