CoreWeave covers its interest bill 2.1 times, while Oracle covers it 6.6 times
Trailing EBITDA (operating income plus D&A) divided by gross interest expense, latest four reported quarters through September 30, 2026 (Oracle through August 31). Dashed line marks 3x
Silvia Insights research desk
The AI build-out is splitting on the cost of money, not on demand.
Over the latest four reported quarters, trailing EBITDA covers gross interest expense 7.2 times at Digital Realty and 6.6 times at Oracle. It covers it 2.1 times at CoreWeave and 1.5 times at Nebius, and IREN's EBITDA is negative.
CoreWeave posted a $132.5 billion backlog and its stock rose about 25% on November 11. Its third-quarter interest expense of $846 million was 4.1 times its operating income, with the 10-year Treasury yield near 5%.
In the 2000 telecom build-out, five infrastructure names that survived were down 35% to 72% a year after the Nasdaq peak.
Backlog shows the demand. Interest coverage shows who can afford to meet it.
This chart comes from a Silvia Insights research report. Members received the full report earlier this week.
Research is for informational purposes and does not constitute personalized investment advice.
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