CoreWeave shares dropped 11.61% to $87.98 after a securities lawsuit and CEO Michael Intrator's $32.87 million insider sale rattled investors. The company's total debt has surged from roughly $2 billion at year-end 2023 to $35.15 billion today, while interest expense doubled year over year to $536 million in a single quarter. Current liabilities of $17.82 billion already exceed current assets by more than three times, and free cash flow ran negative $4.71 billion as capital expenditures hit $7.70 billion. Despite 111.6% revenue growth to $2.08 billion last quarter and a $99 billion contracted backlog, the balance-sheet strain is now the dominant concern. The lawsuit, filed June 29, alleges CoreWeave overstated its ability to meet customer demand and understated its reliance on a single third-party data center supplier.
CoreWeave, Inc. Class A Common Stock
NVIDIA Corporation
Meta Platforms Inc.