Shares of artificial intelligence infrastructure provider CoreWeave reported better-than-expected revenue on Wednesday in the company’s first earnings release since going public. The company also called for faster growth than expected for all of 2025.
Here’s how CoreWeave did in comparison to LSEG consensus:
- Earnings per share: Loss of $1.49
- Revenue: $981.6 million vs. $853 million expected
Revenue soared 420% in the quarter, which ended on March 31, from $188.7 million a year ago, according to a statement. That compares with 737% growth for all of 2024.
The company’s net loss of $314.6 million widened from $129.2 a year earlier, partly because of $177 million in stock-based compensation costs for awards tied to the initial public offering.
Management called for $1.06 billion to $1.1 billion in second-quarter revenue. Analysts polled by LSEG had expected $986.7 million.
For 2025, CoreWeave sees $4.9 billion to $5.1 billion, with $20 billion to $23 billion in capital expenditures. The range includes impact from OpenAI and other factors. Analysts surveyed by LSEG had anticipated $4.61 billion in full-year revenue.
During the first quarter, OpenAI committed to a five-year deal with CoreWeave that will be worth up to $11.9 billion. The transaction is on top of OpenAI’s reliance on Microsoft, which was responsible for 62% of CoreWeave’s 2024 revenue.
Revenue backlog, including remaining performance obligation and other amounts that are expected to be recognized as revenue, was $25.9 billion at the end of the first quarter, up 63%.
In renting out access to Nvidia graphics processing units, CoreWeave competes with cloud providers such as Amazon. But large companies such as Google and Microsoft have come to depend on CoreWeave. The company is working to diversify its business.
“We have seen a number of really interesting clients coming from an incredibly broad cross-section of the economy beginning to come onto our infrastructure and use the the solution that we provide as an engine for their companies,” Mike Intrator, CoreWeave’s co-founder and CEO, said on a conference call with analysts.
No entity represented more than half of backlog at the end of the quarter, he said.
The company doesn’t foresee meaningful impact from President Trump’s sweeping tariffs on goods imported into the U.S., said CoreWeave’s finance chief, Nitin Agrawal.
There was some skepticism heading into the report, even though the stock was up 31% for the week.
Long-term uncertainty on AI supply and demand, as well as worries about the economy, “likely keep shares range-bound for now,” Wells Fargo analysts wrote in a report to clients last week. The firm recommends holding the stock.
After completing the biggest U.S. venture-backed tech IPO since 2021, CoreWeave saw its shares debut on Nasdaq in late March, initially at $39.
Nvidia, a customer and major supplier and already one of CoreWeave’s major investors, stepped in to anchor the IPO at $40, below the $47 to $55 range announced earlier.
CoreWeave’s future growth depends on the availability of power for its data centers. The company added 300 megawatts of contracted power during the quarter, Intrator said. At the end of 2024 it had a total of 1.3 gigawatts.
“We’re expecting to have deployed power by the end of the year more than double of what our life-to-date deployed power is on our platform,” Agrawal said.
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