CoreWeave posts $2.08B revenue

CoreWeave reported $2.078 billion in first-quarter revenue on May 7, up from $982 million a year earlier, as the cloud infrastructure provider added capacity for artificial-intelligence workloads. The Livingston, New Jersey-based company posted a gross margin of 71.7% and adjusted EBITDA of $1.157 billion, according to its earnings release. (sec.gov) Net loss widened to $740 million from $315 million a year earlier, while interest expense reached $536 million. Michael Intrator, CoreWeave’s co-founder and chief executive, said the quarter was the strongest bookings period in the company’s history, with revenue backlog nearing $100 billion. ### Why did revenue rise so quickly? CoreWeave said first-quarter revenue grew to $2.078 billion as customer demand for AI compute continued to expand and the company brought more infrastructure online. (investors.coreweave.com) The company said it had surpassed 1 gigawatt of active power and believed it was on track to exceed 8 gigawatts by 2030. March brought one of the quarter’s largest customer commitments. CoreWeave said it executed multiple new agreements with Meta, including a new $21 billion commitment signed in March, and also signed a multi-year agreement with Anthropic to support development and deployment of Claude models. The company also cited expanded relationships with Cohere, Jane Street and Mistral. (sec.gov) ### If gross margin was 71.7%, why was the company still unprofitable? The earnings release showed operating expenses of $2.222 billion in the quarter, slightly above revenue, producing an operating loss of $144 million. Net loss deepened to $740 million after $536 million of net interest expense, reflecting the financing costs tied to CoreWeave’s capital-intensive buildout. (sec.gov) Adjusted figures told a different story about the underlying business. CoreWeave reported adjusted operating income of $21 million and adjusted EBITDA margin of 56%, though that margin was down from 62% a year earlier. The gap between gross profitability and net loss reflects the cost of scaling infrastructure and financing it, based on the company’s reported line items. (sec.gov) ### What does the backlog number say about demand? CoreWeave said revenue backlog was $99.4 billion as of March 31, 2026. The company defines backlog to include remaining performance obligations and other amounts it estimates will be recognized as revenue under committed customer contracts, subject to delivery and service availability requirements. (sec.gov) Intrator said in the release that the company’s bookings were driven by both AI-native and enterprise customers. He said customers were choosing CoreWeave because it sits “between the models and the silicon,” providing infrastructure, software and technical support for AI at scale. (sec.gov) ### Why is Nvidia part of this story? January added another layer to CoreWeave’s expansion plans. CoreWeave and Nvidia said on January 26 they were expanding their relationship to accelerate the buildout of more than 5 gigawatts of AI factories by 2030, with CoreWeave adopting multiple Nvidia platform generations as part of that effort. (sec.gov) May 10 comments from Intrator tied that buildout to competitive pressure in the chip market. Speaking to CNBC, as reported by Yahoo Finance, Intrator said Nvidia had to deliver enough AI computing capacity “up and down the stack” and warned that customers could turn to Advanced Micro Devices if it did not. He said Nvidia was “covering their bases” through infrastructure partnerships. (sec.gov) ### What should investors watch next? CoreWeave’s investor relations site lists the first-quarter 2026 earnings webcast, transcript, presentation and a Q2 and full-year 2026 outlook presentation from May 7. The same site said on May 13 that CoreWeave would participate in the J.P. Morgan Global Technology, Media and Communications Conference, giving investors another scheduled forum to hear from management. (investors.coreweave.com 1) (investors.coreweave.com 2) (finance.yahoo.com)