CoreWeave (CRWV.O), a Nvidia-backed AI cloud company, lowered its 2025 revenue forecast after a delay at a third-party data center partner, causing shares to fall over 6% in extended trading.
The company now expects annual revenue between $5.05 billion and $5.15 billion, down from its earlier projection of up to $5.35 billion. The delay has postponed part of a major customer contract, though CoreWeave said the deal’s total value remains unchanged after an extension agreement.
Despite the disruption, CoreWeave reported Q3 revenue of $1.36 billion, more than double from a year earlier and above analyst estimates. The company also reiterated plans to boost capital spending to as much as $14 billion next year to expand its AI data center capacity.
Once a large-scale Ethereum miner, CoreWeave has transformed into one of the fastest-growing AI cloud providers, securing major partnerships with Meta Platforms and OpenAI. However, analysts warn that rising GPU prices and intensifying competition could pressure margins, which fell to 16% in the latest quarter.
