CoreWeave Shares Fall 29% as AI Expansion Debt Costs Stay Elevated

CoreWeave shares lost 29% between the end of September and Oct. 21 as elevated borrowing costs sharpened investor focus on how the AI cloud provider will finance its data-center expansion.

The stock closed at $61.82 on Oct. 21, compared with $87.12 at the Sept. 30 close. Yields on some of CoreWeave’s unsecured bonds reached about 15%. Its five-year credit-default swap spread, which reflects the cost of insuring debt against default, was near 1,067 basis points, up 30% in October.

The Treasury comparison covers a separate period: the 10-year U.S. Treasury par yield fell to 5.13% on Oct. 21 from an Oct. 5 peak of 5.31%. The decline in CoreWeave shares, by contrast, is measured from the Sept. 30 close.

The slide follows an Oct. 14 session when CoreWeave shares sank 16% as bond yields approached 15%. At June 30, the company had $35.551 billion in total debt obligations and $5.524 billion in cash and cash equivalents. Its total liquidity was $15.553 billion, including $10.014 billion available through existing borrowing facilities.

CoreWeave believed its cash, short-term investments and available borrowing could cover obligations due within a year. It also cautioned that future investment could require significant debt or equity financing. Scheduled principal repayments total $20.655 billion through 2030, with $14.896 billion due after that.

Cash paid for property and equipment reached $14.1 billion in the first half of 2026, compared with $3.9 billion in the same period a year earlier. CoreWeave had $104 billion in revenue backlog on June 30; net new customer commitments exceeded $25 billion early in the following quarter. Backlog amounts depend on delivery and service availability.

Revenue for the April-June quarter was $2.575 billion, more than twice the year-earlier amount. It posted a $626 million quarterly net loss, while net interest expense totaled $640 million. The figures put the focus on whether customer commitments can support operating capacity and cash receipts while expansion spending and debt costs remain substantial.