Michael Intrator, co-founder and CEO of CoreWeave, speaks at the Semafor World Economy Summit during the Spring Meetings of the International Monetary Fund and the World Bank in Washington, April 25, 2025.
Kent Nishimura | Bloomberg | Getty Images
CoreWeavea provider of infrastructure for artificial intelligence companies, on Monday reported better-than-expected third-quarter revenue but gave disappointing guidance for the full year. The stock fell 6% in extended trading.
Here’s how the company performed compared to the LSEG consensus:
- Earnings: Loss of 22 cents per share
- Revenue: $1.36 billion versus expected $1.29 billion
Revenue rose 134% in the quarter compared to $583.9 million a year earlier, according to a statement. The company reported a net loss of $110 million, down from about $360 million in the year-ago quarter.
CoreWeave’s growth is directly tied to the AI boom because the company rents Nvidia Graphics processing units and has won contracts from leading cloud infrastructure providers including Google And Microsoft. The company’s backlog now stands at $55.6 billion, with 2.9 gigawatts of contracted power, up from 2.2 gigawatts as of June 30, the statement said.
However, according to LSEG, CoreWeave expects 2025 revenue to be between $5.05 billion and $5.15 billion, below the average analyst estimate of $5.29 billion.
A third-party data center developer is behind schedule, CEO Mike Intrator said on the company’s earnings call. However, he added that the delay had no impact on CoreWeave’s backlog.
“There was an issue in one data center that impacts us, but our portfolio includes 32 data centers,” Intrator said.
During the quarter, CoreWeave announced a $6.5 billion expansion of its OpenAI business and a six-year deal with OpenAI Meta worth up to $14.2 billion. CoreWeave also received its sixth order from “a leading hyperscaler.”
The company continues to experience delivery bottlenecks, Intrator said. The shortage is not due to power, but rather the availability of partially completed “powered shell” data centers where CoreWeave can build its own equipment, he said.
Meanwhile, CoreWeave is building its own data center infrastructure from the ground up in Pennsylvania, he said.
“The overwhelming majority of the delays you are seeing should be resolved in the first quarter of next year.” Intrator said.
CoreWeave went public on the Nasdaq in March, selling shares at $40 apiece. On Monday, the stock closed at $105.61, a return of 164%. The Nasdaq is up 32% over the same period. CoreWeave shares fell in extended trading on Monday.
Less than four months after going public, CoreWeave announced its intention to acquire the data center infrastructure operator Nuclear science for $9 billion, but Core Scientific shareholders voted against the proposed deal.
CoreWeave’s capital spending in 2026 is expected to be “significantly more than double” its 2025 total, which will ultimately be between $12 billion and $14 billion, said Nitin Agrawal, the company’s chief financial officer.
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