Core Viewpoint - CoreWeave's stock plummeted nearly 21% after the release of its second quarterly earnings report post-IPO, despite revenue exceeding expectations and an upward revision of its annual guidance. The larger-than-expected losses and the impending expiration of the IPO lock-up period raised market concerns [1][3][5]. Financial Performance - CoreWeave reported an adjusted loss of $0.27 per share, surpassing analysts' expectations of a $0.21 loss. The company projected quarterly revenue between $1.26 billion and $1.3 billion, slightly above the analyst consensus of $1.25 billion. Additionally, the revenue forecast for 2025 was raised to between $5.15 billion and $5.35 billion, exceeding the previous estimate of $4.9 billion to $5.1 billion [5][8][10]. Market Expectations - Analysts noted that market expectations for CoreWeave were excessively high, particularly following a significant stock price increase of over 240% since its IPO. The company was viewed as a barometer for AI-related spending, with its business model relying on customer contracts before purchasing AI chips and data center equipment [8][11]. Capital Expenditure Concerns - Analysts expressed concerns regarding CoreWeave's low capital expenditure guidance, which remained unchanged for the year at $20 billion to $23 billion, with a midpoint of $21.5 billion, slightly above the analyst expectation of $21.03 billion. Some capital expenditures were delayed to the fourth quarter, which could signal potential risks [9][10]. Strategic Partnerships - CoreWeave's clientele includes major players like OpenAI, Microsoft, and NVIDIA. The company has signed significant contracts with OpenAI, which holds shares in CoreWeave, and is recognized as a key partner of NVIDIA, which owns a 7% stake in the company. CoreWeave also acquired AI model monitoring startup Weights and Biases for $1.4 billion [11].