Specialized GPU cloud provider CoreWeave released Q3 2025 earnings, reporting financial performance in the cloud AI compute market.

CoreWeave, a provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday but delivered disappointing full-year guidance, causing the stock to drop 6% in extended trading. Revenue in the quarter soared 134% to reach $583.9 million compared with the year-ago period, while the company reported a net loss of $110 million, narrowing from approximately $360 million in the same quarter last year. However, CoreWeave now sees 2025 revenue coming in between $5.05 billion and $5.15 billion, trailing the average analyst estimate of $5.29 billion.

CoreWeave's growth is directly tied 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. 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, in addition to receiving its sixth contract from "a leading hyperscaler."

CEO Mike Intrator attributed some delays to a third-party data center developer operating behind schedule but emphasized that the delay would not affect CoreWeave's backlog. "There was a problem at one data center that's impacting us, but there are 41 data centers in our portfolio," Intrator said. The company's supply constraint stems not from power availability but rather from the scarcity of partly completed "powered-shell" data centers where CoreWeave can install its own equipment. Meanwhile, CoreWeave is building its own data center infrastructure from the ground up in Pennsylvania, with Intrator stating, "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 at $40 per share and closed Monday at $105.61, representing a 164% return compared with a 32% gain for the Nasdaq over the same period. Less than four months after its IPO, CoreWeave announced its intent to acquire data center infrastructure operator Core Scientific for $9 billion, though Core Scientific shareholders subsequently voted against the proposed deal. Looking ahead, CoreWeave's 2026 capital expenditures should be "well in excess of double" the total for 2025, which will end up between $12 billion and $14 billion, according to finance chief Nitin Agrawal.