15% Debt Yields Are Breaking the AI Data Center Math

Rising debt costs (CoreWeave at 15%, Meta's $825B commitments) are turning supposedly capital-light tech moats into capital-heavy, cash-burning bets.

• CoreWeave's debt cost exploded: AI data-center lender CoreWeave saw its debt yield jump from 9% to 15%, meaning a $1B loan now requires $150M/year just to cover interest, before any debt paydown or shareholder return.
• Meta's $825B commitment: Meta's revenue rose 26% to $64.6B with ad prices up 14%, but costs rose 68% and it has committed $825B in future AI infrastructure leases, which the source says erases positive cash flow.

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