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CoreWeave reported mixed first-quarter 2026 earnings on Thursday, posting massive revenue growth driven by rising demand for artificial intelligence infrastructure, while widening losses reflected aggressive expansion spending. Following the announcement, CoreWeave shares fell 3.4% in after-hours trading.
The AI cloud infrastructure company generated $2.08 billion in revenue for the quarter ending March 31, 2026, more than doubling the $982 million recorded during the same period last year. CoreWeave also revealed that its revenue backlog has climbed to nearly $100 billion, marking what the company described as the strongest bookings quarter in its history.
CEO and Co-founder Michael Intrator said the company continues to benefit from accelerating adoption of AI-focused cloud services. According to Intrator, enterprises and AI-native companies are increasingly choosing CoreWeave because of its specialized infrastructure designed to support large-scale AI training and inference workloads.
CoreWeave emphasized that the transition in the AI market from model training to inference is creating new opportunities for cloud providers with advanced computing capabilities. The company noted it has already surpassed 1 gigawatt of active power capacity and expects to exceed 8 gigawatts by 2030 as it expands operations to meet growing AI demand.
Despite strong top-line growth, CoreWeave’s financial losses widened significantly. Net loss increased to $740 million compared with $315 million a year earlier, while operating loss rose to $144 million. Interest expenses surged to $536 million as the company continued investing heavily in data centers, GPUs, and AI computing infrastructure.
CoreWeave posted a loss per share of $1.40, improving slightly from the $1.49 loss reported last year. However, the result missed Wall Street expectations, as analysts had forecast a narrower loss of $0.91 per share.
The earnings report highlights both the rapid growth potential and high capital requirements associated with the booming AI infrastructure industry in 2026.
