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CoreWeave Q3 Performance Overview
CoreWeave (NASDAQ: CRWV) reported its third-quarter revenue at $1.36 billion, more than double the $584 million from the same period last year. The company also improved its net loss from approximately $340 million to $110 million. Despite strong revenue growth and a $55.6 billion backlog with significant customers like Meta and OpenAI, CoreWeave lowered its revenue guidance for 2025 to a range of $5.05 billion to $5.15 billion, down from a prior estimate that reached up to $5.35 billion.
Market Reaction and Valuation
Following the earnings release and the guidance adjustment, CoreWeave’s stock, with a market capitalization of about $43 billion, experienced a sell-off. The company currently trades at a price-to-sales ratio of 10, presenting concerns given its lack of GAAP profits. The significant uncertainty in the AI investment cycle further complicates the company’s growth outlook, as delays in third-party data center construction may hinder its ability to meet future revenue expectations.
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