The data center operator, which went public in March, forecast its second-quarter capital expenditure would be in the range of $3 billion to $3.5 billion while revenue expectations were $1.06 billion to $1.1 billion. CoreWeave's management was optimistic about the demand for its services on the post-earnings call, but brokerage MoffettNathanson said "the cost of preparing to meet this demand may spook investors" who are paying a high price for the stock. CoreWeave, which leases computing capacity to technology companies and hyperscalers building AI models such as one of its prominent customers Microsoft, reported a more than five-fold increase in revenue to $981.6 million for the first three months of the year.
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CoreWeave is now sitting on a backlog of nearly $67 billion in revenue, with business from Meta and OpenAI.
CoreWeave has been raising billions of dollars in debt to finance its data center buildout as it serves the leading AI companies.
Nvidia-backed AI data center company CoreWeave reports earnings for the first time since its volatile public debut in March.
All eyes were on the datacenter operator’s RPO figure, which matched Wall Street’s $50 billion-$60 billion expectations.
CoreWeave expanded its business with OpenAI during the second quarter.
CoreWeave's stock has risen more than 14% this year, beating the overall market.
