CoreWeave (CRWV) Stock Falls After Q1 Revenue Guidance Misses Estimates

TLDR

• CoreWeave (CRWV) stock dropped 8-9% after hours following Q4 2025 earnings
• Q4 revenue hit $1.57B, up 110% year over year, beating estimates — but loss per share came in at $0.89 vs. $0.49 expected
• Q1 2026 revenue guidance of $1.9B–$2.0B missed Wall Street’s $2.29B estimate
• Full-year 2026 revenue forecast of $12B–$13B roughly in line; capex projected at $30B–$35B
• Revenue backlog grew to $66.8B; debt stands at ~$30B

CoreWeave stock dropped 8-9% in after-hours trading on Thursday after the company posted mixed fourth-quarter results that left investors focused on what comes next rather than what just happened.

CoreWeave, Inc. Class A Common Stock, CRWV

The AI cloud infrastructure provider reported Q4 revenue of $1.57 billion, topping the $1.55 billion Wall Street estimate. Year-over-year revenue growth came in at 110%.

That’s the good part.

The loss per share came in at $0.89, well above the $0.49 loss analysts had expected. That gap between actual and expected losses caught the market off guard.

Adjusted EBITDA landed at $898 million, below the $929 million StreetAccount consensus.

The bigger driver of the selloff, though, was guidance.

CoreWeave projected Q1 2026 revenue of $1.9 billion to $2.0 billion. Wall Street had been expecting $2.29 billion. That’s a gap of roughly $290 million at the midpoint — not a rounding error.

Full-Year Outlook and Spending Plans

For the full year, CoreWeave guided revenue of $12 billion to $13 billion, roughly in line with the $12.09 billion analyst consensus.

But the spending picture is harder to ignore. The company plans $30 billion to $35 billion in capital expenditures in 2026, up from $10.31 billion in 2025. That’s a dramatic acceleration in build-out costs.

CoreWeave ended 2025 with 850 megawatts of active power capacity and 3.1 gigawatts under contract. It’s targeting more than 1.7 gigawatts of active power by end of 2026, ahead of analyst projections of 1.59 gigawatts.

The revenue backlog grew to $66.8 billion from $55.6 billion at the end of Q3. The weighted average contract length extended to five years, up from four at end of 2024.

CoreWeave reported $21.37 billion in debt as of December 31. Combined with lease obligations, total borrowings sit around $30 billion — and interest costs are eating into margins.

Supply and Demand Still Tight

Nvidia GPU supply remains constrained, Intrator noted on the analyst call. Average H100 prices in Q4 stayed within 10% of where they started the year. Older A100 prices actually rose in 2025.

Intrator said demand is spreading beyond hyperscalers and foundation model companies into enterprise and sovereign customers.

During the quarter, CoreWeave announced a deal with AI model builder Poolside, launched an object storage service, and raised its credit facility to $2.5 billion from $1.5 billion.

Despite the after-hours drop, CRWV was still up 36% year-to-date through Thursday’s close.

Wall Street currently holds a Moderate Buy consensus on the stock, with nine Buy ratings and eight Holds. The average price target sits at $118.57.

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