CoreWeave Surges Past Revenue Estimates in First Earnings Since IPO, Fueled by AI Demand
CoreWeave posted stronger-than-expected Q1 revenue of $981.63 million in its first report as a public company, driven by soaring demand for AI infrastructure and a massive $11.2B deal with OpenAI.
Artificial intelligence infrastructure provider CoreWeave Inc (NASDAQ: CRWV) reported better-than-expected results in its first earnings release since going public , driven by booming demand for high-performance compute power in the AI race.
The company posted first-quarter revenue of $981.63 million, beating analyst expectations of $859.77 million, according to Benzinga Pro. Despite the revenue beat, CoreWeave reported a first-quarter adjusted loss of $1.49 per share.
The New Jersey-based company ended the quarter with a revenue backlog of $25.9 billion, which includes remaining performance obligations (RPO) of $14.7 billion and $11.2 billion from other committed customer contracts. A significant portion of the backlog came from CoreWeave’s recently announced five-year strategic deal with OpenAI.
“We’ve delivered an outstanding start to 2025 on multiple fronts. Our strong first quarter financial performance caps a string of milestones including our IPO, our major strategic deal with OpenAI as well as other customer wins, our acquisition of Weights & Biases and many technical achievements,” said Michael Intrator, CoreWeave's co-founder and CEO.
As part of the deal signed in March, CoreWeave will supply AI infrastructure to OpenAI, while the ChatGPT creator will take an equity stake in the company.
“Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand. The future runs on CoreWeave,” Intrator added.
CoreWeave also announced a new partnership with IBM to provide compute capacity for its Granite AI models and highlighted key wins across AI labs, hyperscalers, and enterprises. The company rapidly expanded its infrastructure, adding about 420 megawatts of active power and securing 1.6 gigawatts of contracted power by the end of the quarter.
Competing with major cloud players like Amazon, CoreWeave rents out access to Nvidia GPUs—an increasingly essential resource for generative AI development. Despite its competition, tech giants such as Google and Microsoft have continued to rely on CoreWeave, further validating its unique market position.
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