NEW YORK, Feb. 26, 2026 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against CoreWeave, Inc. (“CoreWeave” or the “Company”) (NASDAQ: CRWV) and certain officers. The class action, filed in the United States District Court for the Western District of Texas, and docketed under 26-cv-00355, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired CoreWeave securities between March 28, 2025 and December 15, 2025, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are an investor who purchased or otherwise acquired CoreWeave securities during the Class Period, you have until March 13, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
CoreWeave purports to be an artificial intelligence (“AI”) cloud computing company and self-described “Hyperscaler”, which its Prospectus (defined below) defined as “a cloud provider or technology company that is capable of delivering computing infrastructure and services at massive scale, typically through large data centers and geographically distributed networks.”
CoreWeave purports to generate substantially all of its revenue from committed long-term contracts providing customers with access to its AI infrastructure and proprietary managed software and application services through CoreWeave Cloud Platform (the “Cloud Platform”).
CoreWeave recognizes revenue from such contracts only once it completes installation of the infrastructure necessary to provide its customers with access to the Cloud Platform, including the data centers that house the hardware on which its proprietary software runs. Such data centers are also known as “powered shells.” After executing a committed contract and receiving a prepayment from its customer, CoreWeave purchases infrastructure components and installs systems necessary to provide its contracted services. Only after the necessary system infrastructure installation is complete and a contract goes live does CoreWeave recognize revenue from the contract.
CoreWeave’s Cloud Platform is hosted in its distributed network of active purpose-built data centers. Without these underlying data centers, CoreWeave is unable to sell its services to customers or recognize revenue from committed long-term contracts for its services.
On March 10, 2025, less than three weeks before CoreWeave conducted its initial public offering (“IPO”), the Company announced a deal worth up to $11.9 billion to deliver AI infrastructure to Open AI, a leading AI company. This announcement served only to bolster investors’ anticipation of CoreWeave’s IPO.
On March 28, 2025, CoreWeave conducted its IPO, selling 37.5 million shares of common stock priced at $40.00 per share and raising $1.5 billion (the “Prospectus”).
On March 31, 2025, CoreWeave filed a prospectus on Form 424B4 with the United States Securities and Exchange Commission in connection with the IPO.
In the months following CoreWeave’s IPO, its stock price skyrocketed to prices as high as $183.58 on June 20, 2025, a 348.95% increase from the offering price. During this time the Defendants consistently represented to investors that the demand for CoreWeave’s services was “robust” and “unprecedented,” and made positive revenue forecasts in part due to this demand.
However, constantly looming over CoreWeave was the question of how it could meet this “robust” and “unprecedented” customer demand, given the limitations on the infrastructure underlying its AI services. The data centers necessary to CoreWeave’s Cloud Platform are highly specialized and in certain cases, designed to meet a customer’s bespoke needs. The limitations referenced above arise because only a limited number of suppliers provide the components and materials necessary to construct these specialized data centers and their contents.
Nevertheless, CoreWeave consistently issued positive revenue guidance during the Class Period—even raising its guidance on one occasion, as discussed infra at ¶ 55)— while steadily assuring investors that it was equipped to capitalize on the high customer demand for its AI services.
On July 7, 2025, CoreWeave announced a definitive agreement to acquire Core Scientific, Inc. (“Core Scientific”), one of the largest owners and operators of digital infrastructure for high performance computing in North America, in an all-stock transaction (the “Core Scientific Acquisition”). In its announcement, the Company quoted CoreWeave’s Co-Founder and Chief Executive Officer, Defendant Michael Intrator, as stating the Core Scientific Acquisition enabled CoreWeave to “significantly enhance operating efficiency and de-risk our future expansion, solidifying our growth trajectory.”
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had overstated CoreWeave’s ability to meet customer demand for its service; (ii) Defendants materially understated the scope and severity of the risk that CoreWeave’s reliance on a single third-party data center supplier presented for CoreWeave’s ability to meet customer demand for its services; (iii) the foregoing was reasonably likely to have a material negative impact on the Company’s revenue; (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
During market hours on October 30, 2025, Core Scientific announced it had not received enough shareholder votes to approve its merger agreement with CoreWeave and, as a result, terminated the merger agreement.
On this news, CoreWeave’s stock price fell $8.87 per share, or 6.33%, to close at $131.06 per share on October 30, 2025.
Then, after market hours on November 10, 2025, CoreWeave issued a press release reporting its financial results for quarter ended September 30, 2025. Also on November 10, 2025, CoreWeave held a conference call concerning its financial results for the quarter ended September 30, 2025 (the “Q3 2025 Earnings Call”). During the Q3 2025 Earnings Call, Defendants announced lowered revenue guidance for 2025, citing “delays related to a third-party data center developer who is behind schedule.”
Then, during market hours on November 11, 2025, Defendant Intrator appeared for an interview on CNBC’s “Squawk on the Street,” hosted by Jim Cramer (the “CNBC Interview”). During the CNBC Interview, after Cramer challenged his initial characterization of the delays at issue, Defendant Intrator conceded that the delays implicated not just one data center, but a single data center provider—i.e., that more than one data center owned by the same provider was potentially affected.
On this news, CoreWeave’s stock price fell $17.22 per share, or 16.31%, to close at $88.30 per share on November 11, 2025.
Then, after market hours on December 15, 2025, the Wall Street Journal published an article reporting new information concerning the data center provider delays, revealing that the scope and severity of data center delivery issues were greater than Defendants acknowledged during the Q3 2025 Earnings Call and the CNBC Interview. The article revealed that weather-related delays would push back the completion date of a Denton, Texas data center cluster intended for OpenAI by several months, that other data centers would be delayed due to revised design plans, that Core Scientific was CoreWeave’s building partner behind the delayed data centers, and that Core Scientific began flagging these delays nine months before CoreWeave announced lowered revenue guidance in November 2025.
On this news, CoreWeave’s stock price fell $2.85 per share, or 3.39%, to close at $69.50 per share on December 16, 2025.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
