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CoreWeave (CRWV) delivered an impressive Q3 beat, with revenue surging yr/yr as bookings and backlog accelerated, but the company trimmed FY25 revenue and pushed a meaningful portion of planned CapEx into future quarters after temporary delivery delays at a third-party data-center developer.

• Q3 revenue came in at $1.4 bln, up 134% yr/yr. Adjusted operating income was $217 mln, up 74% yr/yr, and adjusted EBITDA reached $838 mln (adjusted EBITDA margin 61%).
• Revenue backlog nearly doubled sequentially to $55.6 bln after adding over $25 bln of backlog in the quarter. The company said it reached $50 bln RPO faster than any cloud in history.
• CRWV reduced single-customer concentration versus earlier in the year (MSFT accounted for approximately 62% of FY24 revenue) with no single customer representing 35% of backlog. The company also disclosed large deals/expansions with OpenAI and Meta Platforms (META), and a new enterprise addition CrowdStrike (CRWD) among other wins.
• CRWV lowered FY25 revenue guidance to $5.05–$5.15 bln (from prior $5.15-$5.35 bln) and now expects 2025 CapEx of $12–$14 bln, down 40% at the midpoint. Management said most of the pushed CapEx will reside in construction-in-progress and be recognized when powered shell deliveries complete, with much of the volume expected to fall into 1Q26.
• The downgrade to guidance and the CapEx pushout are driven primarily by temporary delivery/timing delays at a single third-party data-center developer. CRWV says the affected customer agreed to extend delivery/expiration dates, so the total contract value is preserved. Management characterizes the change as a timing shift, not a loss of contracted demand.
• Active power grew by approximately 120 MW sequentially to 590 MW, while contracted power capacity rose to approximately 2.9 GW.

Briefing.com Analyst Insight:

CRWV’s Q3 results highlight exceptional AI infrastructure demand, with explosive revenue and backlog growth reinforcing its strategic position and vertical integration advantages. Still, the sharp pullback in shares underscores the market’s sensitivity to execution timing: the powered-shell delivery delay at one partner is temporarily shifting revenue and CapEx into early 2026, creating near-term volatility despite preserved contract value. Management emphasized improved customer diversification, strong multi-year commitments from marquee AI players, and expanding product breadth -- all supporting durable long-term growth. While the secular trajectory remains compelling, uneven quarterly cadence is expected as CRWV scales infrastructure and works through third-party build dependencies. The long-term story looks intact, but timing risk is earning a valuation reset in the near term.