CoreWeave Shares Slide 16% Despite Earnings Beat on Project Delays, Supply Strains

CoreWeave Inc. reported quarterly results that topped Wall Street estimates, but the stock tumbled 16% after the company warned of slower growth ahead amid supply chain disruptions and project delays linked to a key developer partner.

The cloud-computing provider, a major player in GPU infrastructure for artificial intelligence workloads, posted an adjusted loss of 22 cents per share for the September quarter—narrower than the 40-cent loss analysts had projected. Revenue came in at $1.36 billion, surpassing expectations of $1.29 billion.

Despite the earnings beat, executives struck a cautious tone on an analyst call. CoreWeave said demand for AI infrastructure continues to exceed available supply, but ongoing capacity constraints and delays in data center buildouts are likely to weigh on 2025 results. The company now expects revenue next year to fall short of consensus forecasts.

“The demand environment remains incredibly strong, but scaling responsibly amid constrained infrastructure takes time,” Chief Executive Officer Michael Intrator said. He added that while current power availability isn’t an immediate concern, future expansion could be affected as CoreWeave pushes to vertically integrate its operations and gain greater control over its resource chain.

Analyst reactions were mixed. Melius Research reiterated a Buy rating but trimmed its price target, citing near-term headwinds. J.P. Morgan adopted a more cautious stance, pointing to broader industry pressures on AI infrastructure providers.

The company has also faced turbulence in its partnership pipeline. A proposed merger with Core Scientific was scrapped after shareholders rejected the deal, though both companies said they remain aligned on joint growth initiatives.

Since its IPO earlier this year, CoreWeave has positioned itself as a leading supplier of GPU-powered cloud services amid surging investment in artificial intelligence infrastructure. But with supply bottlenecks and construction delays now clouding its near-term outlook, investors appear to be taking a more guarded view of its ambitious expansion plans.