CoreWeave shares sink as weak outlook offsets big AI deals

CoreWeave shares plunged on Tuesday after it posted lower-than-expected full-year guidance, overshadowing strong third-quarter results and a string of new artificial intelligence partnerships.

The New Jersey-based AI infrastructure firm reported revenue of $1.36 billion for the quarter, beating analyst forecasts of around $1.29 billion. Revenue surged 134% from a year earlier, while the company’s net loss narrowed to $110 million from about $360 million.

CoreWeave’s quarterly growth was driven by new contracts with major tech firms. The company announced a $6.5 billion expansion of its business with OpenAI, a six-year deal with Meta worth up to $14.2 billion, and a $6.3 billion agreement with Nvidia for cloud computing capacity.

Despite the gains, CoreWeave forecast 2025 revenue between $5.05 billion and $5.15 billion, short of analysts’ $5.29 billion average estimate. Shares were down 9% in premarket trading Tuesday.

Chief executive Mike Intrator told investors that construction delays at one data center were weighing on its near-term outlook. “There was a problem at one data center that’s impacting us, but there are 41 data centers in our portfolio,” he said.

He said the company remains constrained by the availability of “powered-shell” data centers, which are facilities that are partly built and require CoreWeave to install its own equipment. “There’s plenty of power right now, and we believe that there will be ample power for the next couple of years. But really where the challenge is, is the powered shell,” Intrator said.

He added that the company is building its own data center infrastructure in Pennsylvania and expects most of the delay to be resolved early next year. “The overwhelming majority of the delay that you’re seeing should be taken care of within Q1 of next year.”

In October, shareholders of data center operator Core Scientific rejected CoreWeave’s proposed $9 billion acquisition. The company’s finance chief, Nitin Agrawal, said 2026 capital spending will be “well in excess of double” this year’s estimated $12 billion to $14 billion.