Updated: Nov 12, 2025, 12:30 UTC
Key takeaways
- CRWV is trading lower today after the company trimmed its full‑year 2025 revenue outlook due to a delay at a third‑party data‑center partner.
- Q3 2025 revenue jumped to $1.36B, beating estimates, but margins narrowed and several brokers cut price targets.
- Management says the affected customer extended the contract, preserving total deal value; the revenue impact is timing‑related, not lost demand.
- Backlog swelled to $55.6B on multi‑year commitments with marquee AI customers including Meta and OpenAI.
CoreWeave stock price now
As of 12:27 UTC, CoreWeave (NASDAQ: CRWV) was trading near $88, down roughly 16% on the day. (Intraday figures are based on live market data.) Early commentary across financial media also noted a double‑digit drop in morning trade as investors digested guidance and operational updates. [1]
What’s moving CRWV today
CoreWeave reduced its 2025 revenue outlook to $5.05–$5.15 billion, citing construction delays at a third‑party data‑center developer. Despite strong demand for its AI infrastructure, management said the timing hiccup will push some revenue into future periods. Shares fell as investors focused on the lower guide and near‑term execution risk. [2]
The company emphasized that the customer impacted by the delay has agreed to extend the contract, keeping the total value intact. Analysts flagged the episode as a reminder of the operational complexity of scaling AI data centers at speed. [3]
Inside the quarter: rapid growth, tighter margins
For the September quarter (Q3 2025), CoreWeave reported revenue of $1.364B, up ~134% year over year and ahead of consensus. However, profitability metrics compressed: adjusted operating income margin declined to 16% from 21% a year earlier, reflecting higher infrastructure costs and the capital intensity of AI build‑outs. [4]
On the flip side, demand indicators were robust. Management disclosed a revenue backlog of $55.6B, nearly doubling quarter‑over‑quarter, fueled by multi‑year commitments—including an up‑to ~$14.2B deal with Meta and an expanded up‑to ~$6.5B agreement with OpenAI. [5]
Street reaction and media context
Following the print and outlook, several brokerages cut price targets and warned on execution risk amid the data‑center delay. Barclays called out “operational risk” as a new point of investor focus for young AI‑infrastructure names. [6]
Financial press this morning framed the sell‑off as primarily guidance‑driven, noting shares were ~13% lower in early trading before deepening losses. Some outlets also highlighted the timing nature of the delay and CoreWeave’s still‑elevated growth profile, with opinion pieces debating whether the pullback presents a buying opportunity. [7]
Management’s timeline on the delay
On the earnings call and subsequent coverage, CEO Mike Intrator said the “overwhelming majority” of the data‑center issue should be worked through by Q1 2026 (calendar), framing the impact as temporary slippage rather than demand deterioration. [8]
What to watch next
- Execution on capacity adds: Investors will look for confirmation that the delayed facility—or alternative capacity—comes online in early 2026, as indicated by management. [9]
- Capex and margins: The company reiterated heavy capital spending needs (billions annually) to support AI workloads; margin stabilization will hinge on utilization and pricing. [10]
- Customer concentration & contracts: CoreWeave’s backlog is anchored by blue‑chip AI customers, but concentration and contract timing remain key variables for quarterly volatility. [11]
Quick background
CoreWeave went public in March 2025 and has since become a prominent AI cloud infrastructure provider, leasing large fleets of Nvidia GPU capacity to labs and enterprises. While the stock has delivered outsized gains since the IPO, the past month underscores how build‑out risks and guidance sensitivity can drive sharp moves even for hyper‑growth AI names. [12]
Bottom line
Today’s sell‑off is about timing, not demand. CoreWeave’s reduced 2025 guide reflects a data‑center delay rather than a change in customer appetite; management says the affected contract remains fully intact and the backlog continues to surge. That said, the market is now laser‑focused on execution—bringing new capacity online, defending margins, and balancing growth with capital intensity. If management hits those milestones into early 2026, sentiment could heal as quickly as it broke; if not, the stock will remain volatile. [13]
Disclosure: This article is for information only and is not investment advice. Always do your own research before making financial decisions.
References
1. www.nasdaq.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. investors.coreweave.com, 6. www.reuters.com, 7. www.nasdaq.com, 8. www.fastcompany.com, 9. www.fastcompany.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com
