The surge in revenue is tied directly to CoreWeave’s strategy of leasing large clusters of Nvidia graphics processing units to organizations building and training AI models. Existing agreements with Microsoft and Google continued to scale during the quarter, and the order backlog reached $55.6 billion. Contracted power capacity climbed to 2.9 gigawatts from 2.2 gigawatts at the end of June.
2025 guidance falls short
Despite the robust third-quarter numbers, management projected 2025 revenue between $5.05 billion and $5.15 billion, below the analyst consensus of roughly $5.29 billion. Chief Executive Officer Mike Intrator attributed the softer guidance to construction delays at a single third-party data center, emphasizing that the issue does not affect the broader backlog.
“There was a problem at one data center that’s impacting us, but there are 32 data centers in our portfolio,” Intrator told investors on the earnings call. He added that most of the delay should be resolved by the first quarter of next year.
The company remains supply-constrained, Intrator said, not because of electricity shortages but because partially completed “powered-shell” facilities—structures that can be quickly fitted with CoreWeave’s own equipment—are scarce. To mitigate the bottleneck, CoreWeave is constructing a greenfield data center campus in Pennsylvania.
Expansion deals and capital plans
During the quarter, CoreWeave signed or expanded several large contracts:
Imagem: Internet
- A $6.5 billion extension of its existing partnership with OpenAI.
- A six-year agreement with Meta Platforms valued at up to $14.2 billion.
- A sixth supply contract with an undisclosed hyperscale cloud provider.
Chief Financial Officer Nitin Agrawal said capital expenditures for 2025 are expected to total $12 billion to $14 billion. Spending in 2026 should “well exceed double” that amount as the company accelerates data center construction to meet demand from its backlog.
Market reaction and corporate developments
CoreWeave debuted on Nasdaq in March at an initial public offering price of $40. The shares closed Monday’s regular session at $105.61, up 164% from the IPO price, compared with a 32% gain in the Nasdaq Composite over the same period. The stock relinquished a portion of those gains after the release of guidance, retreating about 6% in extended trading.
Less than four months after going public, CoreWeave announced plans to acquire data center operator Core Scientific Inc. in a deal valued at $9 billion. Core Scientific shareholders ultimately voted against the transaction, and the companies terminated discussions.
Looking ahead, CoreWeave must balance rapid top-line growth with its ability to secure additional real estate and power infrastructure. The company’s backlog provides multi-year visibility, but scaling to meet those commitments hinges on the timely completion of new facilities and the continued availability of advanced GPUs.
Crédito da imagem: Kent Nishimura / Bloomberg via Getty Images
