Michael Intrator, co-founder and chief executive officer of CoreWeave Inc., at the Bloomberg Tech summit in London, UK, on Tuesday, Oct. 21, 2025.
Chris J. Ratcliffe | Bloomberg | Getty Images
CoreWeave reported revenue for the first quarter on Thursday that topped analysts’ estimates. The stock slipped 5% 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.
- 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. 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.
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.
In the first quarter, CoreWeave said it raised $8.5 billion in new debt, after announcing deals with AI startups Cline and Perplexity. It’s secured more than $20 billion in debt and equity this year, the company said, closing the quarter with almost $25 billion in debt.
Meanwhile, major backer Nvidia said early this year it bought $2 billion in additional stock in CoreWeave, which committed to adopting a variety of the chipmaker’s products.
As of Thursday’s close, CoreWeave shares had climbed almost 80% so far in 2026, while the S&P 500 had gained 7%.
With respect to guidance, CoreWeave is targeting $2.45 billion to $2.6 billion in second-quarter revenue. The middle of the range, at $2.53 billion, was less than the $2.69 billion LSEG consensus.
S&P has upgraded its CoreWeave credit rating to positive from stable, said Nitin Agrawal, CoreWeave’s finance chief.
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