Financing & credit
What it costs to borrow, for the market and for AI companies.
03
Credit spreads & borrowing costs
Extra yield investors demand to lend to risky companies over Treasuries, by rating tier, plus the debt terms of AI infrastructure issuers.
Junk-bond borrowing costs, by rating
Extra interest over US government bonds (option-adjusted spread)| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| US High Yield OAS | 3.31% | 16 Oct 2026 | 3M +58 bps6M +48 bps1Y +27 bps | Current |
| US BB OAS | 2.03% | 16 Oct 2026 | 3M +40 bps6M +29 bps1Y +8 bps | Current |
| US B OAS | 3.35% | 16 Oct 2026 | 3M +44 bps6M +32 bps1Y +24 bps | Current |
| US CCC & lower OAS | 12.97% | 16 Oct 2026 | 3M +322 bps6M +385 bps1Y +441 bps | Current |
Borrowing costs, safer companies
BBB-rated spread (last 3 years) and Moody's Baa minus 10-year Treasury (long history)| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| US BBB corporate OAS | 1.06% | 16 Oct 2026 | 3M +9 bps6M +5 bps1Y +5 bps | Current |
| Moody's Baa yield minus 10y Treasury | 1.44% | 15 Oct 2026 | 3M −15 bps6M −27 bps1Y −24 bps | Current |
Total interest rates
These move with all interest rates, not just credit risk| Series | Latest | Observed | Change | Status |
|---|---|---|---|---|
| US High Yield effective yield | 8.14% | 16 Oct 2026 | 3M +117 bps6M +147 bps1Y +156 bps | Current |
| Moody's Baa corporate yield | 6.55% | 16 Oct 2026 | 3M +41 bps6M +57 bps1Y +85 bps | Current |
| 10-year Treasury yield | 5.10% | 15 Oct 2026 | 3M +53 bps6M +78 bps1Y +105 bps | Current |
What AI companies pay to borrow
Rates agreed when the debt was issued, from filings. Not today's market price.| Issuer | Item | Value | Date |
|---|---|---|---|
| Cipher Digital Inc. (formerly Cipher Mining Inc.) | Cipher Digital 0.00% convertible senior notes due 2032, coupon at issue | 0.00% | 16 Oct 2026 ↗ |
| CoreWeave, Inc. | CoreWeave 2.875% convertible senior notes due 2033, coupon at issue | 2.88% | 22 Sept 2026 ↗ |
| Nebius Group N.V. | Nebius 0.50% convertible notes due 2030, coupon at issue | 0.50% | 24 Aug 2026 ↗ |
| Nebius Group N.V. | Nebius 4.50% convertible notes due 2034, coupon at issue | 4.50% | 24 Aug 2026 ↗ |
| CoreWeave Financing DDTL V-V, LLC (CoreWeave) | CoreWeave DDTL 5.5 facility, margin over term SOFR | 5.50% | 7 Aug 2026 ↗ |
| CoreWeave, Inc. | CoreWeave 9.625% USD senior notes due 2032, coupon at issue | 9.63% | 18 Jun 2026 ↗ |
| CoreWeave, Inc. | CoreWeave 8.500% EUR senior notes due 2032, coupon at issue | 8.50% | 18 Jun 2026 ↗ |
| APLD ComputeCo 3 LLC (Applied Digital Corporation) | APLD ComputeCo 3 7.000% senior secured notes due 2031 (Polaris Forge 1 ELN-04), coupon at issue | 7.00% | 16 Jun 2026 ↗ |
| Stingray Compute LLC (Cipher Digital Inc.) | Stingray Compute (Cipher) 6.000% senior secured notes due 2031, coupon at issue | 6.00% | 15 Jun 2026 ↗ |
| CoreWeave Financing DDTL V, LLC (CoreWeave) | CoreWeave DDTL 5.0 facility, margin over daily compounded SOFR | 4.50% | 15 May 2026 ↗ |
| IREN Limited | IREN 1.00% convertible senior notes due December 2033, coupon at issue | 1.00% | 14 May 2026 ↗ |
| Core Scientific Finance I LLC (Core Scientific, Inc.) | Core Scientific Finance I 7.750% senior secured notes due 2031, coupon at issue | 7.75% | 6 May 2026 ↗ |
| CoreWeave, Inc. | CoreWeave 1.75% convertible senior notes due 2032, coupon at issue | 1.75% | 14 Apr 2026 ↗ |
| CoreWeave, Inc. | CoreWeave 9.750% senior notes due 2031, coupon at issue | 9.75% | 14 Apr 2026 ↗ |
| CoreWeave Compute Acquisition Co. VIII, LLC (CoreWeave) | CoreWeave DDTL 4.0 facility, margin over daily compounded SOFR | 2.25% | 30 Mar 2026 ↗ |
| Nebius Group N.V. | Nebius 1.250% convertible notes due 2031, coupon at issue | 1.25% | 20 Mar 2026 ↗ |
| Nebius Group N.V. | Nebius 2.625% convertible notes due 2033, coupon at issue | 2.63% | 20 Mar 2026 ↗ |
| APLD ComputeCo 2 LLC (Applied Digital Corporation) | APLD ComputeCo 2 6.750% senior secured notes due 2031 (Polaris Forge 2), coupon at issue | 6.75% | 10 Mar 2026 ↗ |
| Black Pearl Compute LLC (Cipher Mining Inc.) | Black Pearl Compute (Cipher) 6.125% senior secured notes due 2031, coupon at issue | 6.13% | 11 Feb 2026 ↗ |
| Flash Compute LLC (TeraWulf 50.1% / Fluidstack 49.9% JV) | Flash Compute (TeraWulf/Fluidstack JV) 7.250% senior secured notes due 2030, coupon at issue | 7.25% | 29 Dec 2025 ↗ |
| CoreWeave, Inc. | CoreWeave 1.75% convertible senior notes due 2031, coupon at issue | 1.75% | 11 Dec 2025 ↗ |
| IREN Limited | IREN 0.25% convertible senior notes due 2032, coupon at issue | 0.25% | 8 Dec 2025 ↗ |
| IREN Limited | IREN 1.00% convertible senior notes due June 2033, coupon at issue | 1.00% | 8 Dec 2025 ↗ |
| APLD ComputeCo LLC (Applied Digital Corporation) | APLD ComputeCo 9.250% senior secured notes due 2030 (Polaris Forge 1), coupon at issue | 9.25% | 20 Nov 2025 ↗ |
| Cipher Compute LLC (Cipher Mining Inc.) | Cipher Compute 7.125% senior secured notes due 2030, coupon at issue | 7.13% | 13 Nov 2025 ↗ |
| TeraWulf Inc. | TeraWulf 0.00% convertible senior notes due 2032, coupon at issue | 0.00% | 31 Oct 2025 ↗ |
| WULF Compute LLC (TeraWulf Inc.) | WULF Compute (TeraWulf) 7.750% senior secured notes due 2030, coupon at issue | 7.75% | 23 Oct 2025 ↗ |
| IREN Limited | IREN 0.00% convertible senior notes due 2031, coupon at issue | 0.00% | 14 Oct 2025 ↗ |
| Cipher Mining Inc. | Cipher Mining 0.00% convertible senior notes due 2031, coupon at issue | 0.00% | 30 Sept 2025 ↗ |
| CoreWeave Compute Acquisition Co. IV, LLC (CoreWeave) | CoreWeave DDTL 2.1 tranche (DDTL 2.0 Fifth Amendment), margin over term SOFR | 4.25% | 29 Sept 2025 ↗ |
| Nebius Group N.V. | Nebius 1.00% convertible notes due 2030, coupon at issue | 1.00% | 15 Sept 2025 ↗ |
| Nebius Group N.V. | Nebius 2.75% convertible notes due 2032, coupon at issue | 2.75% | 15 Sept 2025 ↗ |
How to read this
Warning signs
Spreads widening, especially in CCC and single-B, where leveraged infrastructure borrowers sit. AI issuers paying more than similarly rated peers is a specific warning.
Keep in mind
- Index spreads are broad market proxies, not AI-specific.
- A yield is not a spread, and a spread is not a default probability.
- ICE BofA history on FRED is limited to a rolling 3 years. Older values exist only if this monitor stored them.