AI infrastructure surveillance · analysis completed 2026-10-20 18:49:10 UTC
CoreWeave
CIK 0001769628 · status review needed · overall tier elevated. Composite 3.8 of 5 at or above 3.5; at or past S&P's stated ffo to debt level of 12% on the as-reported proxy (S&P adjustments not applied) basis.
Business risk
Engine tier: moderate · engine tier moderate
Key factors
- top-tenant share 0.4 in [0.2, 0.5) scoring_rules.md 5.4
Financial risk
Engine tier: elevated · engine tier elevated
Key factors
- not computable on a TTM basis (ffo_to_debt_pct); tier set from the computable core ratio alone scoring_rules.md 5.2
- TTM band index 5 (5x and above) vs fiscal year 5: 0 band(s) weaker Corporate Methodology Table 17
- no weaker boundary (weakest band) Corporate Methodology para 118
Liquidity gate
Engine tier: high · engine tier high
Key factors
- gate state fail: post-event A/B 1.11x vs 1.2x fail / 1.32x pass; stressed A-B 1,406,415,050 scoring_rules.md 4.3
Governance evidence
Engine tier: not scored · evidence flags: material_weakness_item_9a
Key factors
- evidence flags: material_weakness_item_9a scoring_rules.md 4.5
Full report
No memo in this snapshot.
S&P stated conditions
S&P's own published conditions, excerpts verified on the live public page. Distances name their basis.
| Side | Condition | Stated level | Engine value | Distance | Source |
|---|---|---|---|---|---|
| favorable | ffo to debt"maintaining a ratio of FFO to debt above 12% in 2026 and CFO to debt above 10%" | 12% | 7.21% | n/a | 2026-04-09 |
| favorable | cfo to debt"maintaining a ratio of FFO to debt above 12% in 2026 and CFO to debt above 10%" | 10% | 19.44% | n/a | 2026-04-09 |
| unfavorable | ffo to debt"to maintain FFO to debt below 12% and CFO to debt below 10%, or its liquidity tightens" | 12% | 7.21% | at level | 2026-04-09 |
| unfavorable | cfo to debt"to maintain FFO to debt below 12% and CFO to debt below 10%, or its liquidity tightens" | 10% | 19.44% | 94.4% | 2026-04-09 |
Distances compare as-reported proxies with S&P's adjusted levels unless the basis says otherwise; for CoreWeave and Applied Digital the proxy understates leverage (S&P adjustments for leases and guarantees are not applied). Business rules: internal calibration v0, not validated (scoring_rules.md 5). Open analyst inputs: collateral_depreciating, contracted_acquisitions, contracted_asset_sales, expected_shareholder_distributions, ffo_to_debt_pct, impediment, undrawn_committed_facilities_maturing_beyond_12m, working_capital_change_12m.