CoreWeave stock sank roughly 7% in premarket trading on Friday after the company issued a weaker-than-expected forecast for the current quarter. The AI data center operator said it expects revenue of $2.45 billion to $2.6 billion, below Wall Street's $2.7 billion estimate, and projected operating income of $30 million to $90 million versus analysts' expectation of $154 million.
The company also declined to raise its full-year forecast, a move that undercut a stock that has already been on a huge run. CoreWeave shares have surged 78% in 2026 and are up more than 200% since its IPO in March of last year, even after the latest pullback. Investors had recently been encouraged by deals with Meta and Anthropic, which helped bolster confidence in the business and are part of a broader cloud spending race that has lifted the company this year.
CoreWeave rents access to AI infrastructure powered by Nvidia chips, and the company has benefited from intense demand for AI data center capacity as tech companies keep spending. But the stock has sold off after every earnings report since its IPO, even if it had previously recovered quickly from those declines. Friday's reaction suggests this quarter's guidance landed harder than the market expected.
The question now is whether CoreWeave can keep the growth story intact without giving investors the stronger full-year outlook they were looking for. If the next quarter does not show a clearer path to higher revenue and operating income, the stock's habit of rebounding may finally face a tougher test.
