CoreWeave's heavy debt load exceeding $35 billion, driven by aggressive capex to build out GPU clusters for AI workloads, forms the core backdrop for any bankruptcy-related market. The company recently upsized a $3.7 billion convertible senior notes offering due 2033 while launching an at-the-market equity program, actions that underscore ongoing capital needs yet demonstrate continued market access. Offsetting this leverage is robust demand, with Q2 revenue reaching $2.6 billion and a $104 billion backlog, plus new short-term contracts at roughly $40 million per megawatt annualized. Recent milestones include the first multi-rack NVIDIA Vera Rubin NVL72 deployment and expanded contracted power capacity to 4.2 gigawatts. Traders weigh these growth signals against rising interest expenses and refinancing risks through 2028 when assessing near-term bankruptcy odds.