AI Cloud Star CoreWeave Loses $2.7 Billion in a Day

CoreWeave Inc. (Nasdaq: CRWV) shares fell 5.94% on the 21st to close at $95.22, erasing roughly $2 billion in market capitalization and signaling heightened short-term volatility as trading volume topped 20.49 million shares.

The decline follows a securities class action lawsuit alleging that the company downplayed or concealed information about delays in completing its massive Denton, Texas, data center. Leading firms Hagens Berman and Robbins Geller are urging investors who suffered significant losses to join the litigation by the March 13 deadline, weighing on market sentiment.

Founded in 2017, CoreWeave is a U.S.–based AI cloud computing provider offering high-performance compute infrastructure powered by NVIDIA GPUs. It has captured hyperscale AI demand, notably through long-term contracts with OpenAI valued at up to $11.9 billion. Since its Nasdaq IPO in March 2025, the company has drawn attention with NVIDIA’s strategic $900 million equity investment and its $1.7 billion acquisition of Weights & Biases—though its aggressive capital expenditures and concentration risk with select partners remain structural concerns.