CoreWeave’s Q3: A Story of Exploding Demand and Growing Pains
The AI cloud provider beat revenue and earnings estimates, but shares slipped after-hours.
November 10, 2025
CoreWeave (NASDAQ: CRWV) reported its third-quarter 2025 earnings today after the bell, delivering a “beat-and-beat” for investors that was nonetheless overshadowed by the immense challenges of rapid growth.
On the surface, the numbers were strong. The specialized AI cloud provider posted:
Revenue: $1.36 billion, beating Wall Street consensus estimates of $1.29 billion.
Adjusted EBITDA: $838 million, also topping expectations of $812 million.
Adjusted Net Loss: $41 million (or an adjusted loss of 8 cents per share), a much narrower loss than the $199 million consensus estimate, showing a clear move toward profitability.
Despite this, the stock fell approximately 6% in after-hours trading.
Key Takeaways from the Release
Here’s the rundown of what’s driving the stock.
1. The Bull Case: Unprecedented Demand The real headline number was not revenue, but revenue backlog. CoreWeave’s backlog—future revenue from committed customer contracts—nearly doubled in a single quarter, exploding from $30.1 billion in Q2 to $55.6 billion.
This growth was fueled by massive, multi-billion dollar expansions with its largest clients, including:
An up to $14.2 billion multi-year deal with Meta.
An up to $6.5 billion deal with OpenAI, bringing its total commitment to $22.4 billion.
This confirms the core thesis: the demand for CoreWeave’s specialized, high-performance AI infrastructure is, for now, seemingly infinite.
2. The Bear Case: Execution Risk is Real So, why did the stock drop? Execution.
During the earnings call, management revealed it is experiencing delays delivering capacity to a key customer. The issue was blamed on a third-party data-center developer running behind schedule.
This delay has a direct financial impact, forcing CoreWeave to lower its full-year 2025 revenue guidance to a range of $5.05 billion to $5.15 billion. While a minor trim, it was enough to spook investors.
3. The Big Picture: Demand vs. Deployment Today’s report perfectly captures the CoreWeave investment thesis. It’s a race between insatiable demand and the physical challenge of building. The company is scaling at a breakneck pace, adding 120 MW of active power in the quarter and becoming the first to deploy NVIDIA’s new GB300 NVL72 systems at scale.
The $55.6 billion backlog proves the demand is locked in. However, the after-hours drop shows that at its current valuation, the market will punish any signal—even a supplier delay—that threatens the company’s ability to execute on that demand.
Here is the updated article with the new paragraph added.
The Ticker Talk
CoreWeave’s Q3: A Story of Exploding Demand and Growing Pains
Subtitle: The AI cloud provider beat revenue and earnings estimates, but shares slipped after-hours on a data center delay and a slight guidance cut.
November 10, 2025
CoreWeave (NASDAQ: CRWV) reported its third-quarter 2025 earnings today after the bell, delivering a “beat-and-beat” for investors that was nonetheless overshadowed by the immense challenges of rapid growth.
On the surface, the numbers were strong. The specialized AI cloud provider posted:
Revenue: $1.36 billion, beating Wall Street consensus estimates of $1.29 billion.
Adjusted EBITDA: $838 million, also topping expectations of $812 million.
Adjusted Net Loss: $41 million (or an adjusted loss of 8 cents per share), a much narrower loss than the $199 million consensus estimate, showing a clear move toward profitability.
Despite this, the stock fell approximately 6% in after-hours trading.
Key Takeaways from the Release
Here’s the rundown of what’s driving the stock.
1. The Bull Case: Unprecedented Demand The real headline number was not revenue, but revenue backlog. CoreWeave’s backlog—future revenue from committed customer contracts—nearly doubled in a single quarter, exploding from $30.1 billion in Q2 to $55.6 billion.
This growth was fueled by massive, multi-billion dollar expansions with its largest clients, including:
An up to $14.2 billion multi-year deal with Meta.
An up to $6.5 billion deal with OpenAI, bringing its total commitment to $22.4 billion.
This confirms the core thesis: the demand for CoreWeave’s specialized, high-performance AI infrastructure is, for now, seemingly infinite.
2. The Bear Case: Execution Risk is Real So, why did the stock drop? Execution.
During the earnings call, management revealed it is experiencing delays delivering capacity to a key customer. The issue was blamed on a third-party data-center developer running behind schedule.
This delay has a direct financial impact, forcing CoreWeave to lower its full-year 2025 revenue guidance to a range of $5.05 billion to $5.15 billion. While a minor trim, it was enough to spook investors.
3. The Big Picture: Demand vs. Deployment Today’s report perfectly captures the CoreWeave investment thesis. It’s a race between insatiable demand and the physical challenge of building. The company is scaling at a breakneck pace, adding 120 MW of active power in the quarter and becoming the first to deploy NVIDIA’s new GB300 NVL72 systems at scale.
The $55.6 billion backlog proves the demand is locked in. However, the after-hours drop shows that at its current valuation, the market will punish any signal—even a supplier delay—that threatens the company’s ability to execute on that demand.
📈 Companies to Watch
The CoreWeave story is part of a much larger narrative: the insatiable demand for AI-ready power and infrastructure. This has created one of the hottest trades on the street—the “AI pivot” of Bitcoin miners. These companies built massive, energy-intensive data centers for mining and are now aggressively retooling them to host high-performance AI workloads for Big Tech. For investors, this emerging class of “GPU landlords” is essential to watch.
Cipher Mining (CIFR): Once a pure-play miner, Cipher has transformed into a strategic infrastructure provider. It recently signed a massive 15-year, $5.5 billion data center lease with Amazon’s AWS and has another 10-year deal with Fluidstack, backed by Google.
IREN (IREN): Iren has made a rapid and high-profile pivot to AI. It recently announced a $9.7 billion, five-year cloud services agreement with Microsoft and a separate $5.8 billion GPU purchase agreement with Dell.
Hut 8 (HUT): Hut 8 has a diversified strategy that includes Bitcoin mining, data center cloud services, and a dedicated GPU-as-a-Service brand called “Highrise AI” to capture high-performance computing demand.
TeraWulf (WULF): WULF has also become a key partner for hyperscalers, signing major, long-term AI hosting deals with Fluidstack, which are backed by a $1.8 billion lease guarantee and an equity investment from Google.