Three articles about CoreWeave this morning give three debt figures: $35.6 billion, "$50+ billion" and "$52 billion." The closest they come to agreeing is on the price lenders want. One piece says its bond yields hit a record 14.5%. Another rounds that to 15%.
$CRWV is -10.41% today. That comes after a 15.5% drop on October 15, which Zacks tied to hotter-than-expected inflation data and climbing bond yields.
The headlines blur two different stories. Revenue doubling is an equity story. A 14.5% yield is the bond market asking to be paid like a lender to a company that, according to the same article, loses money operationally. Shareholders stand behind those bondholders in line.
CoreWeave's own history covers 10 prior sessions that opened with a gap down of 5% or more. It closed below the open in 6 of them, and the median open-to-close was -0.48%. Ten sessions and a median that small don't form a pattern. They also can't tell you whether today's open even cleared the 5% mark.
Work out which debt number you believe before you decide what the stock is worth.