On top of deals with Meta and OpenAI, CoreWeave pointed to expansions from a large unnamed customer in the third quarter.
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CoreWeave
, a provider of infrastructure for artificial intelligence companies, reported better-than-expected third-quarter revenue on Monday.
Here’s how the company did in comparison with LSEG consensus:
Revenue in the quarter soared 134% from $583.9 million a year ago, according to a statement. The company reported a net loss of $110 million, narrowing from about $360 million in the same quarter last year.
CoreWeave has been raising billions of dollars in debt to finance its data center buildout as it serves the leading AI companies.
CoreWeave expanded its business with OpenAI during the second quarter.
CoreWeave is now sitting on a backlog of nearly $67 billion in revenue, with business from Meta and OpenAI.
Nvidia-backed AI data center company CoreWeave reports earnings for the first time since its volatile public debut in March.
The company, which itself is backed by Nvidia, is the latest example of a tech giant turning to the growing world of AI startups.
CoreWeave has secured more business from Nvidia, which is an investor in the company and its main source of chips for running AI…
