CoreWeave (CRWV.US) bonds fall to a new low Texas data center policy changes impact AI cloud transactions

The Zhitong Finance App learned that CoreWeave (CRWV.US) bonds fell sharply on Wednesday, partly falling to new lows. Earlier, the US Democratic Party candidate who advocated slowing down data center construction won several gubernatorial elections, including Texas.

According to Trace pricing data, the AI cloud computing service provider's unsecured bonds due in 2031 performed the worst among high-yield borrowers on Wednesday, with transaction prices falling as low as 79.5 cents per dollar. Its bonds maturing in 2030 and 2032 have also declined, and are currently hovering around the price of what are commonly regarded as distressed bonds, with yields over 15%.

CoreWeave is one of the companies affected by Texas policy choices. In the state, Gina Hinojosa (Gina Hinojosa) defeated current governor Greg Abbott (Greg Abbott) to become the first Democratic governor of Texas in over 30 years. She has repeatedly called for an immediate halt to data center development.

Other governors elected, including Ohio Democrat Amy Acton (Amy Acton) and Georgia Democrat Keisha Lance Bottoms (Keisha Lance Bottoms), have also advocated slowing data center construction during the election campaign in recent months.

“We currently do not expect changes in the political landscape to have any impact on CoreWeave's existing customer commitments or related backlog orders,” a CoreWeave spokesperson said in a statement. The spokesperson also said that the company expects its current production capacity to be particularly valuable.

The sharp rise in CoreWeave borrowing costs last month has caused market shocks, with traders racing to assess whether speculative companies linked to AI construction can afford higher interest rates.

CoreWeave shares fell 9.9% to $48.42 on Wednesday, the lowest closing level since May 2025. The stock has fallen 32% cumulatively since this year.