As of 16:03 UTC, CRWV traded around $105.12, up roughly 1.1% intraday, ahead of results due after today’s close. The company has confirmed its Q3 FY2025 earnings release and webcast for Monday, Nov. 10. [1]
Why today’s print matters
After a bruising week for AI‑linked names, CoreWeave shares fell about 22% last week amid a broader “AI trade” unwind, putting extra scrutiny on tonight’s numbers and guidance. [2]
Analysts expect triple‑digit revenue growth but continued losses. One widely watched preview pegs Q3 revenue near $1.3 billion (≈124% YoY) vs. a consensus near $1.21 billion; profitability remains a longer‑term goal as the company keeps building out capacity. [3]
Multiple previews this morning frame a loss per share somewhere in the -$0.35 to -$0.51 range, underscoring the spread in near‑term margin assumptions. [4]
The 5 storylines to watch in CoreWeave’s Q3
1) Top‑line pace vs. consensus
Can management beat or at least meet the $1.21B–$1.30B revenue range that Wall Street is focused on? Any update to full‑year guidance will likely swing the stock after hours. [5]
2) Remaining Performance Obligations (RPO)
Previews suggest RPO could reach ~$60 billion, reflecting multi‑year compute commitments with hyperscalers and AI leaders. A higher‑than‑expected RPO would signal durable demand beyond 2026. [6]
3) Power and capacity ramp
Access to electricity is the new bottleneck in AI. CoreWeave’s available power is flagged around 2.8 GW—investors will listen for concrete timelines for energizing new sites and any fresh power purchase agreements. [7]
4) Hardware cycle: Blackwell and beyond
Management’s cadence for deploying Nvidia Blackwell‑class systems (and any early read on GB300‑era roadmaps) will shape 2026–27 capex and throughput. Expect questions on supply timing and pricing. [8]
5) Customer concentration vs. diversification
The deal pipeline remains a key debate. In recent months CoreWeave announced a $14.2B agreement with Meta and expanded its OpenAI pact by up to $6.5B, moves that both diversify demand and increase long‑term visibility. Details on ramp schedules, minimum‑use, and termination clauses will matter. [9]
Strategic backdrop: big contracts, bigger questions
- Big‑Tech deals anchor demand. The Meta contract (through 2031) and the expanded OpenAI commitment add multi‑year backlog and signal continued AI build‑out even as equity markets wobble. [10]
- “Circular” financing under the microscope. The dense web of vendor financing and strategic investments across AI infrastructure players has drawn fresh scrutiny; expect analysts to probe CoreWeave’s balance‑sheet flexibility and any off‑balance‑sheet structures. [11]
- M&A reset. In late October, Core Scientific shareholders rejected CoreWeave’s proposed all‑stock acquisition, and the deal was terminated. Management has said its growth strategy continues independently, and investors will want to hear the updated capacity plan minus that integration. [12]
By the numbers (what the Street will grade)
- Revenue: $1.21B consensus vs. $1.3B top‑down preview (Citi), ≈+124% YoY. [13]
- EPS (adj.): A loss is expected; previews cluster in the -$0.35 to -$0.51 range. [14]
- Backlog/RPO: Watch for ~$60B talk and the split between firm commitments vs. options. [15]
- Power: Progress toward ~2.8 GW and new energization milestones. [16]
Bull vs. bear: how narratives could shift tonight
Bull case: If CoreWeave clears revenue/EPS hurdles and raises RPO while outlining tangible power additions and Blackwell deliveries, the stock could begin repairing recent damage. Some market commentators frame the pullback as an “incredible AI bargain,” contingent on execution against mega‑deals. [17]
Bear case: A miss, softer 2025 outlook, or ambiguity on power and supply could reinforce worries that the AI build‑out is overextended and financed in ways that add fragility when markets turn. Updates on capex, lease obligations, and debt will be key to this read‑through. [18]
How to follow along
- Earnings release & webcast:After the market close, Monday, Nov. 10, 2025 on CoreWeave’s investor relations site. Q&A typically focuses on backlog quality, power, and hardware availability. [19]
Bottom line
Heading into tonight’s print, expectations are high but fragile: Wall Street is braced for rapid growth with red ink, and the stock’s recent 22% slide leaves little room for disappointment. Guidance on RPO, power, and hardware cadence—and clarity on the post‑Core Scientific roadmap—will likely dictate whether CRWV’s next move is a relief rally or another leg lower. [20]
Note: This article is for informational purposes only and does not constitute investment advice.
Sources: MarketWatch earnings preview; Bloomberg/Yahoo Finance on market pressure; Reuters on Meta/OpenAI contracts; company IR for timing. [21]
References
1. investors.coreweave.com, 2. www.bloomberg.com, 3. www.marketwatch.com, 4. www.investopedia.com, 5. www.marketwatch.com, 6. www.marketwatch.com, 7. www.marketwatch.com, 8. www.marketwatch.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.marketwatch.com, 14. www.investopedia.com, 15. www.marketwatch.com, 16. www.marketwatch.com, 17. seekingalpha.com, 18. www.reuters.com, 19. investors.coreweave.com, 20. www.bloomberg.com, 21. www.marketwatch.com
