Amid the strong interest in artificial intelligence (AI) stocks in 2025, CoreWeave has been a standout performer. It’s easy to see why - this company rents out Nvidia GPUs to AI companies and counts OpenAI, Microsoft, and Meta Platforms among its customers.
Earlier this week, CoreWeave posted its earnings for the third quarter1 of 2025 and they showed that the company is seeing high demand for its services right now. Here’s a look at some highlights from the Q3 report and the earnings call.
134% Revenue Growth in Q3
CoreWeave generated strong growth in Q3, with revenue rising 134% year on year to $1.36 billion. This was ahead of the consensus forecast of $1.29 billion.
Adjusted EBITDA rose to $838 million versus $379 million a year earlier. Meanwhile, net loss narrowed to $110 million from $360 million in Q3 2024.
At the end of the period, the company had a revenue backlog of more than $55 billion, representing 2.9 gigawatts in contracted power. This was almost double the backlog at the end of Q2 ($30.1 billion).
Q3 Highlights
In its earnings release, the company noted that it won deals with AI labs, hyperscalers, and enterprises in Q3. One highlight was a $14.2 billion multi-year deal with Meta to power next-generation workloads with options to meaningfully expand the deal.
Another was an expanded partnership with ChatGPT owner OpenAI. This was worth approximately $6.5 billion, bringing total commitments to up to approximately $22.4 billion.
The company also said that it expanded its relationship with a “leading hyperscaler,” during the quarter, marking their sixth contract to date. Analysts at Wall Street firms have speculated that this hyperscaler client is Google-parent Alphabet.
Looking beyond these customer wins, the company said that it entered a $6.3 billion strategic collaboration with Nvidia to scale GPU infrastructure and accelerate AI innovation. It also pointed out that it was the first company to deploy Nvidia’s GB300 NVL72 systems, powering frontier AI companies at scale.
2025 Guidance
In terms of guidance, CoreWeave now sees 2025 revenue coming in between $5.05 billion and $5.15 billion. This represents growth of about 165% year on year at the midpoint; however, the guidance was a little below the average analyst estimate of $5.29 billion. The company blamed the below-par guidance on a third-party data center developer that is behind schedule. Yet it added that the delay won’t affect its backlog.
Earnings Call Insights
On the earnings call, the company provided more details in relation to its recent performance. Here, management said that the company is currently operating in a “highly supply-constrained environment” where demand far exceeds available capacity. However, the company did manage to add eight new data centers across the US in Q3, with additional expansions underway across Europe. And it has now embarked on self-build projects to further accelerate its footprint and gain greater operational control.
Management also noted on the call that the company is seeing strong momentum within the enterprise space at present. During the quarter, for example, CrowdStrike chose CoreWeave to advance the development of AI agents for cybersecurity, while Rakuten used its platform to transform its visual language models.
Additionally, management noted that CoreWeave is now serving the public sector. Recently, the group launched CoreWeave Federal to bring its cloud services to US government agencies and the defense industrial base, and already NASA is leveraging its services.
Analysts’ Reactions
Since the Q3 earnings report, some Wall Street firms have lowered their share price targets2 for CoreWeave slightly on the back of the lowered-than-expected guidance for 2025. However, despite this activity, many firms have targets that are well above the current share price.
Jefferies, for example, has a price target of $155 while Evercore ISI has a target of $160. Given these price targets - which are more than 50% above the current share price - CoreWeave could be an AI stock to keep an eye on in the months ahead.
Footnotes:
1CoreWeave Reports Strong Third Quarter 2025 Results, as of November 10, 2025
2Investing.com, CoreWeave Inc (CRWV), as of November 11, 2025
