CoreWeave (CRWV) Stock: Shares Fall 6% Despite Revenue Beat in Q3 Earnings

TLDR

• CoreWeave’s Q3 revenue jumped 134% to $1.36 billion, beating analyst estimates of $1.29 billion
• The company cut its 2025 revenue guidance to $5.05-$5.15 billion from $5.15-$5.35 billion due to a third-party data center delay
• CoreWeave announced major contracts including a $14.2 billion deal with Meta and a $6.5 billion expansion with OpenAI
• The stock dropped 6% in after-hours trading despite the revenue beat, closing at $105.61 after going public at $40 in March
• Capital expenditures for 2026 are expected to more than double from the 2025 range of $12-$14 billion

CoreWeave reported third-quarter revenue of $1.36 billion on Monday, crushing analyst expectations of $1.29 billion. The revenue more than doubled from $583.9 million in the same period last year.

But investors weren’t buying the good news. The stock dropped 6% in extended trading after the company trimmed its full-year revenue forecast.

The company now expects 2025 revenue between $5.05 billion and $5.15 billion. That’s down from the previous range of $5.15 billion to $5.35 billion and below the $5.29 billion analysts were expecting.

CoreWeave, Inc. Class A Common Stock, CRWV

CEO Mike Intrator blamed a third-party data center developer for falling behind schedule. The delay hit the company’s ability to deliver services to a customer.

Intrator said the shortage isn’t about power availability. The real constraint is finding partly completed “powered-shell” data centers where CoreWeave can install its equipment.

Major Deals Keep Rolling In

CoreWeave announced a $14.2 billion six-year deal with Meta during the quarter. The company also revealed a $6.5 billion expansion of its OpenAI partnership.

The company secured its sixth contract from what it calls “a leading hyperscaler.” CoreWeave didn’t name the customer.

The company’s backlog now stands at $55.6 billion. It has 2.9 gigawatts in contracted power, up from 2.2 gigawatts on June 30.

CoreWeave rents out Nvidia graphics processing units to AI companies. It has built relationships with major cloud providers including Google and Microsoft.

The company posted a net loss of $110 million in the quarter. That’s better than the $360 million loss from the same period last year.

Earnings came in at a loss of 22 cents per share. The company’s adjusted operating income margin fell to 16% from 21% a year earlier.

Infrastructure Expansion Plans

CoreWeave is building its own data center from scratch in Pennsylvania. Intrator said the company expects to resolve most of the current delays by the first quarter of 2026.

CoreWeave expects to spend between $12 billion and $14 billion on capital expenditures in 2025. The company went public on the Nasdaq in March at $40 per share.

The stock closed Monday at $105.61, representing a 164% gain since the IPO. The Nasdaq has gained 32% over the same period.

CoreWeave tried to acquire data center operator Core Scientific for $9 billion in October. Core Scientific shareholders voted against the deal, killing the merger.

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