CoreWeave Reports Surging Revenue Amid AI Infrastructure Expansion

CoreWeave's revenue skyrocketed to $1.36 billion in Q3, more than doubling year-over-year. Despite the growth, the company posted a net loss of $110 million—a notable improvement from the $360 million loss in the same quarter last year. Earnings per share stood at a loss of 22 cents, reflecting aggressive expansion in the competitive AI infrastructure sector.

The U.S.-based firm, which leases Nvidia GPUs to AI developers, counts tech giants Google and Microsoft among its clients. Its contract backlog ballooned to $55.6 billion, up from $42.3 billion in Q2, while contracted power reached 2.9 gigawatts. Major deals with OpenAI ($6.5 billion expansion) and Meta ($14.2 billion agreement) fueled the backlog surge, alongside an undisclosed hyperscaler contract.

Though still unprofitable, CoreWeave's Nasdaq-listed shares represent a bet on the insatiable demand for AI compute. The numbers tell a story of a company burning cash to secure its place in the infrastructure race—where scale often trumps short-term margins.