CoreWeave Q1 revenue doubles, but AI expansion deepens losses
Investing.com -- CoreWeave on Thursday reported mixed first-quarter results as demand for artificial intelligence infrastructure boosted revenue, though losses widened amid heavy spending on expansion.
Shares were down 3.4% in extended hours of trading.
The AI cloud infrastructure provider posted revenue of $2.08 billion for the quarter ended March 31, 2026, more than double the $982 million reported a year earlier. The company said the quarter marked the strongest bookings period in its history, with revenue backlog approaching $100 billion.
The company said customers are increasingly choosing its infrastructure and software platform to run AI applications at scale, reinforcing strong demand for specialized cloud providers serving the generative AI market.
"This was the strongest bookings quarter in CoreWeave's history, with revenue backlog reaching nearly $100 billion. We surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead," said Michael Intrator, Co-founder, Chairman, and Chief Executive Officer.
"AI natives and enterprise customers are choosing CoreWeave because we sit between the models and the silicon, delivering the infrastructure, software, and expertise required to build and run AI at scale. As the market moves from training to inference, that distinction matters more than ever. CoreWeave was built for exactly this," Intrator added.
CoreWeave’s net loss widened to $740 million from $315 million in the same period last year, while operating loss increased to $144 million. Interest expense also climbed significantly to $536 million, reflecting the company’s continued investment in scaling data center and computing capacity.
The company reported loss per share of $1.40, lower than $1.49 loss per share it reported same quarter last year, however it missed analyst estimates of loss per share of $0.91.