CoreWeave Stock (CRWV) on November 30, 2025: 32% Post‑Earnings Slide, $55.6B Backlog and a Wall Street Split

As of November 30, 2025, CoreWeave, Inc. (NASDAQ: CRWV) sits right in the crosshairs of the AI boom and the AI backlash. The Nvidia‑backed cloud‑infrastructure company has posted explosive growth and a huge multi‑year backlog, but its stock has been hammered since its latest earnings report, leaving investors sharply divided on what comes next. ^[1]

Below is a breakdown of the latest CoreWeave stock news and fundamentals, updated through November 30, 2025.

CoreWeave stock price snapshot heading into December 2025

The most recent full trading day data show:

Last close: $73.12 per share on November 28, 2025
After‑hours (Nov 28): about $73.27
Market cap: roughly $36–36.5 billion
52‑week range: about $33.52 to $187.00
Shares outstanding: ~498 million
TTM revenue: about $4.3 billion, with a trailing 12‑month net loss of roughly $825 million. ^[2]

That means CoreWeave stock is:

Still above its March 2025 IPO price of $40 per share,
But down more than 60% from its 52‑week high around $187,
And down more than 30% since it reported Q3 2025 earnings on November 10. ^[3]

For investors focused on AI infrastructure stocks, CoreWeave has quickly gone from stock‑market darling to high‑beta stress test.

What triggered the CoreWeave (CRWV) sell‑off after Q3 2025?

Strong Q3 numbers, but a guidance cut and data center delay

On November 10, 2025, CoreWeave reported record Q3 2025 results: ^[4]

Revenue: $1.36 billion, up about 134% year‑over‑year (from $584 million).
Adjusted EBITDA: ~$838 million, with a 61% margin.
Revenue backlog:$55.6 billion, nearly double the prior quarter’s figure.

However, the headline beat was overshadowed by two pieces of bad news:

Trimmed 2025 revenue guidance
- New forecast: $5.05–$5.15 billion in 2025 revenue,
- Down from $5.15–$5.35 billion previously,
- And below analyst expectations of about $5.29 billion (LSEG data). ^[5]
Delay at a third‑party data center partner
- Management flagged that a data center developer delay would push several hundred million dollars of revenue out of Q4 and into future periods. ^[6]
- The affected customer extended the contract, so the total contract value remains intact, but the timing spooked traders. ^[7]

Reuters summarised it succinctly: Q3 was powerful, but the lowered outlook “took the shine off” the quarter and sent the stock down more than 6% in after‑hours trading. ^[8]

The next day, coverage from CoinDesk highlighted a further 9% drop to around $96, pushing CRWV below $100 for the first time since September as investors digested the guidance cut, the data‑center delay and fallout from the failed Core Scientific merger. ^[9]

From star AI IPO to harsh repricing

Since that earnings day, CoreWeave shares have slid over 30%, with one widely cited article noting that CRWV has fallen more than 32% since the Q3 print. ^[10]

Other commentary goes further, pointing out that CoreWeave’s market cap fell from roughly $85–88 billion in mid‑2025 to the mid‑$30 billions, erasing over $50 billion in paper value as the stock dropped from around $186 to the low‑70s. ^[11]

In short: the stock’s sharp repricing is not about revenue growth slowing to a crawl—it’s about the market suddenly caring a lot more about debt, capital intensity and execution risk.

CoreWeave’s Q3 2025 fundamentals: growth is still huge

Despite the sell‑off, the underlying business metrics remain very aggressive.

From the Q3 2025 Business Wire release: ^[12]

Revenue: $1.365 billion (Q3 2025) vs. $584 million (Q3 2024).
Operating income: $51.9 million, but
Net loss: $110.1 million, mainly thanks to $310.6 million of interest expense in the quarter.
Net loss margin: improved to ‑8%, versus ‑62% a year earlier.
Adjusted EBITDA margin: a hefty 61%.
Revenue backlog: $55.6 billion in contracted future revenue obligations.

The company also highlighted a series of massive AI infrastructure deals and milestones: ^[13]

A multi‑year agreement with Meta worth up to about $14.2 billion.
An expanded OpenAI partnership with an additional $6.5 billion commitment, bringing total OpenAI‑related commitments to roughly $22.4 billion.
A $6.3 billion strategic collaboration with Nvidia to scale GPU infrastructure.
Total contracted power of ~2.9 GW and approximately 590 MW of active power.
First commercial deployment of Nvidia’s Blackwell Ultra (GB300 NVL72) systems and other Blackwell‑based offerings.

In other words, CoreWeave is still in hyper‑growth mode, with a multi‑year runway of signed contracts and a leading position in cutting‑edge Nvidia compute for AI workloads. ^[14]

Capital structure: expanding credit lines and carrying heavy debt

The downside of that growth strategy is leverage—and that has become central to the current CoreWeave stock debate.

Revolving credit facility boosted to $2.5 billion

On November 12, 2025, CoreWeave announced that it had expanded its revolving credit facility from $1.5 billion to $2.5 billion, and extended the maturity from May 2028 to November 2029. ^[15]

The company framed the move as a sign of strong lender confidence in its growth trajectory and a way to fund continued global expansion of AI data centers at lower cost. ^[16]

High interest costs and prior debt load

But the Q3 income statement shows the other side: $310 million in quarterly interest expense, roughly three times the figure a year earlier. ^[17]

Earlier IPO coverage noted that CoreWeave entered 2025 with around $8 billion of debt, and that a large share of its 2024 revenue (roughly two‑thirds) came from Microsoft, underscoring both leverage and customer concentration risks. ^[18]

That combination—big debt + high capital spending + concentrated revenue—is exactly what many cautious analysts are focusing on.

Insider selling and CEO/CFO activity

Markets have also zeroed in on insider sales during the stock’s run‑up and subsequent pullback.

A MarketBeat report on November 28 highlighted that CFO Nitin Agrawal sold 3,640 shares at an average price of about $70.27, following several prior sales since September. After the latest transaction, he still holds over 147,000 shares. ^[19]
On a recent TV segment, Jim Cramer described CoreWeave’s share price as “still a win” relative to its $40 IPO price, even though the stock has fallen sharply from its summer peak around $187. He also pointed out that CEO Michael Intrator has sold tens of millions of dollars’ worth of stock since the lock‑up expired, while emphasising that this remains a relatively small slice of the CEO’s total holdings. ^[20]

Insider selling doesn’t automatically mean trouble, but in a name that has already suffered a huge drawdown, it adds another psychological headwind for some investors.

New product and partnership news in November 2025

Even as the stock slides, CoreWeave continues to roll out product initiatives and strategic deals that directly impact its long‑term investment case.

“Zero Egress Migration” — attacking cloud lock‑in

On November 13, 2025, the company launched Zero Egress Migration (ZEM), a “no‑egress‑fee” data‑migration program. ^[21]

Key ideas:

Customers can move large AI datasets from other clouds to CoreWeave without paying the traditional data‑egress penalties.
The program targets enterprises frustrated with “cloud tax” when moving AI workloads.
CoreWeave claims the initiative can save customers more than a million dollars on typical large‑scale migrations. ^[22]

This is clearly aimed at stealing share from hyperscalers by making it cheaper and easier for AI customers to switch.

$1.17 billion storage partnership with Vast Data

On November 6, 2025, Reuters reported that AI data platform Vast Data signed a $1.17 billion commercial agreement with CoreWeave. ^[23]

Under the deal:

Vast becomes the primary data platform for CoreWeave’s cloud infrastructure.
The agreement extends an existing partnership and is expected to run for three to five years.

This lock‑in between GPU compute (CoreWeave) and data infrastructure (Vast) reinforces CoreWeave’s role as a specialised AI cloud, not just another generic IaaS provider.

The Core Scientific deal that didn’t happen

Back in July, CoreWeave agreed to acquire Core Scientific, a crypto‑mining and high‑density colocation operator, in a roughly $9 billion all‑stock deal. ^[24]

However:

On October 30, 2025, Core Scientific announced that its shareholders rejected the merger, and the deal was formally terminated. ^[25]
On CoreWeave’s Q3 earnings call, CEO Michael Intrator said the proposed valuation “was simply not a price that was appropriate for CoreWeave” and that the failed merger does not change the company’s long‑term growth ambitions. ^[26]

Investors are now left wondering: Did CoreWeave just dodge a bullet, or miss a strategic shortcut to more owned data‑center capacity? So far, the market seems more worried about the signal on capital discipline than the lost opportunity.

What Wall Street and big‑name investors are saying now

Analyst consensus vs. cautious commentary

According to StockAnalysis and other aggregators:

Consensus rating: broadly “Buy”
Average 12‑month price target: about $129–130, implying ~75–80% upside from the ~$73 recent close. ^[27]

Yet the tone of recent research and opinion pieces is deeply split:

Bearish / cautious side
- Nasdaq‑hosted Motley Fool pieces warn that CoreWeave remains unprofitable, carries significant debt and faces execution risk on its huge backlog and data‑center build‑out. ^[28]
- Some analysts argue the stock’s valuation is still hard to justify even after a >50% drawdown, particularly if AI capex growth slows in 2026. ^[29]
Bullish side
- Multiple Seeking Alpha articles frame the recent sell‑off as an “irrational” or “pure opportunity” given the large backlog, deep Nvidia and OpenAI relationships, and still‑rapid growth. ^[30]
- Some analysts emphasise that, at current levels, CoreWeave trades at a much lower multiple of 2026–2028 revenue compared with many AI peers, while still growing faster. ^[31]

Hedge funds and ARK: a tug‑of‑war

Recent 13F‑driven coverage has highlighted opposing moves from well‑known investors:

A late‑November Motley Fool piece says billionaire Philippe Laffont’s Coatue Management trimmed its CoreWeave stake, alongside reductions in Tesla and Nvidia, while adding to two newer IPOs. ^[32]
Another article notes that Cathie Wood’s ARK Invest has been buying CoreWeave shares, pitching it as a key AI infrastructure name with rapidly growing revenue. ^[33]

Layer on top of that Jim Cramer’s “still a win from $40” framing, and you get a picture of serious disagreement among professional investors. ^[34]

Key risks CoreWeave stock faces going into 2026

From the latest filings, press releases and analysis, the main risks currently flagged include: ^[35]

Leverage and interest expense
- Billions in debt and rising interest costs could squeeze net income even if revenue remains strong.
Capital intensity & execution
- Building and powering AI data centers at global scale is extraordinarily expensive; delays like the recent third‑party data center issue can disrupt near‑term revenue and sentiment.
Customer concentration
- Earlier disclosures showed a very large portion of revenue tied to Microsoft, with additional heavy commitments from OpenAI and Meta. Losing or downsizing any of these relationships would be painful.
Competition from hyperscalers and “neoclouds”
- CoreWeave goes head‑to‑head with AWS, Google Cloud, Azure, Oracle, and other specialised AI clouds. Any shift in GPU allocation or pricing by Nvidia, or direct deals from customers with other providers, can change the playing field.
AI spending cyclicality and “bubble” worries
- A growing number of commentators have questioned whether AI infrastructure spending might overshoot in the near term, leaving overcapacity if use‑cases ramp slower than expected.

These risks explain why CoreWeave can report triple‑digit revenue growth and a gigantic backlog and still sell off hard when guidance is trimmed even slightly.

Why some investors are still bullish on CRWV

Despite the drawdown, the bull case for CoreWeave stock as of November 30, 2025 rests on a few pillars: ^[36]

Structural AI demand
- Big Tech and frontier AI labs continue to ramp capex on GPUs and data centers, and CoreWeave is directly in that flow, with explicit multi‑year deals from Meta, OpenAI, Nvidia and others.
Enormous contracted backlog
- The $55.6 billion revenue backlog is more than ten times current annualised revenue, providing visibility if projects execute on schedule.
Technical and hardware leadership
- First‑in‑market deployments of Nvidia’s newest architectures (GB200, GB300) and specialised AI‑oriented cloud tooling position CoreWeave as a “picks and shovels” enabler of AI, not a consumer app gambling on a single product.
Growing financial scale
- Revenue has jumped from roughly $229 million in 2023 to $1.92 billion in 2024, and now to more than $4 billion on a trailing twelve‑month basis, even as net losses narrow. ^[37]

Bulls argue that short‑term volatility is the price of exposure to what could become one of the core infrastructure providers of the AI era.

How to frame CoreWeave stock as of November 30, 2025

Putting it all together:

Price action: CRWV is in a deep drawdown from its mid‑2025 peak but still well above its IPO price. ^[38]
Business: Revenue and backlog are growing extremely fast, with marquee AI customers and big strategic partnerships. ^[39]
Balance sheet: Debt is high, interest expense is heavy, and execution on a massive AI build‑out is mandatory, not optional. ^[40]
Sentiment: Wall Street is split; some see CRWV as an overleveraged AI bubble proxy, others as one of the most attractive long‑term AI infrastructure bets at a newly “reasonable” valuation. ^[41]

For investors tracking AI‑related stocks for 2026 and beyond, CoreWeave now functions as a real‑time case study in how public markets price hyper‑growth, capital‑intensive AI infrastructure.

CoreWeave slides after earnings: Here's what to know