Anthropic pushes toward an IPO while CoreWeave's debt spooks Wall Street

CoreWeave's default insurance costs just topped a level traders treat as distress. Anthropic, which actually buys CoreWeave's compute, is heading the other way, toward Nasdaq. You can see the split in the AI trade happening in two numbers released the same week. CoreWeave's five-year credit default swap spread pushed past 1,000 basis points in mid-October, a threshold traders use to price in roughly a 60% chance the company defaults within five years, according to CNBC. Its 9.75% notes due 2031 were yielding as high as 15.78%. Meanwhile, Anthropic is moving toward a Nasdaq listing. Bloomberg and other outlets now expect it to headline the fourth-quarter IPO pipeline, built on a quarter where the company actually turned a profit.

First reported by Startup Fortune. This page is a short excerpt; the full text is theirs.