CoreWeave CEO cites strong backlog to reassure staff after stock slump

CoreWeave CEO Mike Intrator told employees Wednesday that markets can "misunderstand and act irrationally" after the AI cloud-computing provider's shares closed down about 15 percent. Intrator said in a memo that the company's deal backlog is large enough to more than support its debt obligations, and that difficulties with rivals' IPOs and debt financings are "bleeding into the narrative around CoreWeave." Bloomberg News reported CoreWeave's bonds have plunged to levels indicating distress, with unsecured debt due in 2032 trading below 80 cents on the dollar. CoreWeave reported a revenue backlog of $104.2 billion in the second quarter, up from $99.4 billion in the first quarter, and secured over $25 billion of net new customer commitments in the third quarter.