Shares of CoreWeave, Inc. plummeted 5.09% during intraday trading on Friday, as investors reacted to news that the cloud computing company was forced to make significant concessions to secure a new $2.6 billion loan.

The decline was triggered by reports that CoreWeave had to sweeten the terms of the debt, which is backed by a computing power agreement with Anthropic, after facing sluggish subscription demand. The company raised the debt yield to nearly 9.1% and added a customized lockbox mechanism that prioritizes debt repayment from contract cash flows over other operational expenses. This move highlights growing skepticism on Wall Street regarding the profitability and sustainability of the artificial intelligence investment boom.

The newly added protective clauses, which remain in effect until half the loan is repaid, underscore the heightened risk perception surrounding CoreWeave's high-leverage expansion model. The financing's struggle arrives just two months after the company completed a similar $3.1 billion loan backed by an OpenAI contract at a much lower rate, signaling a sharp deterioration in lending conditions and investor confidence in AI infrastructure as an asset class.