CoreWeave reported first-quarter revenue that more than doubled year-on-year and a backlog approaching $100 billion, yet the AI cloud infrastructure company saw its stock fall more than 11% on Friday after disappointing second-quarter guidance and a widening capital spending forecast spooked investors who had already priced in extraordinary growth.
Revenue for the quarter ended March 31, 2026 reached $2.08 billion, a 112% increase from $982 million in the same period of 2025 and ahead of analyst estimates of $1.97 billion. The company’s adjusted EBITDA of $1.2 billion also beat consensus forecasts. But it was the earnings loss and forward guidance that moved the stock.
Adjusted earnings per share came in at a loss of $1.12, wider than the $0.91 analysts had expected. CoreWeave projected second-quarter revenue of between $2.45 billion and $2.6 billion, with the midpoint of $2.53 billion falling short of the $2.69 billion consensus estimate. The second-quarter adjusted operating income outlook of $30 million to $90 million was also below the $153.9 million the market had anticipated.
Capital expenditure guidance was nudged higher, with the company raising the lower end of its 2026 capex forecast to $31 billion from $30 billion previously, resulting in a revised range of $31 billion to $35 billion. Chief executive Mike Intrator acknowledged that component prices have created pressure, describing it as “an issue” while expressing confidence in the company’s ability to navigate supply chain challenges with the support of its manufacturing partners.
Despite the selloff, CoreWeave [NASDAQ: CRWV] maintained its full-year 2026 revenue guidance of $12 billion to $13 billion and reiterated its target of achieving more than $30 billion in annualised revenue by the end of 2027. The company’s revenue backlog reached $99.4 billion as of March 31, up from $66.8 billion the previous quarter, a near-50% jump in a single period.
The business also highlighted major new commercial agreements during the quarter, including a $21 billion expansion of its contract with Meta and a multi-year deal with Anthropic to support the development and deployment of Claude AI models. CoreWeave now has ten customers committed to spending at least $1 billion on its platform, a diversification from its historically heavy reliance on Microsoft.
Jefferies analysts acknowledged concerns around the steep ramp in second-half profitability required to meet full-year targets, with just $81 million in adjusted operating income expected across the first two quarters against $919 million anticipated in the second half. They maintained a positive view on the stock, citing strong visibility from contracted backlog with average five-year durations.
The stock had nearly doubled in value year-to-date heading into the earnings release, leaving limited room for execution shortfalls of even a modest scale.