CoreWeave CEO notes strong backlog in memo to reassure staff over market scrutiny
Oct 14 : CoreWeave CEO Mike Intrator said on Wednesday market can sometimes "misunderstand and act irrationally", with shares of the AI cloud-computing provider closing down around 15 per cent.
- The company's deal backlog is large enough to more than support its debt obligations, Intrator told employees in a memo that was seen by Reuters
- Issues such as the difficulties and delays observed in the attempted IPOs and debt financings of some of CoreWeave's rivals "are bleeding into the narrative around CoreWeave", Intrator said in the memo
CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less • According to Bloomberg News, which first reported on the remarks earlier in the day, CoreWeave's bonds have plunged to levels that typically indicate distress • CoreWeave's unsecured debt due in 2032 traded below 80 cents on the dollar on Wednesday, Bloomberg News said in a separate report citing Trace pricing data • CoreWeave has reported revenue backlog of $104.2 billion in the second quarter, up from $99.4 billion in the first quarter • On top of the backlog, the company said it had secured more than $25 billion of net new customer commitments in the third quarter
- According to Bloomberg News, which first reported on the remarks earlier in the day, CoreWeave's bonds have plunged to levels that typically indicate distress
- CoreWeave's unsecured debt due in 2032 traded below 80 cents on the dollar on Wednesday, Bloomberg News said in a separate report citing Trace pricing data
- CoreWeave has reported revenue backlog of $104.2 billion in the second quarter, up from $99.4 billion in the first quarter
- On top of the backlog, the company said it had secured more than $25 billion of net new customer commitments in the third quarter
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Get our pick of top stories and thought-provoking articles in your inbox
Stay updated with notifications for breaking news and our best stories
Join our channel for the top reads for the day on your preferred chat app
