CoreWeave’s stock price is sinking despite AI mania and soaring revenue. Here is the one reason why

Shares in CoreWeave Inc are sinking this morning after the company revealed its third-quarter 2025 results yesterday.

While the New Jersey-based AI infrastructure firm more than doubled its revenue from the same quarter a year earlier, it also revised down its full fiscal 2025 forecast, sending its stock price tumbling.

Here’s what you need to know.

What’s happened?

Yesterday, AI infrastructure company CoreWeave announced financial results for its Q3 2025, which ended on September 30.

There was some good news for the quarter, including revenue of nearly $1.4 billion (up 134% year over year) and a revenue backlog of $55.6 billion (up 271% YoY). Revenue backlog is a metric that includes future revenue that CoreWeave expects from existing client deals.

CoreWeave’s main business is leasi