"CoreWeave needed a lot of things to go right on Monday as it released third-quarter financial results, and one of the most critical was showing that its contracted future revenues could hit a $50 billion target Wall Street had set as a benchmark for the AI data-center and infrastructure operator. In its announcement, CoreWeave confirmed it nearly doubled its revenue backlog,which includes "remaining performance obligations" (RPOs) and other amounts it estimates will be recognized as revenue, to $55.6 billion, up from $30 billion the previous quarter."
"The surging backlog, which represents future revenues from customers, was driven by contracts with Meta, OpenAI, and French AI startup Poolside. Earnings and revenue, meanwhile, both beat analysts' consensus estimates. The company also reported an increase in the debt on its balance sheet, however, and it revised its full-year revenue guidance downward. Following its earnings release and call with analysts, the stock dropped 6% in after-hours trading."
"The downward revision in revenue guidance reflected delays in construction of some of CoreWeave's data centers. "While we are experiencing relentless demand for our platform, data center developers across the industry are also enduring unprecedented pressure across supply chains," CEO Michael Intrator said during the analysts' call. "In our case, we are affected by temporary delays related to a third-party data-center developer who is behind schedule.""
CoreWeave nearly doubled its revenue backlog to $55.6 billion from $30 billion, driven by contracts with Meta, OpenAI, and French AI startup Poolside. Earnings and revenue beat analysts' consensus estimates. The company reported an increase in debt and revised full-year revenue guidance downward, attributing the cut to construction delays at third-party data-center developers. The stock fell 6% in after-hours trading and has dropped more than 30% since mid-August amid investor skepticism about the AI infrastructure build-out. CEO Michael Intrator cited relentless demand but industry-wide supply-chain pressure, and CFO Nitin Agrawal provided 2025 revenue guidance of approximately $5.05 billion to $5.15 billion.
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