CoreWeave's stock has dropped more than 40% from its 52-week high, yet the company's underlying business remains largely unchanged. Revenue more than doubled year over year from $1.9 billion to $5.1 billion in 2025, and its revenue backlog hit an all-time high of $99.4 billion in the first quarter of 2026. The company continues to serve major AI labs such as Meta Platforms and Anthropic, reinforcing its position in the AI cloud infrastructure market. However, investor caution has grown due to the capital-intensive nature of the business, with $15 billion spent on capital expenditures in just the past two quarters, and increasing competition from tech giants like Amazon, Microsoft, Alphabet, and Meta. For long-term investors who believe in the AI infrastructure growth story and can tolerate volatility, the pullback may present an opportunity.
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CoreWeave, Inc. Class A Common Stock
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Meta Platforms Inc.