CoreWeave shares fell as much as 10% in extended trading Thursday after the AI infrastructure provider issued narrower revenue guidance and increased its 2026 capital spending forecast.
Here’s how the company fares against the LSEG consensus:
- Earnings per share: An adjusted loss of $1.12 compared to an expected loss of 90 cents
- Net worth: $2.08 billion compared to $1.97 billion expected
Revenue doubled in the quarter, from $981.8 million a year ago, according to the statement. Net loss widened to $740 million from $315 million, or $1.49 per share, in the same quarter last year.
CoreWeave is targeting $2.45 billion to $2.6 billion in revenue for the second quarter. In the middle of the list, $2.53 billion, followed LSEG’s $2.69 billion deal. For 2026, CoreWeave has maintained its revenue guidance. worth $12 billion to $13 billion in sales.
The company ended the quarter with about 3.5 gigawatts of total contracted capacity, and a backlog of $99.4 billion in revenue.
“We’ve reached hyperscale,” CoreWeave founder and CEO Mike Intrator said on a conference call with analysts. The company has diversified its business, with 10 customers now committed to spending at least $1 billion on its products, he said. By 2024, 62% of revenue will come from Microsoft.
While revenues are growing, operating costs are growing even faster. Technology and infrastructure expenses jumped 127% in the quarter to $1.27 billion, while sales and marketing expenses rose more than $69 million.
CoreWeave has been running top cloud providers like Amazon opening full data centers Nvidia graphics processing units for rent to companies, including OpenAI and Anthropic, that train and run artificial intelligence models. CoreWeave competes with larger and more profitable cloud companies, and borrows heavily from the program to finance its data center development.
In the first quarter, CoreWeave said it raised $8.5 billion in new debt, after announcing deals with AI startups Cline and Perplexity. It raised more than $20 billion in debt and equity this year, the company said, closing the quarter with nearly $25 billion in debt.
At that time, a big supporter Nvidia said earlier this year it bought $2 billion in additional stock in CoreWeave, which is committed to adopting the manufacturer’s various products.
As of Thursday’s close, CoreWeave shares are up nearly 80% year to date in 2026, while the S&P 500 has gained 7%.
S&P upgraded its credit rating for CoreWeave to positive from stable, said Nitin Agrawal, CoreWeave’s chief financial officer.
The company estimated $31 billion to $35 billion in capital expenditures by 2026, up from the $30 billion to $35 billion range announced in February. The revision to the lower end of the range is related to component prices, Agrawal said.
“It’s a problem, it’s a problem, but we have an incredible ability to navigate the supply chain,” Intrator said. “We have great partners, and we’re putting together the necessary pricing to finally deliver the infrastructure that’s needed, but also make sure we’re able to protect the economy we’re targeting.”
CoreWeave also said annual revenue should exceed $30 billion by the end of 2027.
“I always think everyone looks at the stock and focuses on the trees and misses the forest, right?” Interrator told CNBC in an interview. “The forest is, there’s this seismic shift happening in our economy and it’s driven by these technology companies that rely on infrastructure.”
CoreWeave reiterated that it plans to have 1.7 gigawatts of capacity online by the end of the year.
“That’s a forest,” he said.
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