CoreWeave stock plunges 15.5% on $35.6 billion debt concerns

Shares of US data center operator CoreWeave fell 15.5 percent to $65.78 on Wednesday, driven by investor concerns over its $35.6 billion debt load amid rising interest rates. The New Jersey company finances large purchases of Nvidia semiconductor chips through debt, leaving it exposed to higher borrowing costs. Yields on its 2031 and 2032 bonds surged to near 15 percent, reflecting heightened market anxiety over its financial prospects. Analyst Gil Luria of DA Davidson warned CoreWeave would be "the first to go" if the AI cycle weakens, calling it a "poster child" for high-rate borrowing on speculative assets. CEO Mike Intrator dismissed the market's behavior as "irrational," per a Bloomberg memo. CoreWeave debuted on Wall Street in March 2025 at $39.