CoreWeave's debt has fallen to distress levels, and credit markets imply a default probability exceeding 60% within five years. It is the most fragile part of the structure: data-center expansion was debt-financed, bonds are extremely low, credit insurance costs have risen sharply, and shares have fallen sharply.

CoreWeave's debt has already fallen to levels indicating financial distress, while credit markets indicate a probability of default exceeding 60% within five years.

Therefore, CoreWeave represents the most fragile part of this structure. Its data center expansion was financed through debt issuance, its bonds have fallen to extremely low levels, the cost of its credit insurance has risen sharply, and its shares have declined sharply.