Michael Intrater, co-founder and CEO of CoreWeave Inc., attends the Bloomberg Tech Summit on Tuesday, October 21, 2025 in London, England.
Chris J. Ratcliffe | Bloomberg | Getty Images
core weave Shares fell 10% in after-hours trading Thursday after the AI infrastructure provider issued a modest earnings outlook and raised its 2026 capital spending forecast.
Here’s how the company performed compared to the LSEG consensus:
Earnings per share: Adjusted loss of $1.12, expected loss of 90 cents Earnings: $2.08 billion, expected $1.97 billion
Revenue for the quarter more than doubled from $981.8 million in the same period last year, the statement said. Net loss widened to $740 million from $315 million, or $1.49 per share, in the same period last year.
CoreWeave is targeting second-quarter sales of $2.45 billion to $2.6 billion. The mid-range reading of $2.53 billion was below the LSEG consensus of $2.69 billion. For 2026, CoreWeave maintained its earnings outlook. Sales are expected to be between $12 billion and $13 billion.
The company ended the quarter with approximately 3.5 gigawatts of total contracted power and $99.4 billion in accrued revenue.
“We’ve reached hyperscale,” CoreWeave co-founder and CEO Mike Intrator said on a conference call with analysts. He said the company has diversified its business and currently has 10 customers committed to spending at least $1 billion on its products. By 2024, 62% of revenue will be microsoft.
Revenues are skyrocketing, but operating expenses are rising even faster. Technology and infrastructure costs surged 127% to $1.27 billion in the quarter, while costs of sales and market increased more than six times to $69 million.
CoreWeave has competed with top cloud providers including: Amazon Open a data center packed with Nvidia Graphics processing units that we rent to companies like OpenAI and Anthropic that train and run artificial intelligence models. CoreWeave competes with large, profitable cloud companies, and in the process borrows heavily to finance data center development.
CoreWeave said it raised $8.5 billion in new debt in the first quarter after announcing deals with AI startups Cline and Perplexity. The company said it secured more than $20 billion in debt and equity this year and ended the quarter with nearly $25 billion in debt.
Meanwhile, the main backers are Nvidia announced earlier this year that it had purchased an additional $2 billion stake in Coreweave and committed to adopting a variety of the company’s products.
As of Thursday’s close, Coreweave stock is up nearly 80% since the start of 2026, while the S&P 500 is up 7%.
Nitin Agrawal, Coreweave’s head of finance, said S&P has upgraded Coreweave’s credit rating from stable to positive.
The company expects capital spending to be between $31 billion and $35 billion in 2026, up from the range of $30 billion to $35 billion announced in February. Agrawal said the revision to the lower end of the price band is related to component prices.
“It’s a problem, it’s a problem, but we have an incredible ability to navigate the supply chain,” Intrater said. “We have great partners who are ultimately pricing us in the way we need to deliver the infrastructure we need, while also ensuring we get the economics we are aiming for.”
CoreWeave reiterated that annual revenue should exceed $30 billion by the end of 2027.
Note: Investors are bullish on NeoCloud, but skeptics question its funding
