CoreWeave CEO Michael Intrator appears after the company’s initial public offering at the Nasdaq MarketSite in New York on March 28, 2025.
Michael Nagle | Bloomberg | Getty Images
CoreWeave shares jumped 13% in extended trading on Tuesday after the AI infrastructure provider reported revenue than topped Wall Street expectations.
Here’s how the company did relative to LSEG consensus:
- Earnings per share: Loss of $1.03 adjusted vs. loss of $1.20 expected
- Revenue: $2.58 billion vs. $2.56 billion expected
Revenue climbed 112% during the quarter from a year earlier, CoreWeave said in a statement. Net loss of $626 million increased from $290 million, or 60 cents per share, a year ago.
The company’s revenue backlog now stands at $104 billion, a figure that excludes over $25 billion in new commitments from the third quarter, and it boasted 1.5 gigawatts of active power.
With respect to guidance, management called for $3.4 billion to $3.6 billion in third-quarter revenue, which would imply 158% growth at the middle of the range. Analysts polled by LSEG were looking for $3.43 billion.
For 2026, CoreWeave now sees $960 million to $1.15 billion in adjusted operating income on $12.4 billion to $13.2 billion in revenue. Analysts surveyed by LSEG had expected $12.63 billion in full-year revenue. In May it was projecting $900 million to $1.1 billion in adjusted operating income on $12 billion to $13 billion in revenue.
The company called for over 1.85 gigawatts in active power by year end, with $35 billion to $39 billion in annual capital expenditures. The forecast as of May included capital spending between $31 billion and $35 billion.
The 8-year-old company has been racing cloud market leaders Amazon, Google and Microsoft to open data centers filled with chips that can run generative artificial intelligence models. Unlike them, CoreWeave isn’t profitable.
As of quarter end, it had $35 billion in debt on its balance sheet to cover the cost of Nvidia graphics processing units and other equipment.
CoreWeave it seeing favorable trends on renting Nvidia chips, CEO Mike Intrator said on a conference call with analysts.
“Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago,” he said. The company is also passing component price hikes down to customers, said Nitin Agrawal, its finance chief.
During the quarter, Meta said it would spend an additional $21 billion with CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street.
Meanwhile, competition is growing. SpaceX has begun selling excess computing capacity, and Meta has considered launching a cloud business. Rival Nebius gained 5% in extended trading.
As of Tuesday’s close, CoreWeave shares had gained 26% year to date, while the S&P 500 was up almost 13%. The stock debuted on Nasdaq in March 2025.
