CoreWeave revenue more than doubles in first quarter, topping estimates

CoreWeave has reported an impressive revenue increase for the first quarter, surpassing analysts' expectations. However, the company's stock saw a decline in after-hours trading. According to their latest statement, revenue skyrocketed to over $981.8 million, more than double the amount from the same quarter last year. Despite the robust revenue growth, CoreWeave experienced a widening net loss, reaching $740 million compared to $315 million, translating to a loss of $1.49 per share. The company ended the quarter with approximately 3.5 gigawatts of contracted power. The rapid rise in revenue comes alongside an even sharper increase in operating expenses. Technology and infrastructure costs surged by 127% to $1.27 billion, while sales and marketing expenses skyrocketed more than sixfold to $69 million. CoreWeave is fiercely competing with major cloud providers like Amazon, working to establish data centers filled with Nvidia graphics processing units, which are crucial for AI model training and deployment. To fund its ambitious data center expansion, CoreWeave has taken on substantial debt, raising $8.5 billion in the first quarter alone. The company has secured more than $20 billion in debt and equity this year, resulting in nearly $25 billion in total debt. Notably, Nvidia, a significant investor in CoreWeave, recently purchased an additional $2 billion in stock, reinforcing its commitment to the company. As of the latest market close, CoreWeave's shares have surged nearly 80% in 2026, significantly outperforming the S&P 500, which has gained 7%. Company executives are set to discuss these results and provide future guidance during a conference call at 5 p.m. ET.