TLDR
- CoreWeave’s Q3 revenue hit $1.36 billion, beating estimates and marking 134% growth from last year’s $583.9 million
- The company lowered 2025 revenue outlook to $5.05-$5.15 billion, missing the $5.29 billion analyst forecast
- CoreWeave secured a $14.2 billion Meta contract and $6.5 billion OpenAI deal during the quarter
- Stock dropped 6% in extended trading despite revenue beat and 164% rally since March debut
- Net loss narrowed to $110 million from $360 million in the prior-year quarter
CoreWeave reported third-quarter revenue of $1.36 billion on Monday, topping the $1.29 billion Wall Street expected. The figure represents 134% growth from $583.9 million a year earlier.
Investors sent shares down 6% after hours. The drop came after CoreWeave cut its full-year revenue projection below analyst expectations.
The company trimmed its 2025 revenue forecast to $5.05 billion to $5.15 billion. Previous guidance called for $5.15 billion to $5.35 billion. Analysts were modeling $5.29 billion.
CoreWeave, Inc. Class A Common Stock, CRWV
A third-party data center developer fell behind schedule, creating the shortfall. CEO Mike Intrator said one facility’s delays affected customer service delivery but won’t impact the company’s $55.6 billion backlog.
The affected customer extended its contract expiration date, preserving the total deal value. CoreWeave operates 41 data centers across its portfolio.
Supply Challenges Create Headwinds
Intrator explained the constraint isn’t power related. The real bottleneck involves finding powered-shell data centers where CoreWeave can install its gear.
“The overwhelming majority of the delay that you’re seeing should be taken care of within Q1 of next year,” Intrator said on the earnings call. The company is building its own Pennsylvania facility to reduce reliance on third-party developers.
CoreWeave posted a $110 million net loss in the quarter. That’s an improvement from the $360 million loss recorded in the same period last year.
The loss per share came to 22 cents. Adjusted operating margins fell to 16% from 21% a year ago as expansion costs mounted.
Billion-Dollar Deals Drive Revenue
CoreWeave landed a six-year Meta agreement worth up to $14.2 billion. The company also announced a $6.5 billion expansion with OpenAI.
A sixth contract with an unnamed hyperscaler customer added to the order book. Total backlog stands at $55.6 billion with 2.9 gigawatts in contracted power capacity, up from 2.2 gigawatts at the end of June.
The company rents Nvidia GPUs to AI firms and partners with cloud giants like Google and Microsoft.
Spending Ramps Up for Infrastructure
CFO Nitin Agrawal told analysts that 2026 capital expenditures will exceed double the 2025 amount. CoreWeave expects to spend $12 billion to $14 billion this year on infrastructure buildout.
The stock went public at $40 per share in March. Shares closed at $105.61 on Monday before the after-hours decline, representing a 164% gain since the IPO.
CoreWeave tried buying Core Scientific for $9 billion in October. Shareholders voted down the proposed merger, ending acquisition talks.
Contracted power reached 2.9 gigawatts across the company’s data center network. The expansion supports growing demand for AI computing infrastructure from major technology clients.
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