2031: the $17.9B maturity wall

Eight of the 13 AI-infrastructure bonds in the index mature in the same year — 2031, $17.86B of face value, 63.6% of the whole index. The total is not the interesting part. The speed is: 7 of those 8 were issued in 2026, $16.1B of them. Every number below links back to an SEC filing.

Maturing in 2031

$17.86B

8 bonds / 5 issuers

Share of index face value

63.6%

$28.06B total sample

Issued in 2026

$16.11B

7 bonds · built in one year

Unsecured slice

$4.50B

all from a single issuer

The shape of the wall, by maturity year

Face value ($B), stacked by security structure; snapshot 2026-11-04.

The 8 bonds, one by one

Coupon, maturity, face value and issuance spread all come from the SEC filing terms; issuance spread = (coupon − Treasury interpolated on the pricing date) × 100.

Issuer	Coupon / maturity	Face value	Structure	Issue spread	Pricing date
Galaxy Digital GLXY 9.875% '31	2031-08-01	$3,507M	Secured	544.4 bp	2026-07-24
Core Scientific CORZ 7.75% '31	2031-05-01	$3,300M	Secured	376.1 bp	2026-05-06
CoreWeave CRWV 9.75% '31	2031-10-01	$2,750M	Unsecured	580.8 bp	2026-04-15
Applied Digital APLD 6.75% '31	2031-03-01	$2,150M	Secured	308.1 bp	2026-03-04
Cipher Mining CIFR 6.125% '31	2031-03-01	$2,000M	Secured	237.8 bp	2026-02-05
CoreWeave CRWV 9.0% '31	2031-02-01	$1,750M	Unsecured	506.4 bp	2025-07-22
Applied Digital APLD 7.0% '31	2031-06-15	$1,590M	Secured	284.0 bp	2026-06-16
Cipher Mining CIFR 6.0% '31	2031-06-15	$810M	Secured	173.9 bp	2026-06-09

Why this wall is worth watching

1. The concentration was built in one year, not accumulated

Seven of the eight bonds priced between February and July 2026 — $16.11B of face value. This is not five years of issuance piling up; it is a single issuance window that produced a batch of same-maturity paper, so their refinancing dates collide structurally.

2. The unsecured slice is one name

All $4.5B of unsecured face value maturing in 2031 belongs to CoreWeave (9.0% '31 and 9.75% '31). The other $13.36B is secured paper across GLXY / CORZ / APLD / CIFR. Different structures mean the same year's "wall" looks completely different depending on what you hold.

3. We state terms, we do not judge refinancing

"Can it roll the 2031 maturities?" requires cash-flow models, indenture detail and private financials — outside the boundary of public data. This site does two verifiable things: what the terms are, and when the bonds come due.

Keep going

Sister story: the 2030 hump comes first →

$8.95B across 4 bonds, with $6.95B inside a 17-day window

Maturity wall tool →

Stacked by year with the full 13-bond schedule

Comp sheet →

Put all 8 of these bonds in one table

Recompute →

Rebuild the index in your own browser

Share card (ready to post): story-wall2031.png · data endpoint GET /api/v1/real/universe.json

Scope and red line: every face value, coupon, maturity and pricing date here comes from SEC filings (issuer 8-K / 424B series); issuance spreads follow the published method and can be recomputed line by line. The page states terms and timing as a matter of fact. It is not a rating, valuation, default forecast or investment advice of any kind, and it does not assess how call/put provisions affect effective maturity.