- CoreWeave CEO Mike Intrator issued a memo to staff on October 14, 2026, after the shares closed down about 15%.
- CoreWeave's unsecured debt due in 2032 traded below 80 cents on the dollar, signaling distress.
- CoreWeave reported a revenue backlog of $104.2 billion in Q2, up from $99.4 billion in Q1, and secured over $25 billion in net new customer commitments in Q3.
- Shares gapped down 4.4% on October 13, 2026, opening at $76.32 after closing at $80.26 the prior day.
- CoreWeave has about $5.5 billion in cash against about $51.6 billion in debt, with a negative net margin of 25.41%.
- The company plans to double active power capacity to over 1.7 gigawatts by year-end and raised its FY26 revenue guidance to $12.4 billion to $13.2 billion.
- CoreWeave financed part of its expansion with a $1 billion offering of senior notes at a 9.75% interest rate.
- Twenty-three analysts rate the stock a buy, nine a hold and three a sell, for a consensus of Moderate Buy and an average price target of $140.64.
Quotes
“misunderstand and act irrationally”
“bleeding into the narrative around CoreWeave”