How Much CoreWeave and Nebius Owe, and When It Comes Due

By Stock Titan Editorial Team Published October 15, 2026, 10:58 AM EDT

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.

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.

Show the data

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.

Show the data

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 effective rates of 9% to 11%, and a small loan from Magnetar. Nebius, IREN and the landlords use different mixes, which the sections below take one at a time.

When CoreWeave’s debt comes due

CoreWeave’s filing schedules $4.4 billion of principal for the second half of 2026 and $6.2 billion for 2027, so $10.6 billion, or 29.8% of everything it owed at June 30, falls due within 18 months. The filing does not split the schedule by instrument. It says the project loans “amortize over time” as customers pay, while the unsecured notes and convertibles it owed on June 30 fall due only from 2030 to 2032, so in our reading the early years carry mostly installments on loans and supplier financing.

Show the data

Category	Value
Rest of 2026	$4.4B
2027	$6.2B
2028	$4.4B
2029	$2.4B
2030	$3.2B
After 2030	$14.9B

Against that, the company reported $15.6 billion of what it calls total liquidity at June 30: $5.5 billion of cash and cash equivalents, $15 million of marketable securities, and $10.0 billion of unused room under loan facilities it had already signed. Of that unused room, $2.0 billion was under its revolving credit line and the rest, about $8.0 billion by our calculation, sat in project loans that are drawn as equipment for specific contracts is bought, so most of it pays for new building more than for old debt.

The cash flow statement shows how the repayments were met in the first half of 2026. CoreWeave repaid $5.2 billion of debt principal in those six months, while its operations brought in $3.7 billion of cash, a figure that already has $806 million of interest payments taken out, and it spent $14.1 billion on property and equipment. It raised $16.7 billion of new debt in the same period. In our reading, the pattern is a company paying down older loans while borrowing faster than it repays to keep building; it says nothing on its own about whether the company can keep doing that.

The balance sheet makes the same point from another angle. CoreWeave classified $7.5 billion of debt as current, the accounting label for amounts due within twelve months, against $5.5 billion of cash and cash equivalents, 0.74 times coverage. Every other company in our table held more cash than the debt it classified as current, from about 2.2 times at TeraWulf, whose current line includes convertible notes it lists as short term, to more than 170 times at Nebius, by our calculation from the same balance sheets.

It is a snapshot of one date, and the differences partly reflect loans that pay down in installments against bonds repaid in one sum years away. The 10-Q adds that CoreWeave “was in compliance with all covenants” under its project loans at June 30.

The cost of the borrowing

CoreWeave’s interest expense on its debt was $558 million in the second quarter of 2026, according to the debt note of its 10-Q, on revenue of $2,575 million, so it equaled about $22 of every $100 the company earned. The income statement shows a wider line, interest expense, net, of $640 million, or 24.9% of revenue.

Show the data

Part	Value	Squares
Interest expense on debt	$22	22
The rest of revenue	$78	78

That share is the highest we found.

We ranked every company in StockTitan’s financials data with a fiscal quarter ending in June 2026, at least $1 billion of revenue in that quarter, a reported interest expense above zero, and an industry code outside finance and real estate (banks, insurers, real estate trusts and other companies with industry codes starting with 6 are left out). That leaves 446 companies, each counted once, and CoreWeave’s 21.7% topped the list; the next highest was 19.3%.

The ranking uses the interest expense field of StockTitan’s financials data, which for CoreWeave equals the debt note figure, net of $79 million of interest added to the cost of data centers under construction. On the wider income statement line, 24.9%, CoreWeave would still rank first. Another 65 companies passed the revenue test but report no interest line in our data and are not in the ranking.

The share has stayed between 20.5% and 26.2% for a year and a half while both numbers grew. StockTitan’s financials data shows CoreWeave’s interest expense at 26.2% of revenue in the first quarter of 2025, 21.1% in the second, 20.8% and 22.4% in the last two quarters of 2025, and 20.5% in the first quarter of 2026. Revenue grew 2.6 times over those six quarters and interest expense 2.2 times. Operating income, at a loss of $49 million in the second quarter of 2026, did not cover the interest.

The rates explain much of it. CoreWeave’s unsecured notes carry coupons of 8.50% to 9.75%, its newest project loans pay a floating rate of SOFR, the benchmark short-term dollar rate, plus 4.50% to 5.50%, and its first project loan has an effective rate of 15%. The cheapest money it raised was the March 2026 non-recourse project loan, at SOFR plus 2.25%, and the convertibles at 1.75% and 2.875%. The filing estimates that a one percentage point move in rates would change its interest expense by about $30 million a quarter, because the bond coupons are fixed and only the floating loans move.

Nebius pays less on what it owes. Its interest on debt was $67.3 million in the second quarter of 2026, 11.6% of revenue of $582.3 million. The coupon interest it owed was $40.5 million, and the rest is mostly the accounting accretion of its convertibles, net of interest added to the cost of construction, according to note 12 of its financial statements. Its income statement shows a larger total interest expense, $119.1 million, because it also books interest on advances received from major customers and on equipment its suppliers let it pay for later.

Nebius and IREN borrowed through convertibles

Nebius and IREN borrowed almost entirely through convertible notes, so they have little or nothing to repay for several years, and the question their filings raise is how many new shares the notes could turn into, which is our reading of the structure and no forecast of the share price.

At June 30, 2026, Nebius had six series of convertible notes outstanding, maturing from June 2029 to March 2033, with $10.0 billion due at maturity and a balance sheet value of $8.5 billion. The gap is mostly accretion, plus $0.1 billion of unamortized issuance costs: the notes are issued at face value and the amount owed rises in steps, so that the March 2026 notes repay 120% of what was borrowed. The August 2026 notes repay 110% (the 0.50% notes due February 2030) and 125% (the 4.50% notes due February 2034), according to the pricing announcement. Their conversion prices were set at about $313.46 and $324.65 a share, or about $344.81 and $405.82 once the accretion at maturity is counted, the announcement says.

The company disclosed a fair value of $20.8 billion on June 30 for convertibles with $10.0 billion due at maturity, a value that includes the right to convert into shares at that day’s share price. That value can change with the shares, and it does not settle how the notes end. Holders have reason to convert when the share price is above the conversion price, and on conversion Nebius may pay in cash, shares or a mix at its election, according to note 12, so dilution is one possible outcome and cash repayment another.

Two other sources of money stand out in the Nebius filings. In July it raised its first secured loan, about $775 million at SOFR plus 2.50% maturing in October 2030, which the company says is “backed by deployed GPU infrastructure and contracted cash flows from an agreement with an investment-grade customer.” And its customers have paid ahead. Deferred revenue, money received for services not yet delivered, reached $6.0 billion at June 30 from $1.6 billion six months earlier, and the six-month operating cash flow of $4.5 billion was, in the filing’s words, “primarily driven by advance payments received from customers.” Prepayments of that kind behave like funding, though they appear in no debt table.

IREN had $7.7 billion of principal at June 30, 2026, against $990 million a year earlier, according to its 10-K. Of that, $6.7 billion is convertible notes with effective interest rates of 0.37% to 4.22%, and $938 million is non-recourse lending, a $413 million delayed draw loan and $525 million of senior notes, both due at the end of 2031 at effective rates near 7%. Only $447 million falls due before July 2028, and $6.4 billion, 82.6%, is due after June 2031.

Repayment calendars side by side

Laid side by side, across the reporting windows shown below, the repayment schedules show CoreWeave with a much larger share of its calendar pulled forward than any other borrower here: 42.2% of its principal is due by the end of 2028, against 16.2% at SpaceX, 13.3% at Oracle and under 10% at IREN, Nebius and the data center landlords.

Show the data

Category	Value
CoreWeave	42.2%
SpaceX	16.2%
Oracle (to May 2028)	13.3%
TeraWulf	9.3%
Cipher Digital	8.8%
IREN (to June 2028)	5.8%
Applied Digital (to May 2028)	4.9%
Core Scientific	0.0%
Nebius	0.0%

The comparison uses each company’s own table of future principal payments in its latest filing that has one, which for Oracle is the annual report as of May 31, 2026. Three companies count by fiscal year, so their windows end earlier, as the chart labels show: Oracle and Applied Digital through May 2028, seven months short of the calendar companies, and IREN through June 2028. Core Scientific’s first scheduled payment on its secured notes depends on when its tenants start paying rent, and its filing assumes November 2029.

Oracle and SpaceX, a different kind of borrower

Oracle and SpaceX owe as much as CoreWeave or far more, but they borrow mostly through long-dated bonds at lower rates, alongside large businesses outside AI cloud rental, which makes them a different kind of borrower from CoreWeave and its GPU-backed loans.

Oracle, which rents out cloud infrastructure alongside its database and software business, reported $1,428 million of interest expense on $19,345 million of revenue in its quarter ended August 31, 2026, and $125.3 billion of notes and other borrowings, according to its 10-Q. Its annual report says it issued $43.0 billion of senior notes in the fiscal year to May 2026, lists its floating-rate notes and term loan at effective rates of 4.4% to 5.3% on May 31, 2026, and schedules $7.2 billion of principal in fiscal 2027 and $10.1 billion in fiscal 2028 out of $130.1 billion.

In the latest quarter Oracle also raised $19.9 billion by selling shares through an at-the-market program, and received $11.4 billion of prepayments from customers. Oracle’s quarter ends in August, so it is not part of our June ranking; as a comparison only, its 7.4% would fall between the 33rd and 34th of those 446 companies.

SpaceX, which merged with the AI developer xAI, reported $38.4 billion of debt principal at June 30, 2026 in its 10-Q, of which $25.0 billion is unsecured notes sold in June 2026 at coupons of 5.35% to 6.65%, maturing between 2031 and 2056.

Another $13.3 billion is recorded as debt because of sale and leaseback deals on AI infrastructure that the accounting rules treat as borrowing. The same 10-Q shows $93.5 billion of cash and cash equivalents after its stock market listing, where it raised $85.7 billion net of underwriting commissions and offering costs. Read against its cash, SpaceX’s borrowing was a smaller source of money than its share sale so far. It held more than twice its debt in cash at June 30, and its interest took 8.0% of revenue, 29th of the 446 companies in our ranking.

The contracts meant to pay for it

The companies point to signed customer contracts as the money that repays the debt, and the contracts are large but concentrated in a few customers. CoreWeave reported $103.7 billion of remaining performance obligations at June 30, 2026, the accounting term for revenue under signed contracts not yet delivered, with 41%, about $42.5 billion by our calculation, expected within 24 months. Committed contracts, which its filing describes as take-or-pay (the customer pays for the capacity whether or not it uses it), made up 98% of revenue in the quarter.

Three customers produced 36%, 26% and 10% of CoreWeave’s second-quarter revenue, and the filing does not say which customer is which in that table. Its risk factors name some of the commitments behind the backlog: OpenAI “committed to pay us up to approximately $6.5 billion through May 31, 2031”; Meta “initially committed to pay us up to approximately $21.0 billion”; and Jane Street, “a private company, had committed approximately $6.0 billion.” The same section names Microsoft and OpenAI among other significant customers and notes that CoreWeave intends to add customers that “may have increased risk of insolvency.”

Nebius says it has “more than $40 billion of additional contracted revenue from investment-grade customers such as Microsoft and Meta,” in the announcement of its secured loan, a company statement and not an audited figure. IREN’s 10-K describes a five-year Microsoft agreement worth about $9.7 billion of total contract value and a $3.4 billion contract with NVIDIA, which together are “a substantial majority of our contracted revenue.” Oracle reported $664 billion of remaining performance obligations at August 31, 2026.

A backlog is contracted revenue, before the cost of power, buildings and staff, and the $42.5 billion is revenue CoreWeave expects to recognize through June 2028. Cash can arrive on a different schedule, because committed contracts often include prepayments; CoreWeave held $9.7 billion of deferred revenue, customer money received for services not yet delivered, at June 30, 2026. Part of the cash from contracts pledged to project loans goes to those lenders first.

The bills outside the debt line

For CoreWeave, Nebius and Oracle, the largest long-term commitments are leases on the data centers themselves, none of them counted in the debt figures above. CoreWeave owed $29.1 billion of future lease payments at June 30, 2026, carried on its balance sheet as a $16.3 billion lease liability, and had signed further leases, not yet on the balance sheet, starting between 2026 and 2029, with “estimated future undiscounted lease payments” of $35.5 billion, according to its 10-Q. Nebius had signed $12.1 billion of leases not yet started. Oracle’s 10-Q lists $288 billion of lease commitments, “substantially all related to data center arrangements,” that begin between the second quarter of fiscal 2027 and fiscal 2029.

Leases differ from debt in what happens on a missed payment and in how they are recorded, so we keep them out of the debt totals. They still come due every month, and for CoreWeave the signed-but-not-started leases alone are about as large as its whole debt.

Signs the picture is changing

The next quarterly reports, for the quarter ended September 30, will show how much of the new facilities was drawn and how the repayment calendar shifted. Beyond that, the filings point to a few things worth watching.

• The rate on new project loans: CoreWeave paid SOFR plus 2.25% on a non-recourse loan in March and SOFR plus 5.50% on a parent-guaranteed one in August.
• How fast the backlog turns into revenue, and whether the 41% expected within 24 months holds from one report to the next.
• The share of revenue from the largest customers, and any change to the named commitments.
• Covenant compliance, which each CoreWeave quarterly report states for its project loans.
• Where the share price sits against conversion prices, which affects whether holders have reason to convert; CoreWeave and Nebius may settle conversions in cash, shares or both. On October 14, 2026, CoreWeave shares closed at $65.78 in StockTitan’s price data, below the conversion prices of its 2032 notes (about $119.60) and its 2033 notes (about $97.85).

How we counted

Debt can be measured three ways, and we name which one each figure uses. Principal is the face amount to be repaid, taken from each company’s table of future principal payments. Balance sheet debt, or carrying value, is principal less unamortized discounts and fees. For Nebius’s accreting convertibles we use the amount due at maturity, which the company reports as principal outstanding, and we give the balance sheet value beside it. We never add the three bases into one total.

Cash coverage divides unrestricted cash and cash equivalents by the debt each balance sheet classifies as current, for TeraWulf including the convertible notes it lists as short term. The interest ranking uses the interest expense field of StockTitan’s financials data on October 15, 2026, as each company’s filing reports it and without adjusting definitions: quarters ending in June 2026, revenue of at least $1 billion, interest expense above zero, and industry codes outside finance and real estate (SIC codes starting with 6), one row per filer; CoreWeave’s inputs were checked against its 10-Q. The share of principal due by 2028 divides the payments each company schedules through 2028 (through May 2028 for Oracle and Applied Digital, June 2028 for IREN) by its total principal.

More on our methods is in our editorial policy.

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The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.

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