Crwv Stock Climbs 123% Since IPO as CoreWeave Prepares for a High-Stakes Q4
crwv stock has risen 123% since CoreWeave’s March 2025 IPO, but the company enters a pivotal fourth quarter with capacity expansion, a massive backlog and earnings on the hook to show whether growth converts to revenue.
Shares have swung dramatically since the IPO
CoreWeave’s stock surged more than 300% from its IPO level by the end of June 2025 and is still up 123% since March 2025, even though it sits 51% below its 52-week high. That volatility frames the question investors face heading into Q4: can growth rates and contract wins translate into the revenue trajectory priced into the shares?
Crwv Stock: capacity gains and the backlog that underpins growth
Concrete expansion underpins the stock’s performance. In Q3 2025, CoreWeave added 120 megawatts of active data center capacity, bringing active capacity to 590 MW, and it boosted its potential pipeline by more than 600 MW. The company’s contracted power capacity rose to 2. 9 gigawatts, and management said, “This leaves us well-positioned for future growth, with more than 1 gigawatt of contracted capacity available to be sold to customers that we expect to largely come online within the next 12 to 24 months. ”
Those capacity numbers feed into financial claims in the same period: CoreWeave’s 2025 revenue level stood at $5. 1 billion, and the company reported a revenue backlog of almost $56 billion at the end of Q3 2025. That backlog is nearly double the $31 billion of combined revenue analysts expect the company to deliver in 2026 and 2027, creating the central test for the coming quarters.
Supply constraints, partners and what’s next for data center builds
CoreWeave operates in a supply-constrained market for AI data centers and uses Nvidia GPUs in its dedicated facilities, a factor cited for both the company’s fast growth and investor concern about capital intensity. The company’s relationship with infrastructure providers also matters: Applied Digital counts CoreWeave as a key tenant, and Applied Digital said it is looking to build beyond two complexes in North Dakota and is "well positioned to begin construction of additional campuses in the near term. " Those planned builds tie directly to the 2. 9 GW contracted power figure and the company’s expectation to bring more than 1 GW of contracted capacity online within 12 to 24 months.
The immediate consequence for investors is straightforward and measurable: CoreWeave needs Q4 results and subsequent capacity additions to start showing up in revenue and utilization so the company can justify a valuation that has already climbed 123% since the IPO. Until then, the stock’s prior surge and the 51% drop from the 52-week high capture the market’s split view on how quickly that conversion will happen.
CoreWeave now heads into a high-stakes Q4 and an earnings stretch that market watchers have flagged as pivotal; the next confirmed milestone for the company is its upcoming fourth-quarter earnings, which will be watched for signs that the 590 MW of active capacity, the 2. 9 GW contracted power footprint and the nearly $56 billion backlog are translating into the revenue growth investors expect.
