CoreWeave Stock Plunges 15% Despite Record-Breaking Quarter

On November 13th, 2025, CoreWeave (NASDAQ: CRWV), an artificial intelligence (AI) infrastructure provider, saw its stock drop over 15% following the release of its third-quarter earnings report. The sharp decline was a direct reaction to the company's cut in its full-year 2025 revenue and capital expenditure guidance, a move that sent skittish investors fleeing.

However, a closer look at the report reveals that CoreWeave delivered a record-breaking quarter, beating revenue estimates and nearly doubling its backlog of future business. This has created a stark disconnect between the company's long-term fundamentals and its current, battered stock price. The negative catalyst behind the guidance reduction was a supply-side issue, not a problem with customer demand.

During the earnings call, CoreWeave's management disclosed that the guidance cut stemmed from a delay by a single third-party data center developer in delivering a powered shell, the physical building ready for GPU installation. This is a timing issue that pushes revenue and planned capital spending from the fourth quarter of 2025 into the first quarter of 2026. Crucially, the affected customer has already agreed to an adjusted delivery schedule that preserves the full value of the original contract, signaling strong customer confidence and limiting the financial damage of the delay.

This operational hiccup comes shortly after the company terminated its planned acquisition of Core Scientific in October. Rather than a sign of weakness, management framed the decision as a disciplined move to avoid overpaying for an asset. This pivot reinforces a key part of CoreWeave's evolving strategy: a hybrid approach to infrastructure that combines leasing with an increasing focus on self-build projects, like the massive data centers planned for Pennsylvania and New Jersey. This diversifies CoreWeave's supply chain, providing greater control over its long-term destiny.