GoKawiilCoreWeave CEO Michael Intrator appears after the company's initial public offering at the Nasdaq MarketSite in New York on March 28, 2025.
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
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.
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.
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.
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