CoreWeave Q1 2026 earnings: revenue doubles, losses widen amid AI infrastructure build-out
CoreWeave's revenue more than doubled on AI cloud demand, but losses widened as it races to build data center capacity to meet a growing $99 billion order backlog.
| Q1 2026 | Reported |
|---|---|
| EPS | -$1.40 |
| Revenue | $2.08B |
Figures as reported by the company to the SEC for the quarter ended March 31, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue more than doubled from a year earlier, driven by surging demand for CoreWeave’s AI cloud computing infrastructure — the graphics-processing power that companies rent to train and run artificial intelligence models.
- The net loss widened sharply to $740 million, up from $315 million a year earlier, as the company continues to spend heavily to build out data centers ahead of revenue catching up.
- CoreWeave’s revenue backlog — contracts signed but not yet delivered — jumped to about $99.4 billion after more than $40 billion in new customer commitments during the quarter, giving the company a large pipeline of future business.
- The company said it was largely sold out of its 2026 data center capacity, with contracted power now above 3.5 gigawatts (enough to power roughly three million homes) as it races to bring more facilities online.
- Management reaffirmed full-year 2026 revenue guidance of $12 billion to $13 billion and raised its expected year-end revenue run rate to $18-19 billion, while also increasing planned capital spending for the year to $31-35 billion, citing higher costs for hardware components.
- Gross margin over the trailing twelve months stood near 69%, showing the core cloud-computing business is profitable before overhead; but heavy infrastructure and financing costs pushed the trailing twelve-month operating and net margins negative, reflecting the upfront cost of expanding capacity quickly.
Q1 2026 in context
| Metric | Mar 2026 | Mar 2025 | Change |
|---|---|---|---|
| Revenue | $2.1B | $982M | +111.6% |
| Net income | -$740M | -$315M | -134.9% |
| Free cash flow | -$4.7B | -$1.3B | -250.0% |
| Diluted EPS | -$1.40 | -$1.49 | +6.0% |
| Gross margin | 65.5% | 73.3% | -7.8 pts |
| Operating margin | -6.9% | -2.7% | -4.2 pts |
| Net margin | -35.6% | -32.1% | -3.5 pts |
Figures for the quarter ended Mar 2026 and the quarter ended Mar 2025, as reported to the SEC.
How the stock took it
CoreWeave Inc closed at $128.84 on May 7, 2026, the last session before the report, and at $114.70 on May 11, 2026, the first session after it — -11.0% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| Nov 13, 2025 | $85.43 | $77.36 | -9.4% |
| Aug 13, 2025 | $148.75 | $99.50 | -33.1% |
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call