CoreWeave CEO Cites Strong Backlog in Memo to Staff as Bonds, Stock Tumble

3-line summary

• CoreWeave CEO Mike Intrator told staff in a memo that markets can 'misunderstand and act irrationally,' and that the company's contracted revenue backlog is large enough to cover its debt obligations: backlog rose to $104.2 billion in Q2 from $99.4 billion in Q1, with over $25 billion in net new customer commitments added in Q3. He said funding and IPO troubles at rival AI infrastructure firms 'are bleeding into the narrative around CoreWeave.'
• The memo came as CoreWeave shares fell about 15% (CRWV -15.46% per the report) and its 2032 unsecured bonds traded below 80 cents on the dollar — a level Bloomberg says signals financial distress — amid broader worries over debt-heavy AI infrastructure financing.

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