CoreWeave Q1 2026 Earnings Prompt Stock Drop Amid Strong Revenue and Higher Costs

CoreWeave Inc. posted Q1 revenue of $2.08 billion, beating the $1.97 billion consensus, but recorded a net loss of $740 million (loss per share $1.40). Shares fell 11%-12% after hours and opened 7%-9% lower the next day.

The Globe and Mail (Toronto)

CoreWeave is a neocloud AI-compute provider partnered with Nvidia and holding contracts with Meta, Jane Street and Anthropic. Executives are CEO Michael Intrator and CFO Nitin Agrawal. Analysts include Andrew Rocco (Zacks), Tal Liani (BofA), Gabriela Borges (Goldman) and Murphy (Benzinga).

Reuters

Revenue rose 112% YoY to $2.08 billion; operating expenses doubled to $2.22 billion. Backlog hit $99.4 billion, up 49% QoQ. Contracted power exceeds 3.5 GW, with 400 MW added. 2026 capex guidance lifted to $31-$35 billion.

CoreWeave Stock Drops as $99 Billion AI Backlog Runs Into Bigger Spending Bill

Management said the firm is on a strong growth path through 2027 and framed higher capex as a timing issue, not an economic flaw. Intrator said the quarter sets up a strong back half. Rocco likened the strategy to Amazon’s early days; Liani kept a Buy rating. Borges and Murphy warned of execution risk, debt and share volatility.

Benzinga

Analysts flagged heavy spending, rising component prices and debt as volatility drivers. Murphy warned the stock could be lumpy and volatile. Insider sales and pending securities-law probes add risk.

CoreWeave stock price is pumping and why it may hit a record high after earnings

Revenue is reported as $2.08 billion (Reuters, Benzinga) and $2.078 billion (TradingKey). Net loss is $740 million (Reuters) versus a $1.40 per-share loss (The Globe and Mail). Backlog composition is undisclosed.

CoreWeave Stock Drops as $99 Billion AI Backlog Runs Into Bigger Spending Bill

The results show the clash between booming AI demand and the capital-heavy nature of scaling compute. Converting backlog to cash while managing debt will shape investor views on the neocloud market.

CoreWeave Stock Drops as $99 Billion AI Backlog Runs Into Bigger Spending Bill

Q2 revenue guidance is $2.45-$2.60 billion, below the $2.69 billion analyst median. Capital spending is $7-$9 billion; interest expense $650-$730 million. Management targets 1.7 GW contracted power by year-end 2026.

CoreWeave Stock Drops as $99 Billion AI Backlog Runs Into Bigger Spending Bill

• “We are on a fantastic ramp through the balance of this year into 2027 - the why the market takes me up or down on any given day is sort of what the market does,” — Michael Intrator, CEO

Reuters

• “I think we did everything that we needed to do to have a great quarter, and I think that is going to lead us into a great back half of the year,” — Michael Intrator, CEO

Reuters

• “timing-based, not economic” — Nitin Agrawal, CFO

CoreWeave Stock Drops as $99 Billion AI Backlog Runs Into Bigger Spending Bill

• “If investors are willing to stay the course, CoreWeave positions itself to be a dominant player in the AI infrastructure industry,” — Andrew Rocco, Zacks Investment Research

Reuters