The "AI bond frenzy" is expanding again! CoreWeave (CRWV.US) taps into the European high-yield bond market: planning to issue Euro and US dollar bonds, with J.P. Morgan leading the way.

AI infrastructure provider CoreWeave (CRWV.US) is actively exploring new channels for debt financing. The company is planning to hold a conference call with European high-yield bond investors on Tuesday to discuss potential issuance arrangements for both dollar and euro bonds. According to sources, JPMorgan will be responsible for arranging the investor call. CoreWeave Financing Background: Raised over $20 billion in 2026, speculative-grade credit rating Founded in 2017, CoreWeave initially started with cryptocurrency mining and accumulated a large number of NVIDIA Corporation (NVDA.US) graphics processor resources. Today, the company operates nearly 50 data centers in North America and Europe, serving clients such as OpenAI and Meta Platforms, focusing on providing AI training and computing infrastructure. This financing initiative signifies that the company, which has transformed from a cryptocurrency mining operation to an AI computing powerhouse, is expanding its diversified financing options, reflecting the rapidly growing trend of US data center debt spreading to the European bond market. The investor meeting comes at a crucial time for CoreWeave as it expands rapidly. According to Longbridge data, CoreWeave has raised over $20 billion in capital during 2026, with recent financing projects including an $85 billion term loan and a $2 billion strategic investment from NVIDIA Corporation. On January 27, NVIDIA Corporation added $2 billion to their investment at a price of $87.20 per share, with plans to jointly build an "AI factory" with over 5 gigawatts by 2030. In terms of credit ratings, CoreWeave currently holds ratings of Ba3 from Moody's Corporation, B+ from S&P Global, Inc., and BB- from Fitch Ratings, all falling under the speculative-grade category. The company has successfully issued multiple dollar bonds but has not conducted any operations in the European high-yield bond market as of yet. Europe Hub Group, Inc. Class A Strategy: 15-year lease in Norway, expansion of AI data center in the UK CoreWeave's search for Eurobond financing is closely related to its European data center layout. In addition to operating a large cluster of computing power in North America, the company operates two data centers in England, and plays a key role supported by the UK government's AI strategy. Of particular interest is CoreWeave's lease structure in Europe. PolarDC is renovating the third site within the Herya Industrial Park in Norway, adjacent to Alphabet Inc. Class C data center, and will be leased to CoreWeave for 15 years with a 10-year renewal option. The low-carbon energy supplied by Norwegian hydropower plays a key role in the contract, ensuring CoreWeave's environmental compliance in operation in Europe. Analysts suggest that the diversity and long-term nature of this lease structure are the foundational support for the stability of cash flows in data center high-yield bonds. Such long-term leases are typically backed by large tech companies' credit endorsements, helping developers transfer credit risks to end customers with higher ratings. AI High-Yield Bond Boom: $26 billion in the US, Europe just getting started CoreWeave's entry into the European market is set against the background of a surge in AI data center debt globally. According to PitchBook data, the US high-yield bond market has seen its fastest annual start since 2021 in AI data centers, with issuance exceeding $26 billion so far in 2026. However, the European high-yield bond market is just beginning to engage with the wave of AI infrastructure financing, and analysts believe the window of opportunity has opened. Norwegian data center operator PolarDC's recent 800 million (approximately $925 million) high-yield bond issue, priced at about 700 basis points above the Euribor benchmark rate, is an extremely rare success case among similar financings in the European market. The oversubscribed subscription for PolarDC's bond issue, which garnered five times more than their target, demonstrates international investors' high demand for such new high-yield assets. In this context, if CoreWeave's potential issuance of Euro high-yield bonds progresses smoothly, European investors will have direct exposure to this leading AI cloud provider supported by NVIDIA Corporation and listed on the US stock market. It is worth noting that on the same day as CoreWeave's investor meeting, another data center developer Cipher Digital (CIFR.US) is raising funds through an $810 million high-yield bond issuance for the construction of the Stingray data center project in collaboration with Amazon.com, Inc. Earlier in February, Cipher's $2 billion data center bond issue received subscriptions of over $13 billion. Wall Street is mobilizing all means to "nourish" the AI feastusing high-yield bonds, leveraged loans, and convertible bonds as financing tools. Unlike large investment-grade tech giants raising massive funds through multi-currency bonds, data center developers' high-yield bonds offer investors attractive spreads. The immense demand for AI financing from major tech giants has led Wall Street to expand the sources of bonds from the US market to the Eurozone, British pound, Japanese yen, and Canadian dollar markets. Major data center operators are raising funding through the global debt capital markets to support expansion and technological upgrades. Amazon.com, Inc. recently completed a record-breaking Canadian dollar bond issuance this week, providing financial support for the expansion of AI infrastructure.