Stock Market Today, Oct. 28: CoreWeave Surges on Denmark AI Capacity Going Live

CoreWeave (CRWV) jumped 7.32% to $63.93 on Oct. 28 after the company brought its Denmark AI data center capacity online, easing the supply constraints that have limited AI infrastructure availability.

The rally lands against a heavy balance sheet. CRWV carries more than $35 billion in accumulated debt, and some of its unsecured debt yields over 15%. That pricing signals how much lenders are demanding to fund the company's buildout.

The demand picture is strong. CRWV reports a $104 billion backlog and added $25 billion in new commitments in Q3. Interpretation: the Denmark go-live is a step toward converting that backlog into revenue, since capacity that is online can serve contracted demand.

The tension is clear. Backlog growth and capacity additions favor the bulls, while the 15%-plus yields on unsecured debt put a price on the funding risk. If the cost of capital stays that high, every new data center adds both revenue potential and interest burden.