CoreWeave stock, traded on NASDAQ as CRWV, experienced dramatic price movements in 2025. The stock surged 367% after its March initial public offering before declining sharply from its June peak. It has lost 51% of its value from that high point but remains 125% above its IPO price.
The company operates specialized AI data center infrastructure using graphics processing units. Its facilities serve AI companies, enterprises, startups, and major cloud computing providers needing additional computing power for AI workloads.
CoreWeave management described operating in a "highly supply-constrained environment" where demand for their AI cloud platform exceeds available capacity. At the end of the third quarter of 2025, the company operated 41 dedicated AI data centers across the United States and Europe, providing 590 megawatts of active power capacity.
Plans call for bringing online at least 1 gigawatt of additional active capacity within the next year or two. Company officials noted this additional capacity has already been sold to customers.
CoreWeave's revenue backlog reached almost $56 billion at the end of Q3 2025, representing nearly a fourfold increase from the previous year. Quarterly revenue grew 134% year-over-year to $1.36 billion during that period.
The company maintains contracts with major AI players including OpenAI and Meta Platforms. Recently, CoreWeave signed an agreement with Runway to provide data center capacity and software solutions for accelerating AI models used in video generation for production houses, gaming studios, and film studios.
Management forecasted $5.1 billion in revenue for 2025, a 165% increase over 2024's $1.92 billion. Analyst projections suggest the company's revenue could more than double again in 2026 to nearly $12 billion.
CoreWeave stock currently trades at 9.3 times sales, slightly above the U.S. technology sector's average of 8.7 times sales. The company reported 2.9 gigawatts of contracted power available for new data center capacity at the end of Q3 2025.
Goldman Sachs research indicates the United States could face an annual data center capacity shortage of approximately 10 gigawatts through 2028.