TLDR
- CoreWeave stock drops 6% as revenue doubles and net loss widens
- CRWV falls after Q1 sales growth fails to offset wider losses
- CoreWeave backlog nears $100B as quarterly losses deepen
- CRWV slips despite Meta, Anthropic deals and strong AI demand
- CoreWeave expands AI infrastructure while debt costs weigh on earnings
CoreWeave (CRWV) shares fell after the company reported fast revenue growth but a wider quarterly loss. CRWV closed at $128.84, down 6.62%, as selling pressure increased through the session. However, the report also showed strong demand, large backlog, and rapid infrastructure expansion.
CoreWeave, Inc. Class A Common Stock, CRWV
CoreWeave Revenue More Than Doubles
CoreWeave reported first-quarter revenue of $2.08 billion for the period ended March 31, 2026. The figure more than doubled from $982 million in the same period last year. Moreover, the growth reflected higher demand for cloud capacity tied to large compute workloads.
The company also reported a revenue backlog of $99.4 billion at quarter-end. That backlog showed strong contracted demand from major technology and enterprise customers. Besides, the figure gave CoreWeave a longer runway for future revenue conversion.
CoreWeave continued to expand its customer base during the quarter. It signed new agreements with Meta, including a $21 billion commitment in March. It also added a multi-year deal with Anthropic and expanded work with Cohere, Jane Street, and Mistral.
CRWV Losses Widen Despite Strong Sales
CoreWeave posted an operating loss of $144 million in the first quarter. That compared with an operating loss of $27 million a year earlier. Hence, higher expenses outpaced the company’s sharp revenue increase.
Net loss widened to $740 million from $315 million in the prior-year period. Interest expense also rose to $536 million from $264 million. Consequently, debt costs remained a major drag on the company’s bottom line.
Adjusted EBITDA reached $1.16 billion, up from $606 million last year. However, adjusted EBITDA margin fell to 56% from 62%. Adjusted operating income also declined sharply to $21 million from $163 million.
CoreWeave Expands Power and Funding Base
CoreWeave surpassed 1 gigawatt of active power during the quarter. It also expanded contracted power by more than 400 megawatts to over 3.5 gigawatts. Moreover, the company aims to exceed 8 gigawatts by 2030.
The company strengthened its funding base through major financing moves. It secured an $8.5 billion delayed draw term loan facility. Besides, NVIDIA completed a $2 billion Class A common stock investment in CoreWeave.
CoreWeave also expanded its long-term NVIDIA relationship to support more infrastructure growth. The company plans to build more than 5 gigawatts of computing facilities by 2030. However, CRWV’s stock decline showed that wider losses still weighed on market sentiment.
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