CoreWeave Dropped 20% Last Week. Is It Time to Panic or Buy?

CRWV shed more than 20% last week as investors focused on the balance sheet: roughly $35 billion in debt, rising interest costs, and a capital spending plan that dwarfs expected sales.

The numbers driving the selloff are stark. CoreWeave expects $39 billion in capital expenditures in 2026 against revenue guidance of $12.4-13.2 billion. That gap means spending runs roughly three times projected sales, and the debt carrying it is getting more expensive to service.

The bull case rests on demand. Revenue grew 112% year over year, and the company holds a $104 billion backlog. Read as interpretation: the backlog is roughly eight times the top end of 2026 revenue guidance, which suggests the market is pricing financing risk, not a lack of customers.

NVDA CEO Jensen Huang weighed in with optimism on CRWV, framing the drop as a potential buying opportunity for risk-tolerant investors willing to build positions gradually. Interpretation: that comment from the key GPU supplier may help sentiment, but it does nothing to change the debt math.