CoreWeave (CRWV) Stock on December 5, 2025: Price, Latest News, Analyst Forecasts and AI Cloud Outlook

CoreWeave, Inc. (NASDAQ: CRWV) has become one of 2025’s loudest AI stories: an ex‑crypto miner turned “AI hyperscaler” whose stock doubled after its March IPO, then dropped nearly 50% in a single month, and is now bouncing again.

As of the morning of December 5, 2025, CoreWeave trades in the mid‑$80s per share, with a market value of roughly $43 billion, after jumping about 8% yesterday. ^[1]

Investors are trying to decide whether CRWV is:

a once‑in‑a‑generation “picks and shovels” play on AI infrastructure, or
a highly leveraged bet on an AI bubble with thin margins and very expensive debt. ^[2]

Below is a detailed rundown of where the stock stands today (5 December 2025), what’s driving the volatility, and how Wall Street currently values the AI cloud upstart.

1. CoreWeave (CRWV) stock price today and recent performance

Latest price (intraday, Dec 5, 2025): about $85–86 per share. ^[3]
Close on Dec 4, 2025:$85.75, up 8.05% on the day after a wave of positive news. ^[4]
52‑week range: roughly $33.5 to $187. ^[5]
Market capitalization: StockAnalysis and external trackers peg CoreWeave’s value around $43 billion, based on ~498 million shares outstanding and a share price in the mid‑$80s. ^[6]

From an IPO price of $40 on March 28, 2025, CRWV is still up more than 110%, even after a brutal sell‑off. ^[7] At the same time, the stock is now about 50–55% below its 2025 high near $187, reached in the summer AI frenzy. ^[8]

In valuation terms, CoreWeave is trading at around 10× trailing twelve‑month (TTM) revenue (about $4.3 billion TTM revenue vs. a roughly $43 billion market cap). ^[9] For a company that is still loss‑making on a GAAP basis, that’s rich—and exactly why the stock is so polarizing.

2. What CoreWeave actually does

CoreWeave started life in 2017 as a large‑scale Ethereum mining operation and pivoted into GPU‑based cloud infrastructure after the Ethereum “Merge” killed most mining economics. ^[10]

Today, CoreWeave describes itself as “The Essential Cloud for AI” and operates a specialized cloud platform designed for: ^[11]

Generative AI model training and inference
High‑performance computing (HPC)
Graphics‑heavy workloads such as VFX and rendering

Key pieces of the business model:

GPU & CPU compute: large fleets of NVIDIA GPUs and supporting CPU nodes sold as on‑demand or dedicated instances.
Bare‑metal & managed clusters: for big customers that want private or semi‑private AI supercomputers.
Developer‑facing platform: orchestration tools (Fleet Lifecycle Controller, Node Lifecycle Controller, Tensorizer), observability, and MLOps‑focused acquisitions like OpenPipe and Weights & Biases to tie infrastructure to AI workflows. ^[12]

On the demand side, CoreWeave leans heavily on a handful of giant customers and partners:

OpenAI: CoreWeave originally announced an AI infrastructure contract worth up to $11.9 billion, later expanded by $6.5 billion, bringing total commitments to about $22.4 billion. ^[13]
Meta Platforms: An up‑to‑$14.2 billion multi‑year deal to power next‑generation workloads. ^[14]
NVIDIA: A $6.3 billion strategic collaboration and long list of joint product announcements, positioning CoreWeave as an aggressive adopter of Blackwell and Grace‑Blackwell GPU systems. ^[15]

This is the bull case in a nutshell: CoreWeave rents AI supercomputers to the companies building the future of AI.

3. Earnings snapshot: explosive growth, thin GAAP margins, huge backlog

2024 full‑year picture

According to SEC filings and StockAnalysis data, CoreWeave’s 2024 numbers were already wild: ^[16]

2024 revenue:$1.92 billion, up around 737% vs. 2023 ($228.9 million).
2024 net loss:‑$937.8 million, about 58% worse than 2023.
Roughly two‑thirds of 2024 revenue came from Microsoft, showing how concentrated the customer base is. ^[17]

Q3 2025 results (reported Nov 10, 2025)

CoreWeave’s Q3 2025 release is the current anchor for all the debate: ^[18]

Revenue: $1.365 billion, up ~134% year‑over‑year (from $584 million in Q3 2024).
GAAP operating income: $51.9 million, 4% margin, down from a 20% margin a year ago.
Net loss:‑$110.1 million, or ‑$0.22 per share, improved from a ‑$1.82 loss per share in Q3 2024.
Interest expense: about $310.6 million in the quarter, nearly triple the prior year, reflecting a rapidly growing debt load.
Adjusted EBITDA: $838.1 million with a 61% margin, up from $378.8 million (65% margin) a year ago.

The headline number that bulls keep repeating:

CoreWeave’s revenue backlog reached $55.6 billion as of September 30, 2025. ^[19]

That backlog includes remaining performance obligations and other expected revenue from signed contracts, subject to capacity coming online. In rough terms, it’s more than 10× the company’s current annual revenue run‑rate. ^[20]

Capex and balance sheet

To deliver on that backlog, CoreWeave is spending like a maniac:

Management expects 2025 capital expenditures of $12–14 billion, and Reuters reports that capital spending in 2026 is set to more than double again. ^[21]
Q3 updates included a $1.75 billion 9.0% senior unsecured note due 2031 and multiple delayed‑draw term loan facilities (DDTL 2.1 and DDTL 3.0) totaling over $5.6 billion at SOFR +4–4.25%. ^[22]
Third‑party analysis estimates total debt north of $14 billion and net interest expense over $840 million for the first nine months of 2025. TechStock²+1

MarketBeat pegs CoreWeave’s debt‑to‑equity ratio at about 2.7× and its quick ratio at only 0.49, highlighting both leverage and tight near‑term liquidity. ^[23]

So while the income statement shows eye‑watering growth and fat adjusted EBITDA margins, the cash cost of all that debt is still heavy enough to keep GAAP earnings solidly negative.

4. Guidance cut and the November crash: what went wrong?

In early November, CoreWeave’s stock fell into what commentators have started calling the “neocloud crash”—a sharp re‑rating of AI‑focused cloud infrastructure names like CoreWeave, Nebius and IREN. ^[24]

Two big catalysts hit nearly at once:

4.1 Data‑center delay and lower 2025 guidance

On November 10, alongside Q3 results, CoreWeave trimmed its full‑year 2025 revenue forecast to $5.05–$5.15 billion, from a prior range of $5.15–$5.35 billion and below consensus expectations around $5.29 billion. ^[25]

Reason:

A delay at a third‑party data center partner pushed out capacity for at least one major customer.
The affected customer extended its contract term to keep the total contract value intact, but the near‑term revenue timing still moved. ^[26]

Markets did not take this well. Shares dropped more than 6% in after‑hours trading right after the release and kept sliding through the rest of November. ^[27]

4.2 Bubble worries and sector‑wide de‑rating

Commentary from outlets like Fortune, the Motley Fool, Invezz and Forbes framed CoreWeave as a symbol of the AI infrastructure bubble: a capital‑intensive, debt‑powered data‑center operator whose valuation had outrun fundamentals. ^[28]

Key concerns raised in recent weeks:

Leverage: TS2 and Nasdaq‑linked analysis point to $14+ billion of debt and enormous interest costs, making the story highly sensitive to credit conditions. TechStock²+1
Customer concentration: In 2024, the top two customers accounted for about 77% of revenue, with the largest alone at 62%. That makes any change in OpenAI/Meta/Microsoft demand a huge single‑point risk. TechStock²+1
Execution risk: The Q3 data‑center delay raised questions about whether a massively complex build‑out can stay on schedule. ^[29]
“GPU‑backed” financing: Some commentators worry that loans collateralized by NVIDIA GPUs and related receivables create circular risk between GPU vendors, lenders, and AI clouds. TechStock²+1

According to multiple recap pieces, including a widely cited Motley Fool article, CoreWeave’s share price fell roughly 45% over the month of November, even though it remains up strongly year‑to‑date and vs. the IPO. ^[30]

5. Fresh December 2025 headlines: a $555M loan and a tentative rebound

5.1 New $555 million loan for New Jersey AI campus

On December 4, CoreWeave stock jumped about 8% after news broke that it had secured a $555 million loan from GLAS USA. ^[31]

According to CoinCentral’s detailed breakdown: ^[32]

The loan will help fund a $1.8 billion conversion of a former Merck R&D campus in Kenilworth, New Jersey, into a 250‑megawatt AI data center.
The project benefits from roughly $250 million in state tax‑credit financing under New Jersey’s “Next New Jersey” AI program.
CoreWeave already operates around 41 data centers with roughly 590 MW of active power, and is investing up to $6 billion in a Lancaster, Pennsylvania campus that could reach 300 MW.

Investors read the loan as a sign that credit lines are still open and that demand for AI compute justifies more capacity, even after the November crash. Of course, it also adds to CoreWeave’s debt pile, reinforcing the leverage issue.

5.2 Insider selling continues

On December 4, MarketBeat flagged a new wave of insider sales: ^[33]

Co‑founder Brannin McBee sold 102,835 shares on December 2 at an average price of $78.61, raising about $8.1 million and reducing his stake by ~36% to 185,181 shares.
The same filing shows multiple large sales in September, repeatedly in 250,000–375,000 share chunks at prices between ~$99 and $138.

Despite those sales, the article notes that CRWV was up 8.1% on the day to $85.75, and reiterates that Wall Street’s consensus price target sits around $129.47 with a “Moderate Buy” rating overall. ^[34]

Taken together, the tape now looks like this:

Institutions are building positions (e.g., Sapphire Ventures and others highlighted in recent coverage). ^[35]
Founders and early investors are selling heavily into strength as lock‑ups expire. ^[36]

That mix is exactly what you’d expect from a hot, newly public, high‑beta tech name.

5.3 “Neocloud” crash as buying opportunity?

Recent articles from Barron’s, TS2 and Seeking Alpha argue that the November crash may be “air coming out of the bubble” rather than the end of the story. ^[37]

Common bullish points:

Backlog vs. revenue: With a $55.6B backlog and ~$4.3B TTM revenue, CoreWeave has years of contracted demand—if it can build the infrastructure and keep customers happy. ^[38]
AI capex wave: Big Tech plans to pour hundreds of billions of dollars into AI data centers through the end of the decade, creating a potentially long runway for GPU clouds. TechStock²+2Reuters+2
Pricing power & scarcity: NVIDIA GPU capacity is still constrained, giving specialized players room to charge premium rates—at least while the supply/demand imbalance persists. ^[39]

But even bullish analysts acknowledge that CoreWeave is not a “safe” AI stock: volatility, leverage and execution risk are all very real. ^[40]

6. Analyst forecasts: how Wall Street values CRWV now

Different data providers show slightly different numbers, but they all agree on two things: “Buy” rating, big dispersion in targets.

6.1 12‑month price targets

StockAnalysis: 26 analysts, average $129.83 12‑month price target, implying about 50% upside from a mid‑$80s price. Target range $32–$200. ^[41]
MarketBeat: consensus target $129.47, also about 50% upside, with a rating mix of 2 Strong Buy, 17 Buy, 12 Hold, 3 Sell (overall “Moderate Buy”). ^[42]
Investing.com: 24 analysts, average $133.1, low $36, high $208. ^[43]
TipRanks: 24 analysts, average around $148, with a high case up to $430 and a low near $36. ^[44]

So broadly:

Consensus is clustered around $130–$145 per share, implying roughly 50–70% upside from current levels, but the spread from the most bearish to the most bullish forecast is enormous.

Some recent notes exemplify the split:

A Seeking Alpha piece today pegs fair value around $131.25, suggesting about 65% upside from roughly current prices. ^[45]
Other analyses, including recent Forbes commentary, argue the stock could revisit the $50 area if execution stumbles or the AI capex cycle slows. ^[46]

6.2 Multi‑year growth forecasts

A recent Nasdaq / Motley Fool discussion of CoreWeave’s long‑term outlook suggests that analysts expect, from 2024 to 2027: ^[47]

Revenue CAGR ~112%, reaching about $18.1 billion by 2027.
Adjusted EBITDA CAGR ~120%, hitting roughly $13 billion by 2027.

Those numbers assume:

Continued signing and conversion of huge contracts with OpenAI, Meta, NVIDIA and others.
Successful ramp of new data centers in New Jersey, Pennsylvania, the UK and Sweden. ^[48]

Of course, none of this is guaranteed. These are projections, not promises.

7. Bull vs. bear case in one place

Let’s condense the current research flow into a quick scoreboard.

7.1 Bullish arguments

Based on company filings and bullish research (Motley Fool, Seeking Alpha, TS2, etc.): ^[49]

Massive demand tailwind
- Generative AI is still capacity‑constrained. Big Tech is racing to build GPU farms, and CoreWeave sits at the center of that build‑out.
Huge contracted backlog
- A $55.6B backlog—with giant deals from OpenAI, Meta and NVIDIA—gives multi‑year visibility if CoreWeave executes.
Industry‑leading tech stack
- Early deployments of NVIDIA’s GB300 / GB200 NVL72 systems and Blackwell‑class GPUs, plus software and MLOps tools via acquisitions, make CoreWeave more than just “rent‑a‑GPU.”
Improving profitability metrics (non‑GAAP)
- Adjusted EBITDA margins ~60% show that once hardware is deployed and utilized, unit economics can be very attractive.
Stock already corrected hard
- Shares are down ~50% from the 2025 peak, and about 45% just in November, even though revenue keeps doubling. Bulls see a rare chance to buy the “picks and shovels” at a big discount to summer valuations. ^[50]

7.2 Bearish arguments

From Fortune, Forbes, Invezz, TS2 and skeptical Motley Fool/Seeking Alpha pieces: ^[51]

Heavy leverage and interest burden
- $14B+ of debt, hundreds of millions in quarterly interest, and a quick ratio under 0.5 make CoreWeave highly sensitive to credit markets and any hiccups in cash generation.
Execution risk on mega‑projects
- The Q3 data‑center delay is a warning sign. CoreWeave has to build and operate gigawatts of extremely complex infrastructure flawlessly, across multiple countries, while technology generations change rapidly. ^[52]
Customer concentration & bargaining power
- When two customers drive over three‑quarters of revenue, those customers have leverage on price, contract terms, and future commitments. A single renegotiation could hit both backlog value and investor confidence. ^[53]
AI bubble / “neocloud” overbuild risk
- If AI capex slows, or if Big Tech decides to build more capacity in‑house instead of renting from third‑party “neoclouds,” CoreWeave could end up over‑built with expensive, underutilized data centers. ^[54]
Insider selling and valuation
- Founders and early backers are selling billions of dollars worth of stock. Skeptics argue they know how hard this will be in a rising‑rate environment and are de‑risking while the stock still trades at around 10× sales. ^[55]

Put crudely: the bull case says “this is AWS‑for‑AI, circa 2010.” The bear case says “this is leveraged telecom infrastructure in 1999.”

8. Key things to watch into 2026

For anyone tracking CRWV—whether as an investor, trader, or just AI infrastructure nerd—most research converges on a few critical questions: Nasdaq+4TechStock²+4CoreWeave+4

Backlog quality and conversion
- How quickly can CoreWeave convert its $55.6B backlog into profitable revenue, not just top‑line growth plus more debt?
Data‑center execution
- Do current delays resolve cleanly, or do we see a pattern of slippage as the New Jersey, Pennsylvania, UK and Swedish campuses ramp?
Debt structure & refinancing
- Can CoreWeave keep lowering its cost of capital (as with DDTL 3.0) and avoid tight covenants or forced equity issuance if markets turn risk‑off?
Customer mix
- Does revenue concentration gradually diversify beyond its top two or three customers, or stay heavily dependent on OpenAI/Meta/Microsoft?
AI demand cycle
- Are we in a short‑lived bubble, or a decade‑long infrastructure super‑cycle? This doesn’t just affect CoreWeave; it affects NVIDIA, the “neoclouds,” and the entire AI supply chain.

9. Bottom line

As of December 5, 2025, CoreWeave is:

A hyper‑growth AI infrastructure company with a huge contracted backlog,
A heavily leveraged balance sheet and meaningful execution risk, and
A volatile stock, still more than 100% above its March IPO price, but over 50% below its summer high. ^[56]

Wall Street mostly calls CRWV a “Buy”, with average targets around $130–$145 and a very wide spread of opinions. ^[57]

Whether that makes the stock a bargain or a value trap depends on your risk tolerance, time horizon, and beliefs about the AI data‑center boom. This article is informational only and not financial advice; before buying or selling any security, it’s wise to do your own research and, ideally, talk to a qualified financial adviser.