CoreWeave, a provider of cloud computing and GPU rentals, is facing significant financial pressure as investors reassess the company's debt-heavy growth model. During the week of October 14-16, 2026, the company's shares dropped by 15% to 25%, reaching lows of $60-65 per share.
The company carries approximately $50 billion in total debt. By the end of Q2 2026, total debt and lease liabilities reached about $52 billion, with $35.6 billion in principal debt. Yields on CoreWeave’s junk-rated 2031/2032 bonds rose to 15-16%, while credit-default swap spreads climbed to 1,000-1,200 basis points.
Despite the market volatility, CoreWeave reported a revenue backlog of $104.2 billion at the end of Q2 2026, with over $25 billion in additional commitments. The company recorded $5.1 billion in revenue and a $1.2 billion net loss for 2025. Projections for 2026 indicate $13 billion in revenue and a loss of $2.13 billion.
Capital expenditures for 2026 are forecast between $35 billion and $39 billion. CEO Mike Intrator and Nvidia CEO Jensen Huang have attributed the current market downturn to broader financing challenges within the AI infrastructure sector rather than a decline in demand for AI compute services.
