Key facts
- CoreWeave CEO Mike Intrator reassured staff about the company's financial health.
- The company's deal backlog is sufficient to cover its debt obligations.
- CoreWeave's unsecured debt due in 2032 traded below 80 cents on the dollar.
- The company reported a revenue backlog of $104.2 billion in the second quarter.
- CoreWeave secured over $25 billion in new customer commitments in the third quarter.
CoreWeave CEO Mike Intrator sought to reassure employees about the company's financial stability, acknowledging market scrutiny and share price declines. In a memo seen by Reuters, Intrator stated that the company's large backlog of deals is sufficient to cover its debt obligations. He also noted that difficulties faced by rivals in their IPOs and debt financings were negatively impacting the narrative around CoreWeave. The remarks come as CoreWeave's shares closed down approximately 15% and its bonds traded at levels indicating distress, with its unsecured debt due in 2032 falling below 80 cents on the dollar, according to Bloomberg News. The company reported a revenue backlog of $104.2 billion in the second quarter, an increase from $99.4 billion in the first quarter, and secured over $25 billion in new customer commitments in the third quarter.