Danny Moses Compares CoreWeave to WeWork, Citing $51 Billion Debt and Lease Burden

"Danny Moses, the investor known for his bearish bet on the 2008 U.S. housing bubble, said CoreWeave's (CRWV) business model 'really looks like WeWork,' questioning whether the AI cloud provider can generate returns sufficient to justify its debt and long-term lease obligations. He made the comparison Monday on "The Real Eisman Playbook." Moses cited roughly $51 billion in combined debt and lease liabilities, based on CoreWeave's June financial filings: about $35.1 billion in debt and $16.5 billion in lease obligations. He warned that if compute rental revenue fails to keep growing, fixed costs could compress profit and cash flow, noting the company has begun leasing some capacity on shorter contracts. The bear case has surfaced in credit markets: CoreWeave bonds maturing in 2031 yielded 15.58% Tuesday, up from prior levels, signaling heightened credit and refinancing risk. JPMorgan expects free cash flow to remain negative until 2030, while Goldman Sachs upgraded the stock to Buy on Monday, arguing the market may be overestimating future financing costs. Polymarket traders assign about a 10% probability of bankruptcy by end-2027, rising to 29% by end-2029.