Shares in AI-focused cloud provider CoreWeave dipped in after-hours trading after the firm maintained its revenue guidance for 2026 amid higher capital expenditure costs.
Investors have driven shares in the “neocloud” up around 80 percent so far this year, and up more than 200 percent since its market debut in March of last year, amid sustained demand for AI computing infrastructure.
Revenue more than doubled in the first quarter to $2.08 billion (£1.5bn), up from $981.8m a year earlier, while its net loss widened to $740m from $315m year-on-year.
Capital spending
Operating expenses also more than doubled to $2.22bn in the quarter, as CoreWeave continued to scale its active power capacity in anticipation of further data centre build-outs, chief financial officer Nitin Agrawal said on a call with analysts.
Technology and infrastructure costs rose 127 percent to $1.27bn, with sales and other market costs rising more than sixfold to $69m.
The company lifted the low end of its capital expenditure expectations, due to increased costs of components such as memory. The new projected spending range is $31bn to $35bn for the year, up from $30bn to $35bn.
Infrastructure deals
It said it is targeting second-quarter revenue of $2.45bn to $2.6bn, the midpoint of which was lower than analysts’ estimates, while full-year 2026 revenue expectations remained the same at $12bn to $13bn.
The company said it had a $99.4bn revenue backlog, after announcing deals with Facebook parent Meta, AI start-up Anthropic and Jane Street Group during the first quarter.
Its shares dipped around 6 percent during the day on Thursday and fell further in after-hours trading.
