CoreWeave’s revenue more than doubles as AI buildout expansion accelerates

CoreWeave, a provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday.

Here’s how the company did in comparison with LSEG consensus:

• Earnings: Loss of 22 cents per share
• Revenue: $1.36 billion vs. $1.29 billion expected

Revenue in the quarter soared 134% from $583.9 million a year ago, according to a statement. The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.

CoreWeave’s growth is tied directly to the AI boom, as the company rents out Nvidia graphics processing units and has won business from leading cloud infrastructure providers, including Google and Microsoft. The company’s backlog now stands at $55.6 billion, with 2.9 gigawatts in contracted power, up from 2.2 gigawatts on June 30, according to the statement.

During the quarter, CoreWeave announced a $6.5 billion expansion of its business with OpenAI and a six-year deal with Meta worth up to $14.2 billion. CoreWeave also received its sixth contract from “a leading hyperscaler.”

CoreWeave went public on the Nasdaq in March, selling shares at $40 each. On Monday the stock closed at $105.61, representing a 164% return. The Nasdaq has gained 32% over a similar period. CoreWeave shares slipped in extended trading on Monday.

Less than four months after its IPO, CoreWeave announced its intent to acquire data center infrastructure operator Core Scientific for $9 billion, but Core Scientific shareholders voted against the proposed deal.

Executives will discuss the results with analysts and issue guidance on a conference call starting at 5 p.m. ET.

This is developing news. Please check back for updates.

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