CoreWeave Q1 revenue rises to $2.08B; loss widens

CoreWeave reported first-quarter revenue of $2.08 billion for the three months ended March 31, 2026, up 112% from $982 million a year earlier. Net loss widened to $740 million for the quarter.

Revenue exceeded market expectations. Operating expenses rose to $2.22 billion from $1.01 billion, pushing operating loss to $144 million from $27 million and widening the operating loss margin to 7% from 3%.

Interest expense, net, climbed to $536 million from $264 million. Basic net loss per share was $1.40; diluted net loss per share was $1.40, an improvement from $1.49 a year earlier.

On an adjusted basis, EBITDA increased to $1.16 billion from $606 million, while adjusted EBITDA margin declined to 56% from 62%. Adjusted operating income fell to $21 million from $163 million and adjusted net loss widened to $589 million from $150 million.

Revenue backlog reached $99.4 billion at March 31. CoreWeave reported it had exceeded 1 gigawatt of active power, added more than 400 megawatts of contracted power in the quarter, and held total contracted power above 3.5 gigawatts. The company expects to exceed 8 gigawatts of active power by 2030.

Customer agreements included several contracts with Meta Platforms, including a $21 billion commitment announced in March, and a multi-year deal with Anthropic to support Claude models. The company expanded work with Cohere, Jane Street and Mistral, and listed users such as Adaption Labs, Advaita Bio, Hudson River Trading, Perplexity and World Labs.

CoreWeave said it will expand collaboration with NVIDIA to accelerate construction of more than 5 gigawatts of AI data centers by 2030, and it was named an NVIDIA Exemplar Cloud for inference on GB200 NVL72 systems. The company introduced Flexible Capacity Plans, a Dedicated Inference product and CoreWeave Arena, and expanded integrations with Weights & Biases through W&B Weave and W&B Models.

To fund growth, CoreWeave secured an $8.5 billion delayed draw term loan facility (DDTL 4.0) described as non-recourse and investment-grade, with a floating tranche at SOFR plus 2.25% and a fixed tranche around 5.9%. NVIDIA completed a $2 billion investment in Class A common stock.

Michael Intrator, co-founder, chairman and chief executive officer, described the quarter as the company’s strongest bookings period and highlighted the company’s progress past 1 gigawatt of active power and its plan to scale further by 2030.

Revenue more than doubled year over year, while higher operating costs and increased interest expense widened net losses for the quarter.