CoreWeave beats on revenue, reports more than 400% growth in first earnings after IPO

During a U.S. Senate Commerce Committee hearing in Washington on May 8, 2025, Mike Intrator, the co-founder and CEO of CoreWeave, testified.

CoreWeave, a provider of artificial intelligence infrastructure, announced better-than-expected revenue in its first earnings release since going public. The company also projected faster growth for the year ahead.

In the latest financial report, CoreWeave exceeded expectations with revenue of $981.6 million compared to the expected $853 million. The company experienced a 420% revenue increase in the quarter ending on March 31, up from $188.7 million a year earlier. However, the stock initially rose after the announcement but later dropped about 5% in extended trading.

Despite a net loss of $314.6 million, widened from the previous year partly due to stock-based compensation costs, CoreWeave remains optimistic. Management forecasts revenue between $1.06 billion to $1.1 billion for the second quarter and anticipates $4.9 billion to $5.1 billion in revenue for 2025, signifying a 363% growth rate.

The company recently secured a significant five-year deal with OpenAI and anticipates capital expenditures of $20 billion to $23 billion for the year. CoreWeave continues to attract new clients and diversify its business beyond its major investors, such as Nvidia.

Despite uncertainties surrounding AI supply and demand, as well as economic concerns, CoreWeave remains confident in its growth prospects. The company’s shares, which debuted on Nasdaq in late March, have faced some volatility following the earnings report.

CoreWeave’s future growth hinges on its data center’s power availability, with plans to deploy more power by the end of the year. Despite a temporary decline in share value after the earnings call, CoreWeave remains positive about its outlook and business prospects.