Overview
- Management trimmed its 2025 sales outlook to $5.1 billion from $5.25 billion, citing delays at a third‑party data‑center site plus GPU supply constraints.
- Third‑quarter revenue rose to about $1.36 billion, while contracted backlog reached $55.6 billion with commitments from OpenAI at $22.4 billion and Meta at $14.2 billion through 2031.
- Profitability remains pressured with roughly 4% operating margin, about $8 billion negative free cash flow over the past 12 months, and higher interest costs on sizable debt.
- Shares fell nearly 30% over five sessions to roughly $77–$80 yet remain more than 100% higher year to date and closer to the $40 IPO price than recent highs.
- Nvidia owns roughly 7% of CoreWeave and provides a $6.3 billion capacity backstop through 2032, while analyst coverage is split at 13 Buy, 12 Hold, and 1 Sell with an average target near $146.