Markets
markets
Luke Kawa & David Crowther

CoreWeave guidance disappoints as delays weigh on data center ramp despite blowout top and bottom line beats

CoreWeave reported a strong sales beat in Q3, with bottom-line results to match.

  • Revenue: $1.36 billion (compared to analyst estimates of $1.23 billion and guidance for $1.26 billion to $1.30 billion)

  • Adjusted operating income: $217.15 million (estimate: $177.2 million, guidance: $160 million to $190 million)

Those figures exceeded every estimate among analysts polled by Bloomberg.

More strong sales seem to be in the pipeline: CoreWeave’s revenue backlog swelled to $55.6 billion at the end of the quarter, nearly double the $30.1 billion at the end of Q2.

But they’re not imminent: in fact, despite this revenue beat, CoreWeave reduced its 2025 annual sales forecast to a range of $5.05 billion to $5.15 billion from its prior outlook for $5.15 billion to $5.35 billion.

That cut to its guidance has shares deep in the red on Tuesday morning during premarket trading.

CoreWeave seems to be having a little trouble getting as much compute up and running as Wall Street had hoped for, with active power of 590 megawatts at the end of the quarter, where analysts had anticipated nearly 625 megawatts.

On the earnings call, the company’s executives discussed a delay to one of their data centers in more detail, a problem which is weighing on its Q4 and FY25 guidance. To be clear, CoreWeave isn’t flagging access to power in particular as a critical bottleneck right now (unlike Microsoft’s and Nvidia’s leaders). Rather, it’s the other physical infrastructure supporting the data center that’s the issue.

Michael Intrator, CoreWeave’s CEO, said:

So you're going to be hearing this theme repeated again and again as you talk to not just CoreWeave, but across the space. And it is a real challenge at the powered shell level. It's not a challenge for power, right? There's 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.

Accordingly, CoreWeave’s guidance for over 850 megawatts of active power at year end would entail the company falls well short of the current consensus estimates for nearly 900 megawatts.

It’s going to take a lot of supply chain unfurling to realize its revenue backlog on schedule.

CoreWeave revenue backlog
Source: CoreWeave Q3 earnings presentation

The neocloud company had a busy quarter, reaching a $14 billion pact with Meta for AI compute, expanding its agreement with OpenAI, and signing a $6.3 billion deal with Nvidia for any unused cloud computing capacity, among others. CoreWeave’s recent attempt at vertical integration failed, as Core Scientific shareholders voted overwhelmingly against its proposed acquisition on October 30.

However, there’s a little less drama around this quarter’s results than there was for the last one. That’s because its lock-up period expired shortly after CoreWeave’s impressive Q2 results, catalyzing a wave of profit taking in the AI darling.

More Markets

See all Markets
Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three
markets
J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise
Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings
markets
Paige Oamek

Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC