CoreWeave stock tumbles 12% as lenders balk at data center financing

CoreWeave shares fell as much as 12% after Blue Owl Capital failed to secure debt financing for a $4B data center project in Pennsylvania that CoreWeave would occupy. A senior lender told Business Insider the project didn't attract interest because lenders are reluctant to add exposure to AI firms with below-investment-grade credit. CoreWeave's B+ credit rating and AI-dependent business model have been red flags for investors. Despite Nvidia backing, the company's high debt-to-equity ratio and a failed merger with Core Scientific last October continue to weigh on market confidence.

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