Michael Intrator, co-founder and CEO of CoreWeave, speaks at the Semafor World Economy Summit during the International Monetary Fund and World Bank Spring meetings in Washington on April 25, 2025.
Kent Nishimura | Bloomberg | Getty Images
CoreWeave, a provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday, but the company’s delivered disappointing full-year revenue guidance. Shares slipped as much as 7% in extended trading.
Here’s how the company did in comparison with LSEG consensus:
- Earnings: Loss of 22 cents per share
- Revenue: $1.36 billion vs. $1.29 billion expected
Revenue in the quarter soared 134% from $583.9 million a year ago, according to a statement. The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.
CoreWeave’s growth is tied directly to the AI boom, as the company rents out Nvidia graphics processing units and has won business from leading cloud infrastructure providers, including Google and Microsoft. The company’s backlog now stands at $55.6 billion, with 2.9 gigawatts in contracted power, up from 2.2 gigawatts on June 30, according to the statement.
During the quarter, CoreWeave announced a $6.5 billion expansion of its business with OpenAI and a six-year deal with Meta worth up to $14.2 billion. CoreWeave also received its sixth contract from “a leading hyperscaler.”
The company remains supply-constrained, CEO Mike Intrator said on a conference call. The shortage is not in power but instead has to do with the availability of partly completed “powered-shell” data centers in which CoreWeave can set up its own equipment, he said.
CoreWeave now sees 2025 revenue coming in between $5.05 billion and $5.15 billion. Analysts polled by LSEG had expected $5.29 billion.
A third-party data center developer is behind schedule, Intrator said, but the delay won’t impact CoreWeave’s backlog, he said.
“There was a problem at one data center that’s impacting us, but there are 32 data centers in our portfolio,” Intrator said.
Meanwhile, CoreWeave is building its own data center infrastructure from the ground up in Pennsylvania, he said.
What you’re going to see is our ability to accelerate through the year back schedule,” Intrator said. “So the overwhelming majority of the delay that you’re seeing should be taken care of within Q1 of next year.”
CoreWeave went public on the Nasdaq in March, selling shares at $40 each. On Monday the stock closed at $105.61, representing a 164% return. The Nasdaq has gained 32% over a similar period. CoreWeave shares slipped in extended trading on Monday.
Less than four months after its IPO, CoreWeave announced its intent to acquire data center infrastructure operator Core Scientific for $9 billion, but Core Scientific shareholders voted against the proposed deal.
CoreWeave’s 2026 Capital expenditures should be “well in excess of double” the total for 2025, which should be between $12 billion and $14 billion, said Nitin Agrawal, the company’s finance chief.
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