CoreWeave, an artificial intelligence infrastructure company, saw its stock price jump 14% in extended trading following the release of financial results that exceeded Wall Street consensus estimates. The company reported quarterly revenue that increased 112% compared to the same period a year earlier, reflecting strong demand for data center capacity supporting AI workloads.
The company’s financial position showed mixed results. While revenue growth was robust, CoreWeave reported a net loss of $626 million, compared to a $290 million loss, or 60 cents per share, in the prior-year quarter. The company maintains a substantial revenue backlog valued at $104 billion, excluding over $25 billion in new commitments announced during the quarter. Current active power capacity stands at 1.5 gigawatts.
Looking ahead, CoreWeave provided guidance for third-quarter revenue between $3.4 billion and $3.6 billion, representing implied growth of 158% at the midpoint. For the full year, the company projects revenue between $12.4 billion and $13.2 billion and adjusted operating income between $960 million and $1.15 billion. These figures represent upward revisions from prior guidance issued in May. The company expects to operate over 1.85 gigawatts of active power by year end and plans capital expenditures between $35 billion and $39 billion annually, also higher than previously projected.
CoreWeave operates as a rental platform for artificial intelligence computing equipment in competition with major cloud providers including Amazon, Google, and Microsoft. The company carries $35 billion in debt to finance its infrastructure build-out, including purchases of Nvidia graphics processing units. CEO Mike Intrator acknowledged growing regulatory scrutiny of data center construction across the United States, noting that expansion challenges are emerging in certain regions, though he stated current guidance remains unaffected by regulatory developments.
Recent customer commitments underscore market demand. Meta pledged an additional $21 billion in spending with CoreWeave, while the company announced multi-year agreements with Anthropic and a $6 billion commitment from trading firm Jane Street. Pricing for premium processor models reached record levels, with the company passing component cost increases to customers. Despite increasing competitive pressure from firms including SpaceX and potential entrants like Meta, CoreWeave management indicated that demand, pricing, and margins continue expanding across the market.
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