CoreWeave 现金为 55 亿美元，长期债务却达 276 亿美元，还需再举债数百亿美元；因市场担心其无法按期付息，其债券收益率已超过 15%。固定合同价格使融资成本上升的风险更大，而在破产清算中股东排在最后受偿，因此该股下跌，且可能收回甚少。
逐段跳播
我现在想再次谈谈 CoreWeave 以及债券市场正在发生的情况，这一点非常重要。
I now want to address again CoreWeave and what's going on in the bond markets, and this is really important.
我们目前正在考虑的 CoreWeave 债券，是2026年4月发行的这些，而第一次利息支付原本实际上定在10月1日。
The bonds that we're considering right now from CoreWeave are these ones issued in April 2026, and the first interest payments were going to be paid actually on October 1st.
CoreWeave 的资产负债表上持有约17.5亿的这些高级票据。
Coreweave holds about 1.75 billion of these senior notes on their balance sheet.
截至2026年第二季度末，CoreWeave 拥有55亿美元的现金，即现金和投资总额。长期债务的当期部分为75亿美元。
As of the end of Q2 2026, CoreWeave had $5.5 billion in cash, total cash in investments. Current portion of long-term debt, $7.5 billion.
长期债务为276亿美元。公司表示，他们还需要大量现金，仅未来一两年就需要数百亿美元，以继续建设数据中心。显然，只有55亿美元现金，这意味着什么？嗯，他们将不得不发行更多债务。
Long-term debt, $27.6 billion. And the company has said they are going to need a lot more cash, tens of billions of dollars in the next year or two alone, to continue building out data centers.
Obviously, with just $5.5 billion in cash, what does that mean? Well, they're gonna have to issue more debt.
此外，他们还有一些当前债务，75亿美元，这些债务必须以某种方式解决。他们要么必须偿还这些债券，要么必须进行再融资。
Plus, they have some current debt, $7.5 billion, that is going to have to be settled somehow. They're either going to have to pay these bonds off or they're going to have to refinance them.
投资者越来越担心 CoreWeave 可能面临无法支付利息的风险。但让我们根据我向你们展示的那些 CoreWeave 债券来调整这些。所以票面利率接近10%，9.75%。期限不是十年，实际上是五年。
Investors are increasingly worried that CoreWeave might be at risk of not being able to pay the interest. But let's adjust these for those CoreWeave bonds that I showed you. So the coupon rate is almost 10%, 9.75%.
The maturity isn't ten years, it's actually five years.
票面利率是 CoreWeave 同意向投资者支付的利率，9.75%。所以，就像一位最初在4月买入这些债券的投资者，也许他不再想要它们了。他们认定持有 CoreWeave 债券风险太大，所以这里发生的情况是，市场收益率将根据债券价格而变化。
The coupon rate being the interest rate that CoreWeave has agreed to pay investors 9.75%. So like an investor that originally bought those bonds back in April, maybe he doesn't want them anymore.
They've decided there's too much risk in holding Coreweave bonds, so what happens here is the market yield will change based on the price of the bond.
反过来，如果投资者在卖出债券，在这种情况下，CoreWeave 的收益率上升，上周一度升至15%以上。价格下跌。
Conversely, if investors are selling the bonds, in this case, CoreWeave went up, the yield went up to over 15% at moments last week. The price goes down.
卖出债券的投资者多于买入的投资者，因此公开市场上的价格下跌，这推高了实际收益率，因为现在任何买入的投资者都是在折价买入。
More investors are selling the bonds than investors are buying, and so the price drops on the open market, and that pushes the effective yield higher, because any investor that buys right now is buying at a discount.
所以他们不仅获得 CoreWeave 有义务支付的9.75%票面利率，即利率。
So not only are they getting the 9.75% coupon rate that CoreWeave is obligated to pay, the interest rate.
不只是 CoreWeave，还有其他 NeoCloud 公司和超大规模云服务商也在发行数百亿美元的债务。
It's not just CoreWeave, it's also the other NeoCloud companies and the hyperscalers issuing tens of billions of dollars of debt.
当像 CoreWeave 这样的公司——我们将重点关注 CoreWeave——签署这些数据中心算力、GPU 算力的客户合同时，那些条款是固定的。他们将根据该协议获得固定付款，这对购买该协议的客户来说是一份有约束力的价格协议。
When a company like CoreWeave in particular, we're gonna focus on CoreWeave, when they sign these customer contracts for data center compute capacity, GPU compute capacity, those terms are fixed.
They're going to get a fixed payment for that agreement, and that's a binding price agreement for the customer that bought it.
但如果 CoreWeave 的支出增加，因为他们需要筹集更多债务以继续建设产能，而收益率又高于2026年初的水平。那么对 CoreWeave 的投资者来说，这现在是一个风险更高的商业 proposition。
But if CoreWeave's expenses go up because they're going to need to raise more debt to continue build out the capacity, but the yield is higher than it was earlier in 2026. That's now a higher risk business proposition for a CoreWeave investor.
还要记住，如果发生某种破产事件或重新谈判，债券持有人首先获得偿付。股票投资者最后获得偿付。在债务人得到偿付后剩下的任何东西，才是股票投资者得到的。
Also remember, if there is some sort of bankruptcy event, or a renegotiation, owners of the bonds get paid first. Equity investors get paid last. Whatever's left over after debtors are paid off, that's what equity investors get.
所以这就是为什么CoreWeave、Nebius以及其他NeoClouds的股价上周大跌。这不仅仅是对债券市场正在发生的情况以及其中非理性的恐惧。这是一个真实的风险：如果出现破产，而你持有这只股票，那么你能收回的价值可能所剩无几。
And so that's why the stock price of CoreWeave, Nebius, and other NeoClouds tanked last week. It's not just fear of what's happening in the bond market and irrationality there.
It's a real risk that if there is a bankruptcy and you own the stock, there might not be much there left for you to recoup in value.
所以股价下跌，是为了反映这一新的风险，即出现破产或某种流动性事件、导致CoreWeave无法支付利息的概率更高。他们不得不重新协商债务，也就是破产。
So the stock price comes down to account for that new risk, higher probability risk of there being a bankruptcy or some liquidity event where CoreWeave is not able to make an interest payment.
They have to renegotiate the debt, a.k.a. bankruptcy.
破产就是这样。你必须去重新协商债务。而最坏的情况是，破产最终以某种资不抵债收场，资产被出售用来偿还那些债权人，而你只能拿回一美元里的几分钱。
That's what bankruptcy is. You have to go renegotiate the debt. And worst case scenario, that bankruptcy ends in some sort of insolvency, and the assets are sold off to pay off those debtors, and you get pennies on the dollar.