Down 53%, Should You Still Buy CoreWeave's (CRWV) Stock?

CRWV has dropped 53% from its June 2025 peak of $183.58 to $86, but the sell-off may present an entry point for traders willing to stomach execution risk. The AI infrastructure provider operates 51 data centers housing more than 250,000 NVDA GPUs and counts META, MSFT, and OpenAI as clients.

Revenue surged 168% to $5.1 billion in 2025, and the company sits on a $104 billion contracted revenue backlog. Analysts project continued strong growth through 2028 and value the stock at 12x adjusted EBITDA based on that outlook.

The risk: CoreWeave remains unprofitable under GAAP accounting and carries a 14.3 debt-to-equity ratio. That leverage profile creates downside vulnerability if demand for AI compute capacity softens or if capital markets tighten access to refinancing. The backlog provides revenue visibility, but margin trajectory and cash conversion remain open questions.