CoreWeave, an infrastructure supplier for AI enterprises, announced a third-quarter revenue that surpassed expectations on Monday, yet gave a disappointing forecast for the entire year. The stock fell by 6% in after-hours trading.
Here’s a comparison of the company’s performance against LSEG consensus:
- Earnings: Loss of 22 cents per share
- Revenue: $1.36 billion compared to the anticipated $1.29 billion
Revenue for the quarter surged 134% from $583.9 million a year prior, as stated in a press release. The company experienced a net loss of $110 million, a reduction from approximately $360 million in the same quarter last year.
CoreWeave’s expansion is directly linked to the AI surge, as the firm leases Nvidia graphics processing units and has garnered contracts from major cloud infrastructure companies, including Google and Microsoft. The company’s backlog currently totals $55.6 billion, with 2.9 gigawatts in contracted power, an increase from 2.2 gigawatts on June 30, as per the announcement.
Nevertheless, CoreWeave projects its 2025 revenue to be between $5.05 billion and $5.15 billion, falling short of the average analyst forecast of $5.29 billion, based on LSEG data.
A third-party data center developer is delayed, CEO Mike Intrator noted during the earnings call. However, he stated that this delay would not impact CoreWeave’s backlog.
“There was an issue at one data center affecting us, but we have 41 data centers in our portfolio,” Intrator remarked.
During the quarter, CoreWeave disclosed a $6.5 billion expansion with OpenAI and a six-year agreement with Meta that could be valued at up to $14.2 billion. Additionally, CoreWeave secured its sixth contract from “a top hyperscaler.”
The company is still facing supply constraints, according to Intrator. The shortfall is not related to power but rather the availability of partially constructed “powered-shell” data centers that CoreWeave can utilize for its equipment, he explained.
At the same time, CoreWeave is constructing its own data center infrastructure from scratch in Pennsylvania, he said.
“Most of the delays you are witnessing should be resolved by Q1 of next year,” Intrator indicated.
CoreWeave debuted on the Nasdaq in March, offering shares at $40 each. On Monday, the stock ended at $105.61, reflecting a 164% return. The Nasdaq has risen 32% in the same timeframe. CoreWeave stock fell in after-hours trading on Monday.
Fewer than four months after its IPO, CoreWeave declared its intention to acquire data center infrastructure operator Core Scientific for $9 billion, but Core Scientific shareholders voted against the acquisition.
CoreWeave’s capital expenditures for 2026 are expected to be “well over double” that of 2025, which is projected to be between $12 billion and $14 billion, according to Nitin Agrawal, the finance chief of the company.
Correction: An earlier version of this story contained an incorrect number of data centers due to a misstatement by CoreWeave’s CEO. The story has been revised to reflect the accurate earnings transcript.
