CoreWeave, an artificial intelligence infrastructure provider, saw its stock climb 14% in extended trading following the release of quarterly results that surpassed Wall Street forecasts. The company reported revenue growth of 112% compared to the same quarter a year prior, though it also posted a net loss of $626 million, compared with a $290 million loss in the prior-year period.
The company’s business expansion was reflected in its expanding backlog, which reached $104 billion as of the quarter’s end, excluding more than $25 billion in commitments secured during the most recent quarter. CoreWeave also reported operating 1.5 gigawatts of active power capacity. For the following quarter, management provided guidance indicating revenue between $3.4 billion and $3.6 billion, representing projected growth of 158% at the midpoint and aligning closely with analyst expectations of $3.43 billion.
Looking ahead to the full year, CoreWeave updated its outlook to project revenue of $12.4 billion to $13.2 billion and adjusted operating income of $960 million to $1.15 billion, raising guidance from its May forecasts. This compared with analyst consensus expectations of $12.63 billion in annual revenue. The company also increased its capital expenditure guidance to between $35 billion and $39 billion for the year, up from the prior $31 billion to $35 billion range, while targeting over 1.85 gigawatts of active power by year end.
CoreWeave competes directly with major cloud providers including Amazon, Google, and Microsoft in developing data center infrastructure designed to support generative artificial intelligence applications. The company operates with $35 billion in debt used to finance equipment purchases, particularly graphics processing units from Nvidia. Regulatory headwinds have emerged in some regions, with New York’s governor enacting a data center construction moratorium in July, though management stated current guidance remained unaffected by regulatory challenges to date. During the quarter, the company secured significant customer commitments including a $21 billion additional spending pledge from Meta, a multi-year agreement with Anthropic, and a $6 billion commitment from quantitative trading firm Jane Street.
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