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CoreWeave stock halves after Nasdaq 100 entry as insiders cash out $740m
CoreWeave's stock has fallen by more than half since the Nasdaq 100 inclusion, as insiders unloaded $740m in shares.
15/10/2026 17:597 min read
Mike Intrator, the chief executive of CoreWeave, offloaded around $85m of shares in the indebted artificial intelligence firm from 15 to 30 September.
Those shares have since shed over a quarter of their value.
The company is seeing widespread insider selling, with its stock having dropped $18bn in market capitalisation and over 46% in price since it entered the Nasdaq 100 index.
- Nitin Agrawal, the chief financial officer, sold shares at roughly $80 each on Monday.
- Jonathan Jones, the chief revenue officer, sold at around $77 on Tuesday, as the firm's borrowing cost on its 2032 bonds surged to 15% a year and the stock dropped 15% a day afterwards.
- Kristen McVeety, the general counsel, sold 97,500 shares at close to $94 on 8 September, earning $9m.
- Brannin McBee, a co-founder, disposed of 250,000 shares at roughly $106 on 17 August, pocketing $27m.
This week, McBee informed the Financial Times that CoreWeave plans to take on additional debt.
CoreWeave chief executive's share sales fetch ever-lower sums
The CEO has been offloading a consistent weekly block of roughly 307,700 shares, yet the proceeds have been shrinking in line with the falling stock price.
- On 5 May, that block brought in $39m at around $128 a share.
- On 8 September, it generated $31m near $100 a share.
- On 22 September, it produced $27m close to $87 a share.
- At Thursday's level of roughly $60, his block would raise less than $19m.
Taken together, CoreWeave's officers and directors have offloaded roughly $740m of stock since the company entered the usually prestigious Nasdaq 100 index on 22 June.
The stock opened that day at close to $119 but started trading today below $62. The company's lenders are pricing in distress.
The firm's borrowing cost on bonds maturing in 2031 climbed above 16%, approaching credit card rates.
Credit default swaps on CoreWeave indicated a roughly 63% probability of default within five years.
As of the end of June, the company had around $52bn in total debt and lease liabilities.
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