Bulk cavitation is a phenomenon that occurs when a negative-pressure or tension wave causes a liquid to rupture, or cavitate, over space. It is a process which causes resident microbubbles to grow to many times their original size, forming a bubble cloud. Such bubble clouds are observed in shallow underwater explosions, where negative-pressure waves are formed after shock waves reflect off the water surface; they are also observed in shock wave lithotripsy, shock wave histotripsy, ultrasonic cleaning, and other applications. Models had been developed for predicting the size and shape of such bulk cavitation regions. This work introduces a model that accounts for energy “lost” to bulk cavitation which in turn influences the extent that is dependent on the rate at which the passing negative-pressure wave dissipates. In-laboratory underwater experiments utilizing a spark source for high-amplitude pressure pulse generation, hydrophones and high-speed videography validate the energy transfer from tension wave to bubble cloud formation. These experiments are supplemented by computational fluid dynamics simulations. A cavitation absorption coefficient is introduced and parameterized for accurate prediction of cloud extent.