CoreWeave Stock Rebounds as Wayve Deal Tests Diversification

TLDR

CoreWeave stock rebounded during Monday’s session following an earlier decline.
CoreWeave announced a multi-year cloud computing agreement with autonomous-driving developer Wayve.
Microsoft is reportedly winding down its Oracle AI cloud agreement involving older Nvidia processors.
Three customers accounted for 72% of CoreWeave’s second-quarter 2026 revenue.
CoreWeave reported $640 million in second-quarter net interest expense.

CoreWeave stock rebounded Monday following a new cloud agreement with autonomous-driving developer Wayve. The announcement coincided with scrutiny of Microsoft’s outside computing contracts ahead of CoreWeave’s quarterly earnings.

CoreWeave, Inc. Class A Common Stock, CRWV

 
At 11:09 a.m. Eastern, shares traded at $49.37, up 6.40% from Friday’s $46.40 close. Earlier Monday, the stock traded below its previous close, demonstrating sharp intraday moves.
Wayve Deal Opens a New Customer Channel
CoreWeave said Wayve will train foundation models on its cloud infrastructure using Nvidia Blackwell processors. Wayve will also use the platform for evaluation and simulation as it develops autonomous-driving software.
Wayve previously used Weights & Biases, a developer platform acquired by CoreWeave. CoreWeave did not disclose the contract’s value or a specific expiration date. Consequently, the agreement cannot yet support a quantified revenue forecast.
The expanded relationship nevertheless illustrates demand from applications beyond conventional generative AI.
Microsoft Cloud Review Raises Renewal Questions
Bloomberg reported Friday that Microsoft is winding down a 2023 Oracle cloud rental agreement. Sources told Bloomberg older Nvidia processors no longer matched Microsoft’s requirements. Oracle told Reuters demand for its AI services remained strong, including earlier-generation chips.
Microsoft has reportedly reviewed billions of dollars in outside computing commitments, including other providers. Neither report establishes a canceled CoreWeave contract.
This distinction matters because CoreWeave’s SEC filing documents dependence on relatively few customers. Three unnamed customers produced 36%, 26%, and 10% of second-quarter revenue, respectively. The company identified Microsoft as a significant customer but did not match it to those percentages.
That leaves the precise exposure to any individual Microsoft contract unclear.
Earnings Put Backlog and Borrowing Under Focus
The filing showed $103.7 billion in remaining performance obligations at June 30, 2026. CoreWeave expects 41% of that amount to be recognized over the following 24 months. However, those commitments depend on service delivery and contract conditions.
Second-quarter revenue was $2.58 billion, while net interest expense reached $640 million. That compares with $267 million in interest expense a year earlier.
Separately, Reuters reported Monday that banks were scrutinizing AI infrastructure lending and limiting additional exposure.
Meanwhile, Blockonomi previously reported concerns about CoreWeave’s borrowing costs during October’s AI infrastructure selloff. Another Blockonomi report documented older Nvidia A100 hardware contracts running through 2029. Those contracts complicate broad assumptions that every older chip immediately loses commercial demand.
CoreWeave scheduled its third-quarter earnings call for November 10 at 5 p.m. Eastern. The company previously guided for third-quarter revenue between $3.45 billion and $3.60 billion. Its forecast also called for $860 million to $940 million in quarterly interest expense.
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