CoreWeave CEO Michael Intrator appears after the company’s initial public offering on the Nasdaq Marketsite in New York on March 28, 2025.
Michael Nagle | Bloomberg | Getty Images
coreweave Shares rose 14% in after-hours trading Tuesday after the AI infrastructure provider reported earnings that beat Wall Street expectations.
The company’s performance against LSEG Consensus is as follows:
Earnings per share: Adjusted loss of $1.03, expected loss of $1.20 Earnings: $2.58 billion, expected $2.56 billion
CoreWeave said in a statement that sales for the quarter increased 112% year over year. Net loss was $626 million, up from $290 million, or 60 cents per share, in the year-ago period.
The company’s accrued revenue now stands at $104 billion, including more than $25 billion in new contracts from the third quarter, which boasted 1.5 gigawatts of active power.
In terms of guidance, management expects third-quarter sales to be between $3.4 billion and $3.6 billion, which would represent growth of 158% in the middle of the range. Analysts polled by LSEG had expected $3.43 billion.
CoreWeave’s 2026 outlook is for adjusted operating income of $960 million to $1.15 billion and revenue of $12.4 billion to $13.2 billion. Analysts surveyed by LSEG had expected full-year sales of $12.63 billion. In May, the company expected adjusted operating profit to be between $900 million and $1.1 billion and revenue between $12 billion and $13 billion.
The company needs more than 1.85 gigawatts of active power by the end of the year, with an annual capital investment of $35 billion to $39 billion. The May forecast included capital spending of $31 billion to $35 billion.
The 8-year-old company is competing with cloud market leaders. Amazon, google and microsoft We will open a data center equipped with chips that can run generative artificial intelligence models. Unlike them, CoreWeave is not profitable.
Across the United States, public criticism of data center construction is growing. In July, New York Governor Cathy Hochul signed an executive order suspending construction of new large data centers.
“When we talk about the numbers with you, our progress is based on where we are and what we’ve been able to get here,” CEO Mike Intrater said on a conference call with analysts. “As of today, none of these numbers will be affected by any regulatory pushback.”
At the end of the quarter, the company had $35 billion in debt on its balance sheet to cover the following costs: Nvidia Graphics processing units and other equipment.
CoreWeave is trending favorably when it comes to renting Nvidia chips, Intrater said. “Prices and margins for our Blackwell and Vera Rubin SKUs are hitting new highs, while prices for previous generation SKUs are at or above what they were several years ago,” he said.
Nitin Agrawal, the company’s finance director, said the company is passing on the increase in component prices to customers.
During this quarter, Meta The company announced an additional $21 billion investment with CoreWeave. CoreWeave also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street.
On the other hand, competition is intensifying. space x has started selling excess computing power, and Meta is considering launching a cloud business. rival Nevius Shares rose 5% in extended trading.
As of Tuesday’s close, Coreweave stock was up 26% year-to-date, while the S&P 500 was up nearly 13%. The stock was listed on Nasdaq in March 2025.
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