Should be pretty evident CoreWeave's cost of capital is declining over any timeframe greater than a few months.. DDTLs (the ABS, project-finance style facilities backed by specific clusters and customer contracts) comprise the majority of CoreWeave's debt. Pricing on the DDTLs has tightened a lot over the years. From S+9.62% for DDTL 1.0 issued in 2023.. to as low as S+2.25% for DDTL 4.0 done in March 2026. Note how the older, higher-priced DDTLs 1.0 and 2.0 are declining as the facilities are fully self-amortizing.. And new, lower-priced DDTLs are drawn to fund the most recent capex. Will be interesting to see where the next DDTL prices. Not going to argue it will be tighter than the S+2.25% (DDTL 4.0) and S+4.50% (5.0) prints from earlier this year. But probably worth noting that DDTL 5.5 was done at S+5.50% (not shown below as it was completed post quarter-end) in July 2026 when AI financing markets were similarly volatile.. And DDTL 5.5 has a 5 year term yet funds capex associated with non-investment grade customers on 3 year contracts, making it a much more aggressive structure than anything prior. In any event, where DDTL 6.0 lands seems much more important than where its (illiquid) unsecured senior notes are trading. $CRWV