BONDS BACKED BY COREWEAVE’S RENT TRADED AT TWICE THE EXTRA YIELD OF GOOGLE-BACKED ONES — CORE SCIENTIFIC GETS 77% OF ITS REVENUE FROM COREWEAVE — AND COREWEAVE’S OWN BONDS HIT NEAR 15% ON OCTOBER 14

Bitcoin miners spent the last two years turning their power into AI rent. The bond market has started pricing who pays it. On September 28, Morgan Stanley sorted the high-yield bonds that pay for these data centers by tenant. The seven backed by rent from CoreWeave traded at an average of 3.99 percentage points over Treasuries. The four backed by Fluidstack, with Google standing behind the deals, averaged 1.96. That’s twice the extra yield for the same kind of building.

Bitcoin miners sit on both sides. Core Scientific leases about 590 megawatts to CoreWeave, and its own filing says CoreWeave “represented approximately 77% of our total revenue” in the first half of 2026. Bitcoin mining was 18% of its revenue, down from 82% a year earlier. Galaxy’s Helios campus in Dickens County, Texas, which it bought from bitcoin miner Argo in 2022, is leased to CoreWeave too. On the other side, TeraWulf and Cipher lease to Fluidstack. Cipher’s filing says “Google will backstop $1.4 billion of Fluidstack’s lease obligations.” TeraWulf’s says Google’s backstop, about $3.2 billion in all, supports the project’s debt.

Then CoreWeave cracked. After a hot inflation report on October 14, its stock fell 15.5% that day and its 9.75% bonds due 2031 yielded about 14.9%, investingLive reported. Bloomberg’s headline said its bonds had fallen to distress levels. A landlord’s bond is only as good as the rent check, and Core Scientific’s filing says as much: “Our practical ability to enforce recourse against CoreWeave would depend on its financial condition at the time of any default.”

The miners traded bitcoin’s price swings for a tenant’s credit, and now the tenant sets the price of their money. Google’s name buys cheap debt. CoreWeave’s cost twice as much, and that was before October. At the time of this writing, bitcoin was $81,908.