CoreWeave Shares Slide -18% After Revenue Outlook Trails Estimates

CoreWeave (NASDAQ: CRWV) shares fell sharply Thursday after the artificial intelligence cloud provider projected first-quarter revenue below analyst expectations, with the stock down approximately 18% on the day.

The company reported a fourth-quarter net loss of $0.89 per share, wider than the $0.49 loss anticipated by analysts surveyed by LSEG. Revenue increased 110% year over year to $1.57 billion, modestly above the $1.55 billion consensus estimate. For the current quarter, CoreWeave forecast revenue between $1.9 billion and $2 billion, compared with the $2.29 billion estimate compiled by LSEG.

Adjusted earnings before interest, taxes, depreciation and amortization totaled $898 million, below the $929 million consensus estimate from StreetAccount. CoreWeave projected full-year 2026 revenue of $12 billion to $13 billion. Analysts polled by LSEG had expected $12.09 billion.

Chief Executive Officer Mike Intrator said demand for AI infrastructure is expanding beyond hyperscale cloud providers into enterprise and sovereign customers. He said the company chose to accelerate data center buildouts to meet demand, accepting near-term margin pressure as capacity increases.

Capital expenditures are expected to reach $30 billion to $35 billion in 2026, compared with $10.31 billion in 2025. CoreWeave aims to exit 2026 with more than 1.7 gigawatts of active power capacity, above the 1.59 gigawatts forecast by Visible Alpha. The company also plans to add more than five gigawatts beyond its contracted footprint by 2030. Active power capacity totaled 850 megawatts at year-end, exceeding the roughly 827 megawatts analysts had projected. Contracted power stood at 3.1 gigawatts.

Backlog increased to $66.8 billion from $55.6 billion at the end of the third quarter. Weighted average contract duration extended to five years from four at the end of 2024.

CoreWeave said supply of graphics processing units from Nvidia remains limited. Intrator noted that average pricing for Nvidia’s H100 processors in the fourth quarter was within 10% of where it began the year, while prices for older A100 chips rose in 2025.The company said it resolved previously disclosed construction delays by reallocating internal personnel and adding third-party contractors. During the quarter, CoreWeave announced a partnership with Poolside, introduced an object storage service, and increased a credit facility to $2.5 billion from $1.5 billion.

CoreWeave reported $21.37 billion in debt as of Dec. 31. Additionally, through Thursday’s close, the stock had gained 36% in 2026 prior to the latest decline. Over the same period, the iShares Expanded Tech-Software Sector ETF was down nearly 22%.

About CoreWeave

CoreWeave (NASDAQ: CRWV) operates specialized cloud infrastructure designed for high-performance computing and artificial intelligence workloads. The company provides access to graphics processing units and related data center capacity for AI model training and inference.

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.