CoreWeave, a big player in AI computing, is carrying far more debt than cash and may be borrowing at worse rates than it admits — a warning sign for the AI boom.

• CoreWeave owes $18 billion in bills due within a year but holds only $6 billion in cash.
• The company says its borrowing costs it 9%, but it reportedly had to sell that debt at a discount.
• Selling debt below face value pushes the real cost above 10%, meaning it raised less money than the headline number suggests.
• That gap lets a company legally claim a lower rate while actually paying more — a red flag for how strained AI financing is getting.

Outlook: If AI companies keep leaning on expensive debt to grow, more balance sheets like this could crack, raising doubts about how long the boom can last.