CoreWeaveshares jumped 10% in extended trading on Tuesday after the AI infrastructure provider reported revenue than topped Wall Street expectations.
Here's how the company did relative to LSEG consensus:
Revenue climbed 112% during the quarter from a year earlier, CoreWeave said in astatement. Net loss of $626 million increased from $290 million, or 60 cents per share, a year ago. The company's revenue backlog now stands at $104 billion, with 1.5 gigawatts of contracted power.
The 8-year-old company has been racing cloud market leadersAmazon,GoogleandMicrosoftto open data centers filled with chips that can run generative artificial intelligence models. Unlike them, CoreWeave isn't profitable.
As of quarter end, it had $35 billion in debt on its balance sheet to cover the cost ofNvidiagraphics processing units and other equipment.
During the quarter,Metasaid it would spend anadditional $21 billionwith CoreWeave, which also announced amulti-year agreementwith Anthropic and a $6 billion commitment from quantitative trading firmJane Street.
Meanwhile, competition is growing.SpaceXhas begun sellingexcess computing capacity, and Meta hasconsidered launchinga cloud business.
As of Tuesday's close, CoreWeave shares had gained 26% year to date, while the S&P 500 was up almost 13%. The stock debuted on Nasdaqin March 2025.
Executives will discuss the results with analysts and issue guidance on a conference call starting at 5 p.m. ET.
WATCH:Options Action: AI earnings after the bell
