CoreWeave shares initially fell 8% before turning higher in afternoon trading, when they gained 2% to near $67. The move followed a decline of more than 15% the previous day, and the stock remained down 6% for 2026. Yields on the company’s debt continued to rise during the rebound.
The pressure has focused on CoreWeave’s financing. Net interest expense more than doubled year over year to $640 million in the second quarter, while total debt and lease obligations reached $52 billion.
Several analysts maintained buy ratings and argued that CoreWeave may be better positioned than other neocloud providers if financing becomes harder to obtain. They cited its scale, long-term contracts, customer prepayments and arrangements that link infrastructure providers with customers. CoreWeave primarily sells capacity through five-year agreements with large hyperscalers and AI labs, while much of its backlog is tied to take-or-pay contracts intended to cover related capital and operating costs.
Chief Executive Michael Intrator told employees that the market reaction was irrational and pointed to the company’s cloud backlog. Management is also seeking an investment-grade credit rating as it expands its borrowing capacity. CoreWeave began as a cryptocurrency miner in 2017 before shifting into cloud-computing services.
The broader neocloud sell-off followed a forecast that more than 80% of neocloud providers could cease independent operations by 2030. The figures leave CoreWeave investors weighing the durability of contracted demand against the cost of financing the infrastructure needed to deliver it.