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CoreWeave’s shares fell in Wednesday’s after-hours trading as an AI data center operator issued quarterly profit guidance that missed Wall Street forecasts.
The US Group, which leasing computing capabilities to tech companies building AI models, said its second quarter operating profit was between $140 million and $170 million. CoreWeave shares fell 7.8% outside of business hours.
Chief Executive Michael Intrator said in a call with analysts that data center demands are accelerating. Chief Financial Officer Nitin Agrawal attributed the lower profit guidance to advance spending to meet demand. Agrawal said CoreWeave’s capital expenditure will be between $200 billion and $23 billion this year.
CoreWeave reported a 420% increase in revenue as a publicly traded company in the first quarter, breaking Wall Street forecasts. It recorded revenue of $982 million for the first three months of 2025. That stock rose 6.6% on Wednesday.
The quarterly net loss was $335 million, which was $139 million over the same period last year than $100 billion.
Intrator said: “The demand for platforms is robust and accelerated as AI leaders look for the highly performant AI cloud infrastructure needed for their most sophisticated applications. We scale as quickly as possible to understand that demand.”
The New Jersey-based company’s initial stock offering in March was dramatically reduced. It raised $2.7 billion at $55, between $4.7 billion and $55 per share, but cut it to $1.5 billion at $40 per share, following heavy burdens from investors and investor concerns about the softening market for AI infrastructure.
CoreWeave has grown rapidly amid an explosion in AI over the past two years, with 33 data centers in the US and Europe. However, they have borrowed extensively to drive growth, raised $12.9 billion in debt over the past two years, and built data centers as demand for products and services operated by generation AI is booming.
In the past, it has raised the majority of its secured debt from the stash of over 250,000 Nvidia graphics processing units, the computer chips that have become the world’s hottest product for businesses building and operating AI systems.
The Financial Times reported last week that CoreWeave is preparing to offer bonds. This means raising at least $1.5 billion that can be used to operate or part of refinancing your obligations.
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Since the beginning of this year, CoreWeave has signed a deal with OpenAI worth $11.2 billion, earning its AI developer platform Weight & Biase for about $1.7 billion. He said the “remaining performance obligations” would be a $14.7 billion contract.
According to Agrawal, the Openai transaction was not included in the figures as Coreweave “has not yet confirmed its accounting procedures” for the transaction.
In an analyst call, Intrator said CoreWeave secured a $4 billion contract and expanded its services to a larger AI company, but did not provide details. He added that CoreWeave has deployed Nvidia’s high-performance Blackwell Super Chips to customers such as IBM, Mistral and Cohere.
