CoreWeave Inc. (NASDAQ:CRWV) shares traded lower in premarket activity Friday after the artificial intelligence cloud infrastructure company reported a wider-than-expected first-quarter adjusted loss and issued second-quarter revenue guidance that came in below Wall Street estimates.
Revenue Growth Tops Estimates
CoreWeave reported first-quarter revenue of $2.08 billion, topping analyst estimates of $1.97 billion, according to Benzinga Pro. The company posted an adjusted loss of $1.12 per share, wider than estimates for a loss of 90 cents per share.
Revenue increased about 112% from a year earlier. CoreWeave said it ended the quarter with a revenue backlog of $99.4 billion.
The company secured more than $40 billion in new customer commitments during the quarter, marking its strongest bookings period to date.
AI Infrastructure Expansion Accelerates
CoreWeave added more than 400 megawatts of contracted power during the quarter, bringing total contracted capacity to more than 3.5 gigawatts, with most expected to come online by 2027.
The company said it now has 10 customers each committed to spending at least $1 billion, highlighting growing enterprise demand for AI infrastructure.
CoreWeave also said demand remains strong across Nvidia GPU generations, including Ampere, Hopper and Blackwell systems, with near-term capacity largely sold out through 2026. Pricing increased sequentially across GPU tiers as demand for AI training and inference workloads continued to rise.
Nvidia Partnership Expands
CoreWeave said it expanded its relationship with NVIDIA Corp. (NASDAQ:NVDA) to accelerate the development of more than 5 gigawatts of AI factories by 2030.
Speaking with CNBC, CoreWeave co-founder and CEO Michael Intrator said Nvidia’s growing infrastructure investments underscore the urgency of maintaining sufficient compute capacity across the AI ecosystem.
The company also highlighted major customer wins, including Anthropic for Claude model workloads and expanded agreements with Meta Platforms Inc., including a $21 billion contract announced in April.
Outlook
CoreWeave reaffirmed full-year 2026 guidance for revenue of $12 billion to $13 billion, compared with analyst estimates of $12.5 billion. The company also reiterated adjusted operating income guidance of $900 million to $1.1 billion.
For the second quarter, CoreWeave expects revenue of $2.45 billion to $2.6 billion, below analyst expectations of $2.69 billion. It forecast adjusted operating income of $30 million to $90 million as profitability begins to improve.
The company raised capital expenditures guidance to a range of $31 billion to $35 billion, citing accelerated data center expansion and higher infrastructure costs.
CoreWeave said it expects to exit 2026 with an annualized revenue run rate of $18 billion to $19 billion and sees a path toward more than $30 billion in annualized revenue by 2027. The company added that more than 75% of its expected 2027 revenue is already under contract.
CRWV Price Action: CoreWeave shares were down 7.33% at $119.40 during premarket trading on Friday, according to Benzinga Pro data.
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