NEW YORK, July 5, 2026, 18:03 EDT
- CoreWeave, Inc. NASDAQ:CRWV finished at $81.75 in trading Thursday ahead of the July 3 market holiday in the U.S., down 15.4% from the previous Friday’s close.
- Meta Platforms Inc. NASDAQ:META is building a cloud service to offer spare AI compute, according to a Bloomberg report cited by Reuters. Meta did not respond to requests for comment. Reuters said it wasn’t able to confirm the Bloomberg story.
- Meta has committed to $35.2 billion in CoreWeave capacity through 2032. CoreWeave ended March with $99.4 billion in backlog, according to the company.
CoreWeave heads into Monday with something different than the usual AI stock issues. The Nasdaq closed Friday for the Independence Day holiday, so Thursday’s finish is the latest print: $81.75 a share, off 4.6% for the day, down 15.4% from the previous Friday.
Stocks gained in a four-day week, with the Dow, S&P 500, and Nasdaq Composite all up. CoreWeave dropped sharply on high volume.
| Four-session week through July 2 | Last level / price | Week move |
|---|---|---|
| CoreWeave NASDAQ:CRWV | $81.75 | down 15.4% |
| Dow Jones Industrial Average | 52,900.07 | up 2.0% |
| S&P 500 | 7,483.24 | up 1.8% |
| Nasdaq Composite | 25,832.67 | gained 2.1% |
The strange part here is timing. Nasdaq, Inc. NASDAQ:NDAQ put CoreWeave into the Nasdaq-100 ahead of the June 22 open, making it one of five additions this month to an index tracking over $800 billion in product assets. CoreWeave closed at $111.29 on June 22, but by Thursday it was down to $81.75, a drop of 26.5%. Even with index buying, the stock sold off quickly.
Customer risk kicked off the reset. Reuters, quoting Bloomberg on July 1, said Meta is working on a cloud business to sell extra AI compute. These plans aren’t final. The story also noted shares of CoreWeave and Nebius Group N.V. NASDAQ:NBIS dropped after the news, as traders worried Meta might cut spending on outside vendors and go after the same customers.
This is a bigger deal for CoreWeave than for other software or chip stocks. In April, Reuters said Meta signed a $21 billion contract with CoreWeave running through 2032, after a previous $14.2 billion agreement in September. Last year, Microsoft Corporation NASDAQ:MSFT made up about 67% of CoreWeave’s revenue, but Meta is now one of its largest customers. D.A. Davidson’s Gil Luria told Reuters Meta “may not need them anymore.” Reuters
Meta’s $35.2 billion in contracts make up around 82% of CoreWeave’s $43.1 billion market cap in the latest finance quote. CoreWeave reported a $99.4 billion backlog, which is more than double its market value. But the market has discounted that backlog, paying less for future contracted revenue when a major customer like Meta could also supply.
| CoreWeave pressure point | Confirmed number | Investor read |
|---|---|---|
| Meta commitments | $35.2 bln through 2032 | Heavy Meta dependence |
| Market value | $43.1 bln | Meta contacts make up around 82% |
| Revenue backlog | $99.4 bln | Backlog at over 2x market cap |
| Active power | More than 1 GW | Many sites not live yet |
| Contracted power | More than 3.5 GW | Scale-up still ahead |
| 2030 power target | More than 8 GW | Capex outlay stretches for years |
CoreWeave put out big first-quarter numbers in May, with CEO Michael Intrator saying it was the company’s “strongest bookings quarter.” Revenue jumped to $2.08 billion, more than double. Adjusted EBITDA margin came in at 56%. Backlog stood at $99.4 billion. But the release also showed CoreWeave lost $740 million for the quarter, had $536 million in net interest expense, and posted just 1% adjusted operating margin. CoreWeave Investors
Supply risk was not limited to Meta. SoftBank Corp. (TYO:9434) and SoftBank Group Corp. (TYO:9984) said July 2 they set up SB Neo in the U.S. to run a neocloud business. Services are expected in the fiscal year ending March 31, 2028, with a bigger 10-GW AI infrastructure plan coming later. Masayoshi Son said SoftBank will build “world-class AI infrastructure.” SoftBank Corp. CEO Junichi Miyakawa pointed to “strong demand for AI data centers in the United States.” ソフトバンクグループ株式会社
Analysts are divided. Rosenblatt stuck with its Buy rating and $250 target on CoreWeave, Benzinga reported July 2. The consensus price target is $137.32. Shares closed Thursday well below that. The stock now trades much nearer its 52-week low of $63.80 than its high at $166.22.
No confirmed CoreWeave event is on the calendar this week, according to sources. The broad market faces Fed minutes on Wednesday. Delta Air Lines, Inc. NYSE:DAL and PepsiCo, Inc. NASDAQ:PEP report early, ahead of the main earnings run in July. For CoreWeave, Thursday’s $80.56 low is the technical level to watch. On July 1, trading volume was 60.85 million shares, roughly double the recent average.
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