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 shares tumbled 10% in extended trading on Thursday after the AI infrastructure provider issued light revenue guidance and increased its 2026 capital spending forecast.
Here's how the company did in comparison with LSEG consensus:
Earnings per share: Loss of $1.12 adjusted vs. loss of 90 cents expected
Loss of $1.12 adjusted vs. loss of 90 cents expected 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.
CoreWeave is targeting $2.45 billion to $2.6 billion in second-quarter revenue. The middle of the range, $2.53 billion, was trailed the $2.69 billion LSEG consensus. For 2026, CoreWeave maintained its revenue guidance. calling for $12 billion to $13 billion in sales.
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. The company has diversified its business, with 10 clients now committed to spending at least $1 billion on its products, he said. In 2024, 62% of revenue came from Microsoft .
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.
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