CoreWeave does have one strategy to expand without using debt—acquiring other companies using its highly valued equity. That’s what it’s trying to do with an all-stock deal for its infrastructure partner Core Scientific, which was announced in July in a deal worth $9 billion at the time.

CoreWeave shares sank 10% in premarket trading on Wednesday after the Nvidia-backed company posted a bigger-than-expected loss, raising doubts about its ability to keep costs under check amid robust AI demand.

The company posted a second-quarter loss of $0.60 per share, while analysts surveyed by Visible Alpha had anticipated a loss of $0.45 per share. Revenue soared 207% year-over-year to $1.21 billion, beating estimates.