tech
CoreWeave Revenue More Than Doubles in First Quarter, Topping Estimates
CoreWeave has been raising billions of dollars in debt to finance its data center buildout as it serves the leading AI companies.
TL;DR
- CoreWeave's Q1 revenue reached $2.08 billion, surpassing estimates.
- Net loss widened to $740 million in Q1, up from $315 million a year prior.
- Operating expenses surged, with technology and infrastructure costs jumping 127%.
- The company has a $99.4 billion revenue backlog and 3.5 gigawatts of contracted power.
- CoreWeave secured over $20 billion in debt and equity this year, ending the quarter with nearly $25 billion in debt.
- Microsoft accounted for 62% of CoreWeave's revenue in 2024.
- Q2 revenue forecast of $2.45 billion to $2.6 billion fell short of consensus.
- S&P upgraded CoreWeave's credit rating to positive.
- Capital expenditures for 2026 are projected between $31 billion and $35 billion.