CoreWeave stock pops 15% as revenue doubles on accelerating AI infrastructure demand

CoreWeave shares jumped 15% in extended trading on Tuesday after the AI infrastructure provider reported revenue than topped Wall Street expectations.

Revenue climbed 112% during the quarter from a year earlier, CoreWeave said in a statement . Net loss of $626 million increased from $290 million, or 60 cents per share, a year ago.

The company's revenue backlog now stands at $104 billion, a figure that excludes over $25 billion in new commitments from the third quarter, and it boasted 1.5 gigawatts of active power.

The 8-year-old company has been racing cloud market leaders Amazon , Google and Microsoft to open data centers filled with chips that can run generative artificial intelligence models. Unlike them, CoreWeave isn't profitable.

As of quarter end, it had $35 billion in debt on its balance sheet to cover the cost of Nvidia graphics processing units and other equipment.

During the quarter, Meta said it would spend an additional $21 billion with CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street .

Meanwhile, competition is growing. SpaceX has begun selling excess computing capacity , and Meta has considered launching a cloud business. Rival Nebius gained 5% in extended trading.

As of Tuesday's close, CoreWeave shares had gained 26% year to date, while the S&P 500 was up almost 13%. The stock debuted on Nasdaq in March 2025 .