CoreWeave shares plunged on Tuesday after it posted lower-than-expected full-year guidance, overshadowing strong third-quarter results and a string of new artificial intelligence partnerships.<\/p>\n
The New Jersey-based AI infrastructure firm<\/a> reported revenue of $1.36 billion for the quarter, beating analyst forecasts of around $1.29 billion. Revenue surged 134% from a year earlier, while the company\u2019s net loss narrowed to $110 million from about $360 million.<\/p>\n CoreWeave\u2019s quarterly growth was driven by new contracts with major tech firms<\/a>. The company announced a $6.5 billion expansion of its business with OpenAI<\/a>, a six-year deal with Meta worth up to $14.2 billion, and a $6.3 billion agreement with Nvidia for cloud computing capacity.<\/p>\n Despite the gains, CoreWeave forecast 2025 revenue between $5.05 billion and $5.15 billion, short of analysts\u2019 $5.29 billion average estimate. Shares were down 9% in premarket trading Tuesday.<\/p>\n Chief executive Mike Intrator told investors that construction delays at one data center were weighing on its near-term outlook. \u201cThere was a problem at one data center that\u2019s impacting us, but there are 41 data centers in our portfolio,\u201d he said.<\/p>\n He said the company remains constrained by the availability of \u201cpowered-shell\u201d data centers, which are facilities that are partly built and require CoreWeave to install its own equipment. \u201cThere\u2019s plenty of power right now, and we believe that there will be ample power for the next couple of years. But really where the challenge is, is the powered shell,\u201d Intrator said.<\/p>\n