Overview
- CoreWeave posted $2.08 billion in first-quarter revenue, topping expectations and more than doubling year over year.
- Net loss widened to $740 million as technology and infrastructure spending jumped 127% to $1.27 billion.
- The company reported a $99.4 billion contracted backlog and about 3.5 gigawatts of secured power capacity.
- CEO Mike Intrator said the business has reached hyperscale with 10 customers each committed to at least $1 billion.
- Shares slipped after the report as investors weighed rising debt, with $8.5 billion raised in the quarter and nearly $25 billion outstanding.