Key Stats for CoreWeave Stock
- Pre-Market Price Change for CoreWeave stock: -7.5%
- $CRWV Share Price as of Nov. 10: $105.61
- 52-Week High: $187
- $CRWV Stock Price Target: $143
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What Happened?
CoreWeave (CRWV) stock dropped over 7% in pre-market trading despite beating third-quarter earnings expectations.
The AI infrastructure provider reported revenue of $1.36 billion, topping the $1.28 billion Wall Street expected, while the top-line surged 134% year-over-year. The net loss narrowed to $110 million from $360 million in the same quarter of the previous year.
So why did the stock fall? The company has revised its full-year 2025 revenue guidance to between $5.05 billion and $5.15 billion, which is significantly below the $5.29 billion that analysts had expected.
CEO Mike Intrator blamed delays from a third-party data center developer that’s running behind schedule, pushing some expected fourth-quarter revenue into early 2026.
The company also reduced its 2025 capital expenditure forecast to between $12 billion and $14 billion, a sharp decrease from prior expectations.
However, CFO Nitin Agrawal noted that most of this reduction is simply a matter of timing—infrastructure that is waiting to be deployed will appear as construction in progress on the balance sheet, rather than as completed capital expenditures.
The majority of this delayed spending is expected to occur in the first quarter of 2026.
Despite a near-term hiccup, CoreWeave stock has been one of the hottest names in AI infrastructure since its public debut in March at $40 per share.
The stock closed Monday at $105.61, representing a 160% return in less than a year—far outpacing the Nasdaq’s 32% gain over the same period.
CoreWeave’s growth is directly tied to the AI boom, as it rents out Nvidia graphics processing units to some of the largest tech companies, including Google, Microsoft, OpenAI, and Meta.
During the quarter, it announced a $6.5 billion expansion with OpenAI and a six-year deal with Meta worth up to $14.2 billion, while signing its sixth contract with “a leading hyperscaler.”
CoreWeave ended Q3 with a revenue backlog of $55.6 billion—almost double what it was just last quarter—with 2.9 gigawatts in contracted power capacity, up from 2.2 gigawatts in June.
No single customer now represents more than roughly 35% of revenue backlog, down from about 85% at the start of the year. Over 60% of the backlog is tied to investment-grade customers, showing meaningful diversification.
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What the Market Is Telling Us About CoreWeave Stock
The selloff in CoreWeave stock reflects investor frustration with the delay, despite management’s insistence that it’s temporary.
Intrator stressed that the delay stems from a single data center provider, whereas CoreWeave operates 41 data centers in its portfolio. The affected customer agreed to adjust the delivery schedule, preserving the full contract value and duration.
“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 bottleneck is in “powered-shell” data centers, which are partially completed facilities where CoreWeave can install its own equipment.
This is an industry-wide problem affecting the entire AI infrastructure buildout, not just CoreWeave. To address this, the company is building its own data centers from the ground up in Pennsylvania, giving it more control over future timelines.
Despite the near-term turbulence, CoreWeave remains wildly supply-constrained. Demand for its AI cloud platform far exceeds available capacity, which is why the company expects 2026 capital expenditures to be “well in excess of double” what it’s spending in 2025.
During the quarter, CoreWeave launched AI Object Storage, delivering the highest throughput for AI workloads while reducing customer costs by over 75%. The storage platform alone achieved annual recurring revenue of over $100 million in Q3.
CoreWeave also announced acquisitions of OpenPipe, Marimo, and Monolith to expand its product suite and move beyond just infrastructure into AI application development.
CoreWeave’s technical leadership remains unmatched, given it was the first to market with Nvidia’s GB300 chips and was the only cloud provider to submit MLPerf Inference results for the new hardware.
For the second time, it earned SemiAnalysis’s highest distinction—the Platinum ClusterMAX ranking—ahead of more than 200 providers, including the hyperscalers. No other cloud provider has achieved this even once.
While the guidance cut is disappointing, it’s important to remember this is a timing issue, not a demand problem.
The delayed revenue will shift into 2026, and the company’s massive backlog continues to grow. CoreWeave stock may face near-term volatility, but the long-term story around AI infrastructure demand remains intact.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
