CoreWeave reported strong financial results that exceeded Wall Street expectations, with shares rising 14% in extended trading. The company, which provides infrastructure for artificial intelligence applications, demonstrated accelerating growth across multiple metrics.
Revenue increased 112% during the quarter compared to the prior year period. However, the company’s net loss expanded to $626 million from $290 million a year earlier. CoreWeave’s backlog reached $104 billion, not including over $25 billion in new commitments added during the quarter. The company maintained 1.5 gigawatts of active computing power.
Management raised its outlook for the remainder of the year. Third-quarter revenue guidance of $3.4 billion to $3.6 billion would represent 158% growth at the midpoint, exceeding analyst expectations of $3.43 billion. For the full year, CoreWeave projects revenue of $12.4 billion to $13.2 billion with adjusted operating income of $960 million to $1.15 billion, slightly above prior analyst consensus of $12.63 billion. The company increased its capital expenditure forecast to between $35 billion and $39 billion annually, up from prior guidance of $31 billion to $35 billion.
The 8-year-old company is competing with major technology firms including Amazon, Google, and Microsoft to build data center capacity for generative AI workloads. CoreWeave remains unprofitable, with $35 billion in debt on its balance sheet used to finance Nvidia graphics processors and related equipment. During the quarter, major clients including Meta committed additional spending, while Anthropic and Jane Street also signed significant agreements with the company.
CEO Mike Intrator acknowledged regulatory headwinds, including a data center moratorium in New York, but stated that current guidance assumes no material impact. Intrator noted favorable pricing trends for newer processor generations, with margins reaching record levels while older equipment maintained historical price levels.
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