CoreWeave posts $2.08B revenue

CoreWeave reported $2.078 billion in first-quarter revenue on May 7, more than double the $982 million it posted a year earlier, as demand for AI cloud infrastructure continued to rise. The Livingston, New Jersey-based company said revenue backlog reached $99.4 billion as of March 31, and Chief Executive Michael Intrator called it the strongest bookings quarter in the company’s history. (investors.coreweave.com) The same report showed the limits investors were watching. (investors.coreweave.com) CoreWeave posted a net loss of $740 million, interest expense of $536 million and operating expenses of $2.222 billion in the quarter. Shares fell after the results as the company forecast second-quarter revenue of $2.45 billion to $2.6 billion, below the $2.69 billion consensus cited by CNBC. (coreweave.com) ### Why did the stock fall if revenue more than doubled? CoreWeave’s second-quarter outlook was the immediate pressure point. The company guided to $2.45 billion to $2.6 billion in revenue and $30 million to $90 million in adjusted operating income for the current quarter, while maintaining full-year 2026 revenue guidance of $12 billion to $13 billion. (investors.coreweave.com) CNBC reported that the midpoint of that revenue range, about $2.53 billion, was below Wall Street expectations of $2.69 billion. MarketWatch said the shares fell about 9% in after-hours trading after investors weighed the lighter guidance and margin pressure from rapid infrastructure expansion. ### What does the backlog actually tell readers? (investors.coreweave.com) CoreWeave said the $99.4 billion revenue backlog reflects contracted demand already on the books as of March 31. The company also said it executed multiple new agreements with Meta, including a new $21 billion commitment signed in March, and signed a multiyear agreement with Anthropic. Michael Intrator said on the earnings release that CoreWeave had surpassed 1 gigawatt of active power and had expanded total contracted power to more than 3.5 gigawatts. (cnbc.com) CNBC reported that Intrator told analysts 10 clients are now committed to spending at least $1 billion on CoreWeave products. ### How much are debt and spending weighing on the business? CoreWeave reported interest expense of $536 million in the quarter, up from $264 million a year earlier, as it continued to finance data center growth with borrowed money. Net loss widened to $740 million from $315 million a year earlier, while adjusted EBITDA rose to $1.157 billion from $606 million. (investors.coreweave.com) CNBC reported that CoreWeave raised $8.5 billion in new debt in the first quarter and closed the period with almost $25 billion in debt. Quartr’s earnings summary said the company raised its 2026 capital expenditure guidance to $31 billion to $35 billion because of higher component pricing. (investors.coreweave.com) ### Where does Sandboxes fit into the story? CoreWeave announced Sandboxes on May 14 as a new execution layer for reinforcement learning, agent tool use and model evaluation. The product is available on a customer’s own CoreWeave infrastructure or as a serverless runtime through Weights & Biases, according to the company’s launch announcement. (investors.coreweave.com) CoreWeave’s product documentation said Sandboxes is in public preview and runs on CoreWeave Kubernetes Service capacity customers already use. The documentation said the service is meant to let customers run isolated workloads without building a separate sandbox cluster, with policy controls, namespace strategies and network restrictions managed through CoreWeave’s control plane. (cnbc.com) ### What are investors likely to watch next? CoreWeave said on its investor relations site that materials for the May 7 earnings call include a transcript and a “Q2 and FY 2026 Outlook Presentation.” The same site said the company will participate in the J.P. Morgan Global Technology, Media and Communications Conference on May 13. (coreweave.com) CoreWeave’s next markers are already defined in its filings and product rollout. Investors will be able to track whether second-quarter revenue lands within the $2.45 billion to $2.6 billion range and whether Sandboxes moves beyond public preview through updates on the company’s investor relations and product documentation pages. (cnbc.com) (investors.coreweave.com) (docs.coreweave.com)