Core Weave has made significant concessions to secure its latest $2.6 billion loan, which is backed by computing contracts with Anthropic. The cloud computing company increased debt yields to nearly 9.1 percent and strengthened lender protections after encountering sluggish demand. Key adjustments include a "lockbox" feature to prioritize debt repayment from contract revenue, active until half the debt is repaid or if lease rates fall.

This move reflects a cooling investor appetite for AI-related debt, contrasting with Core Weave's success in securing $3.1 billion previously with similar financing backed by OpenAI contracts at a lower yield. The loan's demand surged after revised terms were introduced, offering a higher pricing spread above the benchmark Secured Overnight Financing Rate and a discounted price on the dollar. Concerns persist regarding the short duration of underlying contracts, particularly the 40 percent from Anthropic, and the potential for renewal risks.

Fitch highlighted a mismatch between long-term data center leases and shorter customer contracts as a credit risk. Investors are increasingly wary of tech credit risks, leading to higher insurance costs against Core Weave's default.