CoreWeave’s recent $3.7 billion convertible senior notes offering (due 2033, upsized from $3 billion) and at-the-market program for up to 35 million shares underscore continued access to capital markets despite leverage concerns. The AI cloud provider reported a $104.2 billion revenue backlog at the end of Q2 2026 (up 246% year-over-year), plus over $25 billion in additional Q3 commitments, with Q2 revenue reaching $2.575 billion (+112% YoY) and raised full-year guidance to $12.4–13.2 billion. Heavy capital expenditures ($9.4 billion in Q2 alone, full-year target $35–39 billion) and rising interest costs (Q3 guided $860–940 million) against roughly $35.6 billion in total debt create execution pressure, yet the firm maintains substantial liquidity and contracted power capacity near 4.2 gigawatts. Traders see low near-term bankruptcy risk given these inflows and demand signals, though dilution, interest coverage, and AI compute slowdown scenarios remain key swing factors ahead of upcoming earnings and contract updates.