CoreWeave’s CEO Blames Rout on Market Acting ‘Irrationally’

CoreWeave Inc. Chief Executive Officer Mike Intrator, facing a plunge in the company’s stock and bond prices, said the market is acting “irrationally” and that he remains confident in the AI cloud company.

CoreWeave’s deal backlog is large enough to more than support its debt obligations, Intrator said in a memo that was seen by Bloomberg News. The executive made the remarks after the AI cloud company’s bonds tumbled to levels that typically indicate distress.

“When you are building a new type of technology company, there will be periods of time when the market misunderstands and acts irrationally,” he wrote to staff. “We are confident in our business model, our customers, the extraordinary quality of our execution, and the relentless discipline around the financial engine we have built.”

Intrator said “factors like the weakness and delays surrounding the attempted IPOs and debt financings” of several CoreWeave rivals “are bleeding into the narrative around CoreWeave.”

A spokeswoman for CoreWeave confirmed the authenticity of the email.