CoreWeave CEO reassures staff as shares fall 15% on market scrutiny

CoreWeave CEO Mike Intrator told employees in a memo that the market can sometimes "misunderstand and act irrationally," following a roughly 15% drop in the AI cloud-computing provider's share price on Wednesday. Intrator said the company's deal backlog is large enough to more than support its debt obligations, and attributed the selloff to difficulties and delays in rivals' IPOs and debt financings "bleeding into the narrative around CoreWeave." Bloomberg News reported that CoreWeave's bonds have plunged to levels typically 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 more than $25 billion of net new customer commitments in the third quarter.