Key Takeaways
- CoreWeave (CRWV) shares declined 8-9% in after-hours trading following Q4 2025 earnings release
- Q4 revenue reached $1.57B, representing 110% year-over-year growth and exceeding projections — however, loss per share of $0.89 surpassed the $0.49 forecast
- Q1 2026 revenue guidance of $1.9B–$2.0B fell short of Wall Street’s $2.29B projection
- Full-year 2026 revenue outlook of $12B–$13B aligns with expectations; capex planned at $30B–$35B
- Revenue backlog expanded to $66.8B; total debt reaches approximately $30B
CoreWeave shares fell 8-9% during after-hours trading Thursday following the AI cloud infrastructure company’s release of fourth-quarter results that highlighted forward-looking challenges despite strong recent performance.
CoreWeave, Inc. Class A Common Stock, CRWV
The company delivered Q4 revenue of $1.57 billion, surpassing Wall Street’s $1.55 billion projection. Revenue expanded 110% compared to the same period last year.
That represents the positive side of the report.
The company’s loss per share reached $0.89, significantly exceeding the anticipated $0.49 loss that analysts had forecasted. This wider-than-expected deficit surprised market participants.
Adjusted EBITDA totaled $898 million, trailing the $929 million StreetAccount consensus figure.
Forward guidance proved to be the primary catalyst behind the stock decline.
CoreWeave issued Q1 2026 revenue guidance of $1.9 billion to $2.0 billion. Analyst estimates had anticipated $2.29 billion. The shortfall amounts to approximately $290 million at the midpoint — a meaningful discrepancy.
Full-Year Outlook and Spending Plans
For calendar year 2026, CoreWeave provided revenue guidance of $12 billion to $13 billion, generally matching the $12.09 billion analyst consensus projection.
The capital spending forecast demands attention. The company anticipates $30 billion to $35 billion in capital expenditures during 2026, climbing from $10.31 billion in 2025. This represents a substantial increase in infrastructure investment.
CEO Mike Intrator characterized the accelerated buildout as strategic. “Our clients are desperate to get access to more infrastructure faster,” he explained to CNBC, noting his willingness to accept near-term margin pressure.
CoreWeave closed 2025 with 850 megawatts of operational power capacity and 3.1 gigawatts secured under contract. The company aims to exceed 1.7 gigawatts of active capacity by year-end 2026, surpassing analyst forecasts of 1.59 gigawatts.
The committed revenue backlog expanded to $66.8 billion from $55.6 billion at Q3’s conclusion. Average contract duration increased to five years, extending from four years at 2024’s close.
CoreWeave carried $21.37 billion in debt as of December 31. Including lease obligations, total borrowings approach $30 billion — generating interest expenses that pressure profitability.
Supply and Demand Still Tight
Nvidia GPU availability continues facing constraints, Intrator mentioned during the analyst call. Average H100 pricing during Q4 remained within 10% of year-beginning levels. Prices for older A100 models actually increased throughout 2025.
Intrator indicated that customer demand now extends beyond hyperscalers and foundation model developers to include enterprise and sovereign buyers.
Throughout the quarter, CoreWeave announced a partnership with AI model developer Poolside, introduced an object storage service, and expanded its credit facility to $2.5 billion from $1.5 billion.
Despite the after-hours decline, CRWV shares had gained 36% year-to-date through Thursday’s closing bell.
Analyst sentiment currently reflects a Moderate Buy consensus on the stock, with nine Buy recommendations and eight Hold ratings. The average price target stands at $118.57.
