CoreWeave Securities Lawsuits Emerge After Q4 Loss

CoreWeave, Inc. (NASDAQ: CRWV) faced securities lawsuits after reporting its Q4 2025 results on February 26, 2026. On March 6, multiple law firms filed class actions alleging concealment of operational failures, setting a March 13 lead-plaintiff deadline.

Earnings, Backlog, and Capital Expenditures

CoreWeave reported a Q4 2025 net loss of $452 million, or $0.89 per share, on revenue of $1.6 billion. Full-year 2025 revenue reached $5.1 billion. Adjusted EBITDA was $898 million at a 57.0% margin, while adjusted operating income declined to $88 million, a 6.0% margin, down from $121 million in the prior-year quarter.

The company guided Q1 2026 revenue to $1.9 billion to $2.0 billion, below the $2.3 billion Wall Street consensus, and set full-year 2026 revenue guidance at $12.0 billion to $13.0 billion. Adjusted operating income for 2026 is expected near break-even to modest profitability.

CoreWeave plans capital expenditures of $30 billion to $35 billion in 2026, roughly double the $14.9 billion spent in 2025, including $8.2 billion deployed in Q4. Management attributed the increased spending to signed contracts aimed at expanding capacity to fulfill backlog.

The company’s backlog stood at $66.8 billion at the end of Q4, a 342.0% year-over-year increase. Of this, 42.0% is scheduled within 24 months, 37.0% within 25 to 48 months, and 21.0% beyond 48 months. This backlog supports CoreWeave’s capacity build-out and revenue plans.

CoreWeave operated 43 active data centers after adding 11 in 2025, with more than 850 megawatts of active power capacity, up from about 360 megawatts. It has contracted over 3.1 gigawatts of power and expects to approach 4 gigawatts by the end of 2026. This infrastructure is central to deploying next-generation AI workloads.

Investor-relations materials showed $4.2 billion in cash and equivalents, $2.6 billion raised from convertible senior notes in Q4, an expanded $2.5 billion revolving credit facility, and a debt-to-equity ratio of 2.66. Interest expense rose to $388 million in Q4 despite a 300 basis-point decline in the weighted-average interest rate during 2025.

Shares declined about 18% to 20% in immediate post-earnings trading but have gained roughly 144% over the past 52 weeks.

Securities Lawsuits and Lead-Plaintiff Deadline

On March 6, three law firms announced shareholder class actions tied to the February earnings disclosures. DJS Law Group alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act and cited Rule 10b-5. Berger Montague PC set a March 13 lead-plaintiff deadline and identified a class period from March 28, 2025, through December 15, 2025. Hagens Berman alleged concealment of operational failures in scaling high-performance computing clusters during that period.

The litigation is shareholder-initiated; no SEC enforcement action or trading halt has been disclosed. An analyst initiated coverage the same day with an "outperform" rating and a $140 price target, highlighting competing legal and growth signals for investors.

Investors wishing to join the litigation must meet the lead-plaintiff deadline. The lawsuits add a time-sensitive legal overlay as CoreWeave pursues aggressive 2026 capital expenditures to convert its substantial backlog into revenue.

"The news follows allegations that the company concealed operational failures, as pled in a recently filed securities class action," Hagens Berman said in its March 6 press release.