CoreWeave stock down 32% as insiders sell $600M

CoreWeave shares have tumbled 32% since joining the Nasdaq 100, wiping out value for passive retirement savers who bought into the index move.

On June 22, 2026, when Nasdaq 100 inclusion kicked in, the stock opened above $119, but it now trades around $80. This latest slide caps a 15-month stretch of declines for the company’s shares.

As shareholders eat the losses, executives and board members have been cashing out. Since June 22, insiders have dumped over $600 million in CoreWeave stock, with CEO Michael Intrator offloading more than $320 million and co-founder Brannin McBee selling $220 million.

Operating costs explain the stock’s slide. In the second quarter, depreciation and amortization on AI equipment topped $1.3 billion, accounting for 54% of revenue. Interest on debt hit $640 million, a jump from $267 million the prior year. Together, these items ate up over three-quarters of every dollar earned.

Spending vastly outpaces earnings. Full-year capex guidance is set at $35-39 billion, against revenue guidance of just $12.4-13.2 billion. CoreWeave thus plans to spend about $3 for every $1 of expected income, and the free cash flow for the second quarter registered at negative $5.7 billion.

Debt funded the construction. The total debt load rose from $7.9 billion to $21.4 billion by the end of 2025, then crossed the $35.6 billion mark.

CoreWeave touts a contracted revenue backlog of $104 billion. Yet the model depends on converting that demand into profit ahead of Nvidia chip depreciation and lender interest demands. While the stock keeps falling, company leaders continue to sell.