CoreWeave Stock Down 52% as Debt Bill Surges Faster Than Revenue

What happened

CoreWeave, an AI cloud provider, has seen its stock fall from a 52-week high of $153.20 to $72.91 as of Thursday. Revenue surged 112% year-over-year to $2.1 billion（約3400億円） in Q1, but interest expense more than doubled to $536 million（約860億円） (from $264 million（約420億円） in the prior year), and net loss widened to $740 million（約1200億円） from $315 million（約500億円）.

Why it matters

The company borrows heavily to build data centers, and that debt service is growing about as fast as the business itself—a dynamic that is pressuring the stock. Additionally, Meta Platforms is planning an internal cloud business called Meta Compute to sell surplus AI computing capacity, which directly competes with CoreWeave's core offering, even though Meta is one of CoreWeave's largest customers under an agreement worth about $21 billion（約3.4兆円） through 2032.

What to watch

CoreWeave's revenue backlog reached $99.4 billion（約16兆円） as of March 31 (the strongest bookings quarter in company history), and management believes active power will exceed 8 gigawatts by 2030 (up from 1 gigawatt in Q1). Investors are waiting for evidence that this backlog converts into revenue at healthy margins and that interest costs grow far more slowly, proving the debt-heavy model can scale toward profitability.