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The provider of AI infrastructure CoreWeave, which rents out access to Nvidia AI chips, has been on a tear since its debut at the end of March. Shares opened at $39 and are up more than 250% since then. The demand for high-performance AI compute is relentless, CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen leadership.
Recently CoreWeave issued earning results and guidance that even beat expectations, but shares slid 9% in extended trading.
Here’s how the company did:Earnings per share: Loss of 21 cents, Revenue: $1.21 billion vs. $1.08 billion expected; Revenue more than tripled from $395.4 million a year earlier. The company registered a $290.5 million net loss, compared with a $323 million loss in second quarter of 2024.
CoreWeave’s operating margin shrank to 2% from 20% a year ago primarily due to $145 million in stock-based compensation costs. Debt now sits at $11.1 billion.
For the third quarter, CoreWeave anticipates $1.26 billion to $1.30 billion in second-quarter revenue. CoreWeave now sees $5.15 billion to $5.35 billion in revenue for all of 2025, suggesting a 174% growth rate. The new range is up from the $4.9 billion to $5.1 billion forecast that management gave in May.
Nitin Agrawal, the company’s finance chief said revenue growth continues to be capacity constrained, with demand outstripping supply. The company competes with cloud providers such as Amazon to rent out Nvidia chips to companies. During the quarter, CoreWeave acquired Weights and Biases, a startup with software for monitoring AI models, for $1.4 billion. And a CoreWeave data center project in New Jersey with up to 250 megawatts of capacity is set to be delivered in 2026. CoreWeave CEO Mike Intrator pointed to an expansion in business with OpenAI, a major client and investor, and he said Goldman Sachs and Morgan Stanley are becoming customers. Both banks were underwriters in CoreWeave’s March initial public offering.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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