Shares of cloud infrastructure provider CoreWeave Inc. experienced a significant drop, falling over 9% after reporting a larger-than-anticipated adjusted loss per share. Despite the wider net loss of $452 million for the quarter, revenue showed robust growth, increasing 110% year-over-year to $1.57 billion.
The company, a key player in the AI sector, operates data centers primarily equipped with Nvidia GPUs, renting computing power to AI developers and enterprises. CoreWeave's full-year fiscal 2026 revenue forecast remains strong, projecting between $12 billion and $13 billion. However, near-term guidance for the first quarter fell short of expectations.
CEO Michael Intrator highlighted ongoing supply constraints for Nvidia GPUs, contributing to price pressures. To meet surging AI compute demand, CoreWeave plans a substantial increase in capital expenditures, targeting $30 billion to $35 billion in fiscal 2026, up from $10.31 billion the previous year. The company reported 850 megawatts of active power capacity, with a contracted footprint of 3.1 gigawatts, and aims to add over five gigawatts beyond its contracted capacity by 2030.
CoreWeave's revenue backlog has grown significantly, reaching $66.8 billion. Despite the recent stock decline, CoreWeave has been a top performer on Wall Street this year, with shares up over 36%.