Blackstone's Jon Gray says CoreWeave can 'find a way through' financing pressure

Blackstone COO Jon Gray said Thursday that CoreWeave's underlying business is strong and that the neocloud company will "find a way through" its financing pressure despite investor concerns over its massive debt. CoreWeave's stock has sunk 14% over the past week amid worries about its $51.6 billion total debt. Gray acknowledged that CoreWeave and its peers face challenges in raising capital to deliver on their promises, but he noted that demand for computing power remains strong and that compute pricing is up 50%. He also pointed to CoreWeave's legacy chips being worth more than expected and its data center leases being below market rates. Gray made the comments after Blackstone reported mixed third-quarter results, with revenue of $3.22 billion missing expectations but adjusted earnings topping estimates. He anticipates a strong fourth quarter and 2027, and expects IPO activity to resume once market and geopolitical conditions stabilize.