CoreWeave Shares Fall 11.9% After 2032 Notes Yield Above 15%

Shares in AI infrastructure provider CoreWeave fell 11.91% Friday to $61.39, while its senior unsecured notes due 2032 had traded below 80 cents on the dollar earlier in the week.

A quote at 5:06 a.m. ET (09:06:47 UTC) put the stock at $66.38, down 4.75% from Thursday’s close. The shares later touched $59.90 and ended at 4 p.m. ET (20:00 UTC). Friday’s decline followed a 5.9% gain the previous session.

CoreWeave’s 9.625% senior unsecured notes due July 15, 2032, traded below $0.80 per $1 of face value on Oct. 14, with the secondary-market yield rising above 15%. The notes carry a fixed 9.625% coupon. The higher yield reflected the lower market price; it did not change the coupon on the existing debt.

ARK purchased 188,665 shares on Oct. 14 and 192,566 on Oct. 15, totaling 381,231 shares across the two sessions.

For the quarter ended June 30, revenue was $2.575 billion, capital expenditures were $9.352 billion, net interest expense was $640 million and the net loss was $626 million. At quarter-end, borrowings totaled about $35.1 billion. The balance sheet also listed $16.319 billion in operating lease liabilities and $221 million in finance lease liabilities.

Revenue backlog totaled $104.2 billion as of June 30. That figure included $103.7 billion in remaining performance obligations and $500 million in other estimated revenue from committed contracts. It excluded more than $25 billion in net new customer commitments added early in the third quarter. The backlog represents expected contract revenue, subject to delivery and service availability, rather than cash on hand.

A separate agreement with Nvidia, initially valued at $6.3 billion, covers purchases of residual unsold capacity under specified terms. Nvidia CEO Jensen Huang said at an event in Stockholm on Oct. 15, “CoreWeave’s strength is improving every day. I’m optimistic. Their cost of capital is actually decreasing.” The agreement runs through April 13, 2032, subject to termination terms and delivery and service requirements.