CoreWeave's revenue more than doubles as AI buildout expansion accelerates

CoreWeave, a key player in providing infrastructure for AI enterprises, announced impressive third-quarter revenue figures that exceeded expectations. The company revealed a staggering 134% increase in revenue, climbing to $583.9 million compared to the same period last year. Despite this revenue growth, CoreWeave reported a net loss of $110 million, an improvement from a loss of about $360 million in the previous year’s third quarter. This growth trajectory is closely linked to the ongoing AI revolution, as CoreWeave leases Nvidia graphics processing units and has secured contracts with major cloud service providers like Google and Microsoft. Currently, the company boasts a substantial backlog of $55.6 billion, alongside 2.9 gigawatts of contracted power, an increase from 2.2 gigawatts as of June 30. In a significant development during the quarter, CoreWeave unveiled a $6.5 billion expansion partnership with OpenAI and entered into a six-year agreement with Meta potentially worth up to $14.2 billion. Furthermore, the company also secured its sixth contract with a prominent hyperscale provider. After going public on the Nasdaq in March with shares priced at $40, CoreWeave’s stock has surged, closing at $105.61 on Monday, which marks a remarkable 164% increase. This performance outpaces the Nasdaq’s overall gain of 32% in the same timeframe, although shares did experience a slight decline during after-hours trading. In a notable move, just months after its IPO, CoreWeave expressed intentions to acquire Core Scientific, a data center infrastructure operator, for $9 billion. However, this acquisition plan was thwarted when Core Scientific shareholders voted against the proposal. Company executives are set to discuss the financial results and provide future guidance during a conference call scheduled for 5 p.m. ET. Stay tuned for further updates on this developing story.