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CoreWeave reported a 420 per cent rise in revenue in its first quarter as a listed company as the artificial intelligence data centre operator beat Wall Street forecasts.
The US group, which leases computing capacity to tech groups building AI models, posted revenues of $982mn for the first three months of 2025, above analyst estimates of $860mn. Its shares initially rose as much as 8 per cent in after-hours trading, having closed the day at $67.46, up 6.6 per cent.
CoreWeave’s net losses for the quarter were $315mn, 143 per cent higher than the same period last year, when losses were $129mn.
Chief executive Michael Intrator said: “Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand.”
The New Jersey-based company listed its shares in March in a drastically downsized initial public offering. It had initially targeted a $2.7bn raise at $47-$55 per share, but slashed it to $1.5bn at $40 a share, following investor concern about its large debt burden and a softening market for AI infrastructure.
CoreWeave has grown rapidly amid an explosion in AI in the past two years. But the company borrowed extensively to fuel its growth, raising $12.9bn of debt in the past two years to build data centres as demand for products and services powered by generative AI has boomed.
