Overview
- CoreWeave reported on May 7 that Q1 revenue rose to $2.08 billion while net loss widened to roughly $740 million after $7.7 billion of capital spending in the quarter.
- Management says the company has a $99.4 billion revenue backlog that includes a reported $21 billion Meta commitment and multi‑year deals with Anthropic and OpenAI, and it reaffirmed 2026 revenue guidance of $12–$13 billion.
- Shares have dropped roughly 20–33% over recent months as investors weighed widened losses, heavy capex, a securities‑fraud suit over construction delays, and Meta’s new compute offering, yet some analysts still forecast large upside.
- CoreWeave’s Q1 free cash flow was deeply negative (about $4.7 billion), interest expense roughly doubled to about $536 million, and total liabilities rose to around $50.8 billion, raising concern about the timing of returns on planned 2026 spending.
- Markets are watching Q2 results on August 11 for clear evidence that the company’s capex is increasing GPU utilization and margins, which would determine whether its growth converts into sustained cash flow and fewer governance and financing strains.