CoreWeave Inc. (NASDAQ: CRWV) — one of the market’s most controversial artificial intelligence (AI) infrastructure stocks — is trading lower again on Tuesday, November 25, 2025, even as Cathie Wood’s ARK Invest ramps up its buying after a brutal month‑long selloff.
As of the latest trading data on Tuesday, CRWV is changing hands around $71–72 per share, down roughly 2–3% on the day, after opening near $70.71 and swinging between an intraday low around $66 and a high just below $74.
That leaves CoreWeave more than 60% below its 52‑week high near $187 but still well above its 52‑week low around $33.50, underscoring just how violent the stock’s round‑trip since its March IPO has been. [1]
CRWV Stock Price Snapshot for November 25, 2025
- Latest price: about $71.70
- Day change: roughly –$1.90 (≈ –2.6%) versus the prior close
- Intraday range: approximately $66.01 – $73.73
- Volume: ~15.6 million shares, running at about half of the 3‑month average volume near 30–31 million shares [2]
- 52‑week range:$33.52 – $187.00 [3]
- Market capitalization: roughly $36–37 billion [4]
CoreWeave went public on Nasdaq in March 2025 at about $40 per share, briefly rocketed to $187 in late June, and has since surrendered more than half of that peak value. [5]
Why CRWV Is Moving: ARK Invest Buys Over 400,000 Shares
One of today’s biggest talking points around CRWV is Cathie Wood’s aggressive buying into this pullback.
Daily trading disclosures from ARK Invest and coverage from Seeking Alpha and Investing.com show that on Monday, November 24, ARK funds bought more than 400,000 CoreWeave shares, with one report citing about 437,000 shares purchased for roughly $31 million, primarily through the flagship ARKK ETF. [6]
That buying spree comes after:
- CRWV tumbled roughly 40–50% over the past month, depending on the measuring window reported by various outlets. [7]
- The stock plunged after Q3 earnings and guidance cuts, then slid again following critical coverage and short‑seller reports.
ARK’s stake in CoreWeave now totals over $50 million in market value across multiple ETFs, according to today’s coverage. [8]
In other words: high‑profile “buy the dip” flows are meeting a very skeptical tape.
A Brutal Month: From AI Darling to Debt Poster Child
Even before today’s pullback, CRWV had already become one of the poster children of AI volatility.
Recent reporting from Barron’s, Yahoo Finance, and other outlets notes that CoreWeave shares are: [9]
- Down more than 40% over the last month
- More than 50% below their 2025 highs
- Still well above the IPO price and significantly positive year‑to‑date
Several negative catalysts have converged:
- Kerrisdale Capital short report
- Short‑seller Kerrisdale Capital published a detailed report in September calling CoreWeave a “debt‑fueled GPU rental business” with no durable moat and assigning a fair value of $10 per share, implying roughly 90% downside from recent levels. [10]
- Investigative coverage on leverage and “AI bubble” risk
- An in‑depth investigative piece at The Verge highlighted CoreWeave’s heavy reliance on high‑interest, GPU‑backed financing, complex special‑purpose vehicles and huge capital expenditure needs, raising questions about whether the company can outrun its debt load. [11]
- A recent article at 24/7 Wall St. (syndicated via multiple portals) framed roughly $90 billion of AI‑related bonds as a growing pressure point for leveraged AI infrastructure players, explicitly mentioning CoreWeave. [12]
- Guidance cut and capex reset after Q3 results
- Earlier this month, CoreWeave beat Q3 revenue expectations but cut full‑year 2025 guidance due to delays at a third‑party data‑center provider, triggering a double‑digit single‑day stock drop. [13]
Layer in profit‑taking after a spectacular post‑IPO run and the result is a stock whose sentiment has flipped from “AI superstar” to “high‑beta stress test” for the AI trade almost overnight.
CoreWeave’s Q3 2025 by the Numbers
Beneath the volatility, CoreWeave’s fundamentals remain eye‑catching — in both good and risky ways.
According to the company’s official Q3 2025 earnings release: [14]
- Q3 revenue: about $1.36 billion, up from ~$584 million a year earlier (growth of roughly 130–134% year‑over‑year).
- Revenue backlog:$55.6 billion as of September 30, 2025.
- Operating income: about $51.9 million, a 4% operating margin, but…
- Net loss: roughly $110 million, driven largely by over $310 million in net interest expense.
- Adjusted EBITDA: roughly $838 million with margins over 60%, showing strong cash‑flow potential before interest and certain non‑cash items.
Management and subsequent analysis have stressed that demand is not the problem; instead, the near‑term drag comes from:
- Higher funding costs as the company layers on debt to build AI data centers.
- Construction and capacity delays at partner facilities that push some revenue into early 2026. [15]
CoreWeave’s updated outlook now calls for 2025 revenue of $5.05–$5.15 billion, down from a prior $5.15–$5.35 billion range — a cut of roughly $150 million at the midpoint that several analysts view as more of a timing issue than a demand collapse. [16]
Mega‑Deals Powering the Bull Case
Part of what keeps investors like Cathie Wood interested in CRWV despite the drawdown is its deep integration into the AI ecosystem through multi‑billion‑dollar contracts with top‑tier customers:
- OpenAI:
- In September, CoreWeave announced an expanded contract worth up to $6.5 billion, bringing the total contract value with OpenAI to roughly $22.4 billion across three separate deals signed in March, May, and September 2025. [17]
- Meta Platforms:
- Meta has committed to pay about $14.2 billion for CoreWeave cloud capacity through December 2031, with an option to extend into 2032. [18]
- Nvidia:
- Nvidia and CoreWeave signed a $6.3 billion cloud‑capacity order under which Nvidia is obligated to purchase any unused cloud capacity from CoreWeave through April 2032, effectively backstopping some of CoreWeave’s build‑out risk. [19]
These deals, along with relationships with Microsoft and other hyperscalers, feed into the enormous $55.6 billion backlog and are central to the bullish long‑term narrative: CoreWeave as a core utility provider for the AI era, not just another speculative growth stock. [20]
Balance Sheet: High Growth Meets High Leverage
The flip side of that growth story is leverage — and plenty of it.
Snapshot data from Seeking Alpha, Investing.com and other platforms suggest that CoreWeave currently carries: [21]
- Around $18–19 billion in total debt
- Under $2 billion in cash
- Market cap around $36–37 billion
Recent financing moves include:
- A $1.75 billion issuance of 9% senior unsecured notes due 2031
- New and amended delayed‑draw term loan facilities totaling several billions of dollars at SOFR‑linked rates in the mid‑single digits
- Ongoing commitments to build out multi‑gigawatt AI data‑center capacity in the U.S., U.K. and elsewhere [22]
Analysts estimate CoreWeave will spend $12–14 billion in capex in 2026 alone, even after the company reduced near‑term capex guidance from an earlier $20–23 billion range. [23]
For critics like Kerrisdale, this is precisely the issue: they argue that CRWV is structurally over‑levered, with a business model that could struggle if AI demand slows, if Nvidia shifts strategy, or if capital markets become less forgiving. [24]
Valuation: How Expensive Is CRWV After the Selloff?
Even after its steep pullback, CRWV is not cheap by traditional metrics.
Based on:
- A market value in the mid‑$30 billions [25]
- 2025 revenue guidance around $5.1 billion at the midpoint [26]
CoreWeave trades at roughly 7x forward 2025 sales — an approximation derived from publicly reported market cap and guidance figures, rather than a formal analyst model.
Other valuation signals:
- The company remains unprofitable on a GAAP basis, with various services estimating a negative price‑to‑earnings ratio in the –20s to –40s depending on the time frame used. [27]
- Its price‑to‑book ratio sits around 9x, elevated versus many cloud peers. [28]
In short, CRWV still carries a “growth stock” valuation, but no longer the “in-the-stratosphere” multiple it commanded near its June peak.
What Wall Street Is Saying About CRWV Stock
Opinions on CoreWeave have polarized into two loud camps.
The Bullish Side
- H.C. Wainwright’s Kevin Dede recently reaffirmed a Buy rating with a $180 price target, pointing to rapid revenue growth, the massive backlog and a pivotal role in AI data‑center build‑outs. [29]
- A TipRanks summary pegs Wall Street’s consensus rating as “Moderate Buy”, with dozens of analysts and an average price target near $148, implying roughly 90% upside from current levels. [30]
- Several recent articles at outlets like The Motley Fool frame CoreWeave as a potential “millionaire‑maker” stock and argue that the selloff has created a long‑term buying opportunity for investors comfortable with volatility. [31]
The Bearish Side
- Kerrisdale Capital’s short thesis, widely circulated across financial media, calls CRWV “debt‑fueled” and over‑hyped, with a $10 fair value estimate. [32]
- Investigative reporting has questioned whether CoreWeave’s complex financing structure and dependence on Nvidia and a few mega‑customers are sustainable in a downturn. [33]
- Some hedge funds, including Philippe Laffont’s Coatue Management, have reportedly been trimming CoreWeave positions while rotating into other opportunities, signaling waning conviction among at least some early institutional backers. [34]
The gap between the most bullish price targets (around $180) and the most bearish estimates ($10) illustrates just how uncertain the market is about CoreWeave’s ultimate trajectory.
Key Things for CRWV Investors and Traders to Watch
Whether you’re trading CRWV intraday or following the story for the long term, a few themes are likely to drive the stock beyond November 25:
- Debt markets and AI‑linked bond spreads
- If credit markets sour on AI‑related debt — including CoreWeave’s own borrowings — the company could face higher funding costs or tougher refinancing conditions. [35]
- Execution on delayed data‑center projects
- Management and analysts expect much of the delayed 2025 revenue to shift into early 2026 if construction and power‑grid issues are resolved on schedule. Any further slippage could weigh on the stock. [36]
- Stability of mega‑contracts with OpenAI, Meta, Nvidia and others
- Investors will watch closely for any signs of renegotiation, scaled‑back commitments or slow usage ramps in these multi‑billion‑dollar deals. [37]
- Regulatory and infrastructure constraints
- Power availability, environmental rules, and broader scrutiny of AI data‑center expansion could all affect CoreWeave’s ability to turn announced deals into revenue and profit. [38]
- Next earnings report
- Current schedules point to CoreWeave’s next earnings release in February 2026, which will be closely watched for updated guidance, capex plans and commentary on debt markets. [39]
Is CRWV Stock a Buy, Sell, or Hold After Today’s Move?
From a news and fundamentals standpoint, CoreWeave is a classic high‑risk, high‑reward AI infrastructure play:
- Bull case: Explosive revenue growth, a massive backlog anchored by OpenAI and Meta, deep ties to Nvidia, and a valuation that has already compressed significantly from its June peak. [40]
- Bear case: Heavy leverage, rising interest costs, complex financing, customer concentration, and the risk that the current AI spending boom slows before CoreWeave fully monetizes its investments. [41]
For short‑term traders, CRWV remains a high‑beta vehicle for expressing views on AI euphoria (or AI fatigue), with a history of double‑digit moves in both directions and a beta comfortably above 2 versus the broader market. [42]
For longer‑term investors, today’s action — down modestly despite a large ARK Invest buy — underlines a simple reality: big headlines and big contracts are no longer enough to guarantee a rising share price. The market is now intensely focused on execution, funding costs, and balance‑sheet resilience.
Important: This article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consider consulting a licensed financial professional before making investment decisions.
References
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