CoreWeave's stock slid 15% to $65.78 on Wednesday, its biggest single day decline since February. Even with that setback, the shares were still up 8.7% for the year as of Tuesday's close.
Around the same time, the company's bonds dropped to prices that usually signal distress. Intrator addressed the moves in a memo to employees reviewed by Bloomberg News, and a CoreWeave spokeswoman confirmed the email's authenticity.
Intrator said the market is getting the story wrong right now. "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. He added, "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."
He also told staff the company's backlog of contracts is sufficient to more than cover its debt obligations. And he pointed to "factors like the weakness and delays surrounding the attempted IPOs and debt financings" at several rivals as feeding into the narrative around CoreWeave.
Intrator specifically named Firmus, AirTrunk, Lambda and Nscale, saying, "They don't have what we have built," and arguing those firms are trying to raise enormous sums without CoreWeave's execution, revenue, scale or software solutions.
Here is what has been happening:
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Firmus, AirTrunk, Lambda and Nscale did not respond to requests for comment, with some messages sent outside normal business hours.
Since going public last year, CoreWeave has emerged as a prominent barometer for investors tracking the global buildout of AI infrastructure. The stock has climbed more than 60% since listing, giving the company a valuation near $37 billion. At the same time, concerns are mounting about a potential AI bubble and about the sector's borrowing - amounting to tens of billions - to finance a massive data center expansion.
Intrator said the company plans to address the market reaction on its next earnings call, adding, "I, for one, am looking forward to having the opportunity to put the facts in front of the market." For everyday investors, that is the moment to watch how leadership connects the selloff in the stock and bonds with its backlog, financing posture and growth plans.
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