New York, February 23, 2026, 05:25 EST — Premarket
- CoreWeave shares were lower in early premarket trade, extending recent volatility in AI infrastructure names.
- A disputed report on financing appetite for a Pennsylvania data-center project has kept focus on funding and credit risk.
- Investors are looking to a heavy week of AI-linked earnings for the next read on sentiment.
CoreWeave shares fell 2.8% to $86.79 in premarket trading on Monday, after closing Friday at $89.25. (Public)
The move keeps the spotlight on a basic issue for AI infrastructure firms: they need capital up front to build capacity, and markets punish anything that looks like a funding snag.
CoreWeave has leaned on debt to expand its data-center footprint and secure GPUs used to train and run AI models. That makes credit conditions a near-term catalyst, sometimes more than demand headlines.
Business Insider reported that private-credit manager Blue Owl was unable to arrange debt financing for a $4 billion data center in Lancaster, Pennsylvania, expected to be occupied by CoreWeave, and pointed to lender caution toward weaker credits; it noted CoreWeave carries a B+ rating from S&P Global Ratings. Brennan Hawken, an equity analyst at BMO Capital Markets, said that if “there is a struggle to find the debt financing,” it would be “a bit of a red flag.” (Business Insider)
Blue Owl has pushed back on the financing narrative. It said its sole obligation under its agreement with CoreWeave is to provide about $500 million of bridge financing through March 2026, and that commitment remains in place, Reuters reported. (Reuters)
CoreWeave’s financial profile helps explain why the market is jumpy. LSEG data compiled by Reuters shows revenue rose to about $1.9 billion in 2024 from roughly $229 million in 2023, while total debt was about $8.0 billion. (Reuters)
Bridge financing is short-term money meant to cover a project until longer-term debt is raised. If that handoff slips, the builder either pays more, finds new lenders, or slows down.
The timing is awkward for the sector. Investors are braced for a week of AI-sensitive earnings, with Nvidia reporting fiscal fourth-quarter results on Wednesday; “it’s hard for Nvidia to surprise when everyone expects it to surprise,” Marta Norton, chief investment strategist at Empower, said. (Reuters)
But there is a downside case. If lenders keep balking at junk-rated borrowers, CoreWeave could face higher interest costs or tighter terms that crimp how fast it can add capacity, even if demand holds up.
Next up is CoreWeave’s fourth-quarter results after the bell on Thursday, followed by a conference call at 5 p.m. ET. Investors will be listening for clarity on financing, including any updates tied to the Lancaster project, and what management says about the pace of capacity additions. (Coreweave)
