CoreWeave's four bonds were repriced by 191-258bp

At issuance, coupon minus Treasury gave 506-581bp. At 2026-08-31, quarter-end fund marks solve to 709-818bp — a face-value-weighted 231bp wider across the four bonds. In the same quarter, in the same sector, Galaxy Digital / Core Scientific / Cipher Mining widened only 17.6 / 32.4 / 40.7bp. That gap is the story.

CoreWeave in the index

4 bonds

$7.75B face value · all unsecured

Weighted widening

+231 bp

issue spread → implied spread

Fund marks combined

8-13 funds per bond

Peer widening, same quarter

+17.6 to +40.7 bp

GLXY / CORZ / CIFR

Two faces of every bond: issue spread vs fund-mark implied spread

Grey = issuance spread on the pricing date; pink = implied spread solved from median N-PORT marks (period 2026-08-31). In bp.

Bond by bond

Median price = median fair value reported by the funds holding that bond at 2026-08-31; implied spread solves that price to a YTM, then subtracts the matched Treasury interpolation.

Bond	Pricing date	Face value	Median price	Issue spread	Implied	Δ	Funds
CRWV 9.25% '30	2025-05-19	$2,000M	92.87	517.7 bp	709.2 bp	+191.5	8
CRWV 9.0% '31	2025-07-22	$1,750M	89.71	506.4 bp	756.3 bp	+249.9	9
CRWV 9.75% '31	2026-04-15	$2,750M	89.42	580.8 bp	817.5 bp	+236.7	13
CRWV 9.625% '32	2026-06-18	$1,250M	88.27	533.6 bp	791.3 bp	+257.7	11

What the peers looked like in the same quarter

Same Δ definition — fund-mark implied spread minus issuance spread — same reporting period, same method.

Bond	Issue spread	Implied	Δ
Galaxy Digital 9.875% '31	544.4 bp	562.0 bp	+17.6
Core Scientific 7.75% '31	376.1 bp	408.5 bp	+32.4
Cipher Mining 6.0% '31	173.9 bp	214.6 bp	+40.7
CoreWeave 9.75% '31	580.8 bp	817.5 bp	+236.7

Three things that must be said about the method

1. These are marks, not trades

N-PORT reports the fair value (mostly Level 2) a fund assigns to each holding at quarter-end — not a secondary-market traded price. It carries a lag (filed within 60 days of period end) and each manager's own valuation approach, which is why we take the cross-fund median to suppress single-manager noise.

2. The implied spread is a solution, not a quote

One step: given the median price, coupon and maturity, solve for YTM and subtract the matched Treasury interpolation. Everything is public, so anyone with the same price gets the same spread.

3. We put facts side by side; we do not assign causes

"Why CoreWeave specifically" is not what this page answers — that needs holdings structure, covenant detail and customer concentration. This page does one thing: place two sets of public numbers next to each other. The conclusion is yours.

Keep going

Fund marks tool →

Full implied-spread table: 7 bonds / $15.37B

Methodology →

The complete solve and interpolation steps

Recompute →

Check the index arithmetic in your browser

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Scope and red line: prices and spreads come from public SEC EDGAR filings (Form N-PORT and issuer 8-K / 424B series) and can be checked line by line; there is no licensed TRACE data and no secondary-market traded spread on this page. Nothing here is a rating, valuation opinion, default forecast or investment advice, and no credit judgement is made about any issuer.