CoreWeave Is Projected to Have a 6.3x Gross Leverage Ratio by Year End. The Market Is Worried About the Neocloud's Balance Sheet.

CoreWeave's stock fell 15.5% as investors worry about the neocloud's high leverage and ability to service debt in a rising rate environment. The company has taken on $27.6 billion in debt to build 51 data centers for AI customers, with projections showing a 6.3x gross leverage ratio by year-end. While CoreWeave has a $104 billion revenue backlog, concerns persist about customer concentration and whether the AI infrastructure boom can sustain current commitments.