CoreWeave CEO Michael Intrator participates in a Bloomberg Television interview during the World Economic Forum in Davos, Switzerland, on Jan. 20, 2026.
Chris J. Ratcliffe | Bloomberg | Getty Images
CoreWeave shares jumped 12% in extended trading on Tuesday after the AI infrastructure provider reported revenue than topped Wall Street expectations.
Here’s how the company did relative to LSEG consensus:
- Earnings per share: Loss of $1.14
- Revenue: $2.58 billion vs. $2.56 billion expected
Revenue climbed 112% during the quarter from a year earlier, CoreWeave said in a statement. Net loss of $626 million increased from $290 million, or 60 cents per share, a year ago. The company’s revenue backlog now stands at $104 billion, with 1.5 gigawatts of active power.
The 8-year-old company has been racing cloud market leaders Amazon, Google and Microsoft to open data centers filled with chips that can run generative artificial intelligence models. Unlike them, CoreWeave isn’t profitable.
As of quarter end, it had $35 billion in debt on its balance sheet to cover the cost of Nvidia graphics processing units and other equipment.
During the quarter, Meta said it would spend an additional $21 billion with CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street.
Meanwhile, competition is growing. SpaceX has begun selling excess computing capacity, and Meta has considered launching a cloud business.
As of Tuesday’s close, CoreWeave shares had gained 26% year to date, while the S&P 500 was up almost 13%. The stock debuted on Nasdaq in March 2025.
Executives will discuss the results with analysts and issue guidance on a conference call starting at 5 p.m. ET.
