No stock generated more securities lending revenue in 2025 than CoreWeave, which earned approximately $467 million for lenders, the most by a single security since AMC’s 2023 record breaking year, which generated over $500 million. As a specialist AI cloud provider, the company sat at the epicenter of the global GPU build-out.

Demand to borrow the stock intensified throughout the year as hedge funds positioned around its rapid scaling and massive capital requirements for new data centers. 

The defining moment came in August 2025 with an accelerated IPO lock-up expiration. In the weeks leading up to the event, borrowing fees surged beyond 15,000 basis points, reflecting acute scarcity as traders rushed to secure “pre-release” stock. When the lock-up took effect, roughly 80% of Class A shares became tradeable, flooding the market with supply. 

This sudden shift triggered a sharp two-day sell-off of nearly 35% as early investors cashed out. While borrowing costs collapsed back to General Collateral (GC) levels almost overnight, the episode left a lasting mark. Loan balances rose steadily through year-end, suggesting that institutional investors re-engaged with the stock at its new valuation to manage risk or re-establish long-term exposure.