$CRWV Is Down 55% Over Six Months and 71% From Its $187 Post-IPO Peak Amid Debt Concerns

CoreWeave ($CRWV) is down 55% over the past six months and 71% from its $187 post-IPO peak, with the market concerned about its debt-heavy AI infrastructure expansion.
Despite a $104 billion revenue backlog, the market is questioning whether future cash flows can justify its massive capital expenditures and rising borrowing costs.
According to the author, customer concentration remains a major risk, with three customers accounting for 72% of Q2 revenue, while significant exposure to OpenAI and collateral-backed financing adds further uncertainty.