CoreWeave, Inc. (Nasdaq: CRWV) shares moved lower in early trading Tuesday after the AI‑infrastructure provider said a third‑party data‑center delay will push some capacity online later than planned, prompting a slight cut to its full‑year outlook. The caution overshadowed otherwise strong third‑quarter results that topped Wall Street estimates. [1]
Key takeaways
- Q3 beat: Revenue rose 134% year over year to $1.365 billion; GAAP net loss narrowed to $110.1 million; adjusted operating margin was 16%. [2]
- 2025 guidance trimmed: New full‑year outlook calls for $5.05–$5.15 billion in revenue and $690–$720 million in adjusted operating income; capex $12–$14 billion; interest expense $1.21–$1.25 billion. [3]
- Premarket reaction: Shares fell nearly 9% in premarket trade after the update tied to a third‑party data‑center partner delay; the impacted customer extended the contract, keeping total value intact. [4]
- Demand backdrop: Revenue backlog swelled to $55.6 billion, underpinned by multi‑year commitments with Meta and OpenAI. [5]
- Scale & footprint (Q3):41 data centers, roughly 590 MW of active power and ~2.9 GW contracted. [6]
What changed in the outlook — and why it matters
On the earnings call and in materials posted to its investor site, CoreWeave reduced its 2025 revenue guidance to $5.05–$5.15 billion (from a prior range that topped out at $5.35B) and set adjusted operating income at $690–$720 million. Management also reiterated heavy 2025 investment needs, budgeting $12–$14 billion of capital expenditures and $1.21–$1.25 billion in interest expense. The company attributed the revision primarily to delays at a third‑party data‑center partner, which push some capacity go‑lives into later periods. [7]
The customer affected by the delay agreed to extend the contract, preserving the total deal value — an important detail that suggests timing, not demand, is the headwind. Still, the hiccup amplified investors’ concerns around execution risk in an industry racing to bring power, real estate and GPUs together at unprecedented scale. [8]
The quarter in numbers
CoreWeave delivered another blistering growth quarter:
- Revenue:$1.3647 billion (vs. $583.9 million a year ago).
- GAAP net loss:$110.1 million; basic and diluted EPS of ‑$0.22.
- Adjusted operating income:$217.2 million (16% margin).
- Adjusted EBITDA:$838.1 million (61% margin).
These figures highlight the company’s ability to monetize GPU‑rich AI infrastructure, but also its cost of capital and scale‑up expenses as it grows. [9]
Demand remains deep — and contracted
Management emphasized contracted visibility: revenue backlog reached $55.6 billion as of Sept. 30, up 271% year over year. That backlog is buoyed by multi‑year, multi‑billion‑dollar agreements — up to ~$14.2B with Meta and up to ~$6.5B (now ~$22.4B cumulative) with OpenAI — plus expanded relationships with “a leading hyperscaler.” The company also outlined a $6.3B strategic collaboration with NVIDIA to scale GPU infrastructure. [10]
Where capacity stands
CoreWeave closed Q3 with ~590 MW of active power across 41 facilities and ~2.9 GW of contracted power as it continues to build out an AI‑purpose‑built data‑center network in the U.S. and Europe. That scale is central to fulfilling the backlog, but it also depends on third‑party developers and supply chains — the source of today’s near‑term delay. [11]
Street read & stock context
Analysts called out operational risk as the theme of the morning, noting that delivering mega‑scale AI data centers on schedule is a complex, multi‑party effort. That frame, combined with the guidance nudge lower, contributed to the premarket drop. Even after the move, CoreWeave shares have more than doubled since their March 2025 IPO at $40, underscoring how tightly investor sentiment tracks the broader AI build‑out. [12]
Spending cadence: heavy now, heavier later
CoreWeave expects 2025 capex of $12–$14B and signaled even larger capital outlays in 2026 as it races to meet customer commitments and expand global capacity. That investment profile, paired with higher interest expense, is why the company is still posting a GAAP loss even as top‑line growth surges. [13]
What’s next to watch
- Capacity milestones. Any updates on the delayed facility — plus incremental power coming online in Q4 and early 2026 — will be key for near‑term growth trajectories. [14]
- Backlog conversion. Investors will track how quickly backlog turns into recognized revenue as new sites ramp. [15]
- Capital & financing. With capex measured in the teens of billions, watch for additional financing actions and any changes to the cost of capital. [16]
- Customer concentration. The size of Meta/OpenAI commitments is a strength and a concentration risk; diversification progress with other hyperscalers is a focus. [17]
Company snapshot (Q3 2025)
- Ticker: CRWV (Nasdaq) — public since March 2025
- Q3 revenue: $1.365B
- Backlog: $55.6B
- Adjusted operating margin: 16%
- Data centers: 41
- Active power / contracted power: ~590 MW / ~2.9 GW
- FY25 outlook: Revenue $5.05–$5.15B; Adj. operating income $690–$720M; Capex $12–$14B; Interest expense $1.21–$1.25B. [18]
Editorial note
This article focuses on news published today (Nov. 11, 2025) and CoreWeave’s earnings materials released after the close on Nov. 10. Figures are from CoreWeave’s Q3 press release and investor presentations, and market color from same‑day wire reports. Always consult original filings and company updates before making investment decisions. [19]
Sources: CoreWeave Q3 2025 press release and investor materials; Reuters reporting on the guidance revision, data‑center delay and premarket move. [20]
This content is for informational purposes only and does not constitute investment advice.
References
1. www.reuters.com, 2. s205.q4cdn.com, 3. s205.q4cdn.com, 4. www.reuters.com, 5. s205.q4cdn.com, 6. s205.q4cdn.com, 7. s205.q4cdn.com, 8. www.reuters.com, 9. s205.q4cdn.com, 10. s205.q4cdn.com, 11. s205.q4cdn.com, 12. www.reuters.com, 13. s205.q4cdn.com, 14. www.reuters.com, 15. s205.q4cdn.com, 16. www.businesswire.com, 17. www.businesswire.com, 18. www.businesswire.com, 19. www.businesswire.com, 20. www.businesswire.com
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