CRWV shares fell 33% from May IPO price as record bookings and revenue growth contrast with rising debt and losses.
CoreWeave (NASDAQ:CRWV) traded at $92, down 33% from its May filing price of $136.80, despite reporting 112% year-over-year revenue growth in Q1 2026. The company’s $99.4 billion backlog, including a $21 billion Meta commitment, represents nearly 20 times last year’s revenue.
Revenue surged to $5.13 billion in FY 2025, up 168%, while Q1 2026 revenue reached $2.078 billion, growing 112%. However, a $740 million net loss in Q1 and high debt levels have weighed on investor sentiment, creating a gap between fundamentals and market perception.
Analysts see potential upside to $138, but concerns over capital intensity and losses persist. The stock’s decline reflects broader skepticism about AI infrastructure profitability despite strong demand.