CoreWeave (CRWV) shares fell more than 19%. The company forecast 2026 capital expenditures of $30 billion to $35 billion, compared with $14.9 billion in 2025.
The forecast came alongside fourth-quarter earnings that missed expectations. Analysts raised concerns that CoreWeave’s investment cycle is more aggressive than anticipated, prompting multiple price target cuts.
CFO Nitin Agrawal said much of the spending is tied to existing customer contracts to bring new data center capacity online. Lease and power costs begin as capacity is activated, while customer revenue ramps up in the following months, he said.
The spending increase has heightened investor concerns about profitability and execution risk, despite CoreWeave’s rapidly growing revenue backlog. The market reaction reflects greater scrutiny of cost discipline at high-growth AI infrastructure companies.