CoreWeave (CRWV) reported its first-quarter earnings after the close on Thursday, and the numbers tell a story of explosive growth — and a company that's spending aggressively to keep up with demand.
Revenue came in at $2.08 billion, beating analyst estimates of $1.97 billion and jumping about 91% from a year ago. The company also reported a revenue backlog of $99.4 billion, which is basically a mountain of future contracts waiting to be fulfilled.
“This was the strongest bookings quarter in CoreWeave's history, with revenue backlog reaching nearly $100 billion,” said Michael Intrator, co-founder and CEO. “We surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead.”
That scaling comes at a cost. CoreWeave reported an adjusted loss of $1.12 per share, wider than the expected loss of $0.90. Operating expenses hit $2.22 billion for the quarter, and the company ended with about $2.24 billion in cash. It's the classic AI infrastructure trade-off: spend now to capture the future.
CoreWeave also deepened its relationship with Nvidia, saying it will accelerate the build-out of more than 5 gigawatts of AI factories by 2030. That's a lot of computing power aimed at the AI boom.
Shares were volatile in after-hours trading, swinging between $122 and $134 before settling up about 2% at $131.46. The earnings call at 5 p.m. ET should provide more color on guidance and what's ahead.
For now, CoreWeave is writing its own story — and it's a big one.
