CoreWeave's revenue more than doubled year on year, but so did its net loss as CapEx climbed.
Revenue of $2.08 billion increased from $982 million, while its net loss rose from $315 million to $740 million in the recent quarter. Its revenue backlog - which includes remaining performance obligations - jumped from $25.4 billion to $99.4 billion. However, CapEx also increased sharply YoY from $1.9 billion to $6.8 billion as CoreWeave sought to keep up with its obligations.
"AI natives and enterprise customers are choosing CoreWeave because we sit between the models and the silicon, delivering the infrastructure, software, and expertise required to build and run AI at scale. As the market moves from training to inference, that distinction matters more than ever. CoreWeave was built for exactly this," CEO Michael Intrator said in a statement. "We surpassed 1 GW of active power and believe we are well on our way to more than 8 GW by 2030, having positioned our capital structure to scale with the opportunity ahead."
Read CoreWeave's full earnings release here.