GoKawiilMichael Intrator, co-founder and chief executive officer of CoreWeave Inc., at the Bloomberg Tech summit in London, UK, on Tuesday, Oct. 21, 2025.
CoreWeave reported revenue for the first quarter on Thursday that topped analysts' estimates. The stock slipped after hours.
Here's how the company did in comparison with LSEG consensus:
Earnings per share: Loss of $1.40. That figure may not be comparable to estimates.
Loss of $1.40. That figure may not be comparable to estimates. Revenue: $2.08 billion vs. $1.97 billion expected
Revenue more than doubled in the quarter, from $981.8 million a year earlier, according to a statement. Net loss widened to $740 million from $315 million, or $1.49 per share, in the same quarter a year ago.
The company ended the quarter with about 3.5 gigawatts of total contracted power, along with a $99.4 billion revenue backlog.
"We have reached hyperscale," CoreWeave's co-founder and CEO, Mike Intrator, said on a conference call with analysts.
While revenue is surging, operating expenses are growing even faster. Technology and infrastructure costs jumped 127% in the quarter to $1.27 billion, while sales and market costs increased more than sixfold to $69 million.
CoreWeave has been racing top cloud providers such as Amazon to open data centers packed with Nvidia graphics processing units to rent to companies, including OpenAI and Anthropic, that are training and running artificial intelligence models. CoreWeave is competing with large and highly profitable cloud companies, and is borrowing heavily in the process to finance its data center development.
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