Overview
- Third‑quarter revenue rose about 134% year over year to roughly $1.36 billion, and the revenue backlog climbed to $55.6 billion on multi‑year deals including Meta and OpenAI.
- Management trimmed full‑year 2025 revenue guidance to $5.05 billion–$5.15 billion due to delivery delays from a third‑party data‑center provider that push out revenue recognition.
- Planned capital spending is $12–$14 billion in 2025 and well over double in 2026, while net interest expense topped $300 million in Q3 and adjusted margins narrowed to 16% from 21%.
- Shares fell roughly 15% after earnings and are down about 50% from their peak, with selling pressure amplified by post‑IPO lock‑up expirations and insider transactions.
- CoreWeave expanded its revolving credit facility to $2.5 billion with maturity to November 2029, and Coatue made the stock its largest holding in Q2, underscoring divided investor positioning.