TLDR
- CoreWeave stock fell 6.13% to $89.12, extending a two-session decline.
- Shares now trade about 42% below the 52-week high of $153.20.
- CoreWeave reported a backlog of about $104 billion as of June 30.
- Only about 41% of its 3.7 GW contracted power capacity was active.
- Property and equipment spending reached $6.42 billion during the quarter.
CoreWeave (CRWV) stock fell 6.13% to $89.12 on Thursday, extending a two-day reversal that erased its September 8 closing gain. The drop came as investors weighed strong demand against the high cost of building the computing capacity needed to meet contracted orders.
CoreWeave, Inc. Class A Common Stock, CRWV
Shares touched $88.73 on September 10 and closed on volume of 27.6 million shares. CoreWeave stock has now fallen below its September 4 close of $89.36 and sits about 42% under its 52-week high of $153.20.
CoreWeave Stock Slides During Risk-Off Session
CoreWeave did not release new company news on Thursday. The decline followed a sharp rally and came during a weaker market session, with the Nasdaq Composite down 0.7% as oil prices and Treasury yields moved higher.
Brent crude briefly traded above $108 a barrel, while the 10-year Treasury yield rose to 4.95%. Higher borrowing costs can pressure companies that rely on large amounts of outside financing to fund long-term expansion.
CoreWeave reported a backlog of about $104 billion as of June 30. That total was roughly ten times the annualized pace of its second-quarter revenue of $2.58 billion.
The company also said the figure excluded more than $25 billion in new customer commitments added early in the third quarter. However, backlog turns into revenue only when CoreWeave delivers available computing capacity under its contracts.
Power Expansion Remains a Major Requirement
Active power increased by nearly 500 megawatts during the second quarter to 1.5 gigawatts. Contracted power reached about 3.7 gigawatts, leaving only about 41% active at the end of the quarter.
The gap shows how much capacity CoreWeave still needs to build and equip. Meeting contracted demand requires data-center construction, computing hardware, and reliable access to power before customers can use the services.
CoreWeave generated $679 million in operating cash flow during the quarter. Property and equipment purchases reached $6.42 billion, creating a large funding gap before acquisitions and other investing activity.
The company raised $13.46 billion through debt issuance and repaid $3.88 billion. Total debt stood near $35.1 billion, while unrestricted cash totaled $5.52 billion. An August $2.6 billion term loan carried a rate of SOFR plus 5.50 percentage points. The latest decline keeps attention on whether rapid revenue growth can outpace interest costs and capital spending as the company expands infrastructure for its large customer commitments o
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