Core Points - CoreWeave reported Q3 earnings on November 10, highlighting aggressive scaling despite industry capacity constraints [1] - The company expanded its active power footprint by 120 MW sequentially to approximately 590 MW and grew contracted power capacity to 2.9 GW [1][4] - CoreWeave secured $14 billion in debt and equity transactions year to date, with no debt maturities until 2028, except for specific payments [1] Financial Performance - Revenue for Q3 was $1.36 billion, up from $583.9 million in Q3 2024 [7] - Operating income margin decreased to 4% from 20% in Q3 2024 [7] - Net loss was $110.1 million, an improvement from a net loss of $359.8 million in Q3 2024 [7] - Adjusted EBITDA increased to $838.1 million from $378.8 million in Q3 2024 [7] Guidance and Market Reaction - The company lowered its 2025 revenue guidance by $150 million to a range of $5.05 billion to $5.15 billion, causing a 15% drop in stock price [3] - Analysts noted that the decrease in fiscal year 2025 outlook was due to supply constraints, which are expected to be resolved by Q1 [5] - Capital expenditure guidance was reduced by 40%, from $21.5 billion to $13 billion, indicating a -9% reduction to Q4 expectations [5] Backlog and Demand - Backlog growth was reported at 200% year-over-year, reaching $55 billion, supported by diversified commitments from large companies [6] - Analysts indicated that the delays in powered shell construction were isolated to a single datacenter out of 41, suggesting strong underlying demand [6] Analyst Ratings - Bank of America analysts lowered the price target for CoreWeave stock from $168 to $140, maintaining a neutral rating [8] - The adjustments were based on a 24 multiple estimate for earnings before interest and taxes for calendar year 2027 [8]