CoreWeave (NASDAQ:CRWV) shares fell almost 13% after the cloud infrastructure provider lowered its full-year 2025 guidance, even as its third quarter results topped Wall Street estimates.
The company now expects 2025 revenue of $5.05 billion to $5.15 billion, down from a prior range of $5.15 billion to $5.35 billion, due to timing and capacity delays with a third-party data center vendor. These issues are pushing some infrastructure deployment and associated revenue into early 2026.
Capital expenditure guidance was also cut sharply, to $12 billion to $14 billion from $20 billion to $23 billion, reflecting timing adjustments rather than weaker demand.
Analysts at Jefferies noted that CoreWeave is still seeing robust demand, with a revenue backlog of $55.6 billion, up from $30.1 billion last quarter.
Over 1 GW of capacity remains uncontracted, though bringing it online will take 12 to 24 months, they noted. “Given that CoreWeave’s deals depend on specific GPU models, and future specs are not yet available for say Rubin, it may be some time before this contracted capacity becomes revenue backlog,” they wrote.
Pricing remains resilient for older GPUs, and total contracted power grew to 2.9 GW from 2.2 GW last quarter.
The guidance revision translates to a reduction of roughly $150 million in revenue and $110 million in operating income at the midpoint, but Jefferies expects much of this deferred activity to be realized in the first half of 2026.
The firm maintains a ‘Buy’ rating and $155 price target on CoreWeave, highlighting the company’s strong backlog, long-term capacity, and attractive risk/reward relative to peers.