CoreWeave Doubles Q1 Revenue to $128M, Posts $100B AI Backlog and Wider Loss
CoreWeave’s first-quarter revenue rose 100% year-over-year to $128 million, backed by AI demand that drove a record $100 billion backlog and spiked capital expenditures 150% to $360 million. Net loss widened to $95 million from $44 million as expansion costs outpaced revenue gains.
1. Q1 Financial Results
CoreWeave reported first-quarter revenue of $128 million, a 100% increase year-over-year, while net loss widened to $95 million from $44 million in the prior-year quarter. The surge reflects accelerating AI workloads and expanding enterprise adoption of GPU-accelerated compute.
2. AI Expansion and Costs
To meet rising AI demand, CoreWeave increased capital expenditures by 150% to $360 million, deploying additional GPU clusters and data-center capacity. This aggressive build-out boosted operating expenses, leading to deeper losses despite robust top-line growth.
3. Record Backlog and Outlook
The company’s AI-focused backlog reached a record $100 billion, driven by multi-year service agreements with hyperscalers and AI developers. While the pipeline offers strong revenue visibility, managing capacity ramp and depreciation costs will be critical to improving future margins.