A vast data center in Plano, Texas, is a symbol of the enormous AI infrastructure boom that has boosted stock markets and driven U.S. economic growth over the past year. The data center occupies more than 450,000 square feet and cost $1.6 billion to construct and equip. It supplies 30 megawatts of computing power to train and run AI models. Yet the company that runs it is a leading candidate to be ground-zero for a future AI financial meltdown.

The data center is one of dozens around the world operated by CoreWeave, a company that develops and manages data centers and sells their computing capacity to technology companies. Its business is at the center of the AI economy—providing computing power to meet the voracious demand of the likes of Microsoft and OpenAI. But CoreWeave doesn’t own

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