November has not been kind to software and AI names in the stock market, especially the neoclouds. All market A-eyes are now looking towards NVIDIA's coming Q3 earnings on November 19th.

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Quick aside on NVIDIA: Remember that strong 15% seq guide last quarter? And how Blackwell Ultra started ramping to full production early, leading to a (hopefully) very strong Q3 and Q4?

CoreWeave, in particular, was punished back in September and now again in November after it became clear that its largest customer was seeking other neocloud partners (Nebius, then IREN) – but I see it as a validation of the neocloud thesis, especially after other hyperscaler AI companies showed up with even larger contracts as Microsoft diverged (or is that diversified?) from CoreWeave.

CEO in Q3 Q&A: "The fact that there are other deals getting contracted out there is incredible validation for the supply-demand environment that we have been describing for years now. ...  the fact that there are other deals going to other players is part and parcel for the fact that we, like the hyperscalers, like the AI labs, like the data centers, are being overwhelmed by demand. It is just reinforcing and validating the theme that we've been talking about."

To sum up my recent AI buildout coverage: After OpenAI's big Stargate moves across 2025, Microsoft is trying to lock up a huge amount of excess AI capacity coming online over the next year, even as its own AI-centric DC (Fairwater) is soon coming to fruition in early 2026. And like Microsoft and OpenAI before it, other hyperscalers like Meta and Google are also now spreading their growing need for excess AI capacity to neocloud partners. Meta first secured excess capacity with CoreWeave, then Nebius (as just announced this week).

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Note that that new Nebius deal with Meta is a much smaller deal ($3B) than Nebius's previous deal with Microsoft ($19B), as well as Coreweave's earlier deal Meta ($14B).

Now that we've looked at Neoclouds and CoreWeave from a high-level view, let's go over CoreWeave's just-announced Q3 earnings and planned buildouts. From there, we'll take a walk through their financing moves and how they are positioning their product stack over the longer term.  I'll also provide my take on SemiAnalysis's latest GPUaaS ratings released last week. As with recent Neocloud coverage, this will also be of interest to any AI chip makers, hyperscaler clouds, neoclouds, and crypto-to-AI plays.

  • Part 1 looks at Q325 results and the DC buildout delay.
  • Part 2 combs through all the buildout plans, how they align with customer deals, and future capacity possibilities.
  • Part 3 will cover the financial mechanisms and product moves of late.