Key Stats for CoreWeave Stock
- Pre-market price change for CoreWeave stock: -4%
- $CRWV Share Price as of May. 7: $129
- 52-Week High: $187
- $CRWV Stock Price Target: $132
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What Happened?
CoreWeave (CRWV) stock dropped as much as 4% in pre-market trading after the AI infrastructure company posted lighter-than-expected revenue guidance and raised its 2026 capital spending forecast.
CoreWeave beat on revenue, posting $2.08 billion against Wall Street’s $2.08 billion expectation — more than double what the company earned a year ago.
But the headline that spooked investors was the Q2 guidance. CoreWeave guided for $2.45 billion to $2.6 billion in second-quarter revenue.
The midpoint of that range, $2.53 billion, came in below the $2.69 billion expected by analysts. That gap was enough to send CoreWeave stock lower.
The adjusted loss per share also came in worse than forecast — a $1.12 loss versus the $0.90 loss Wall Street had modeled.
Net losses widened sharply, too, growing from $315 million a year ago to $740 million this quarter. That’s a reflection of just how aggressively the company is spending to build out AI data centers.
Technology and infrastructure costs jumped 127% year-over-year to $1.27 billion. Sales and marketing costs increased more than sixfold to $69 million.
For the full year, CoreWeave kept its guidance intact, calling for $12 billion to $13 billion in revenue. The company also raised the lower end of its 2026 capital expenditure range to $31 billion, up from $30 billion previously, citing higher component prices.
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What the Market Is Telling Us About CoreWeaveStock
Despite the pre-market drop, there’s a lot going on beneath the surface for CoreWeave stock.
- The company ended Q1 with a revenue backlog of $99.4 billion — nearly four times what it was a year ago. That backlog grew nearly 50% in just one quarter.
- CEO Mike Intrator called it a “transformational quarter,” and highlighted that CoreWeave now has 10 customers committed to spending at least $1 billion on its platform. That’s a big deal for a company that, as recently as 2024, was generating 62% of its revenue from Microsoft alone.
- New customers added in Q1 include Anthropic, which signed on to support the development of its Claude AI models, and financial services firms such as Jane Street and Hudson River Trading.
- CoreWeave also surpassed 1 gigawatt of active power — a milestone few cloud companies have ever hit.
CoreWeave is essentially racing to build AI infrastructure fast enough to meet demand from companies training and deploying large language models. It’s competing against much larger cloud providers like Amazon and Google, and it’s borrowing heavily to fund the buildout. The company has now secured more than $20 billion in debt and equity this year alone, closing Q1 with nearly $25 billion in total debt.
Intrator pushed back on the stock reaction in an interview after the earnings call.
“I always think that everyone is looking at the stock and focusing on the trees and missing the forest,” he said. “The forest is, there’s this seismic level change occurring in our economy and being driven by these incredible technology companies that are dependent upon the infrastructure.”
CoreWeave stock had already climbed roughly 80% year-to-date heading into earnings, so the bar was high. The Q2 revenue miss was narrow in absolute terms, but it was enough to remind investors that this is still a capital-heavy, loss-making business operating in an intensely competitive space.
The fundamentals look strong over the longer term — nearly $100 billion in backlog, diversified customer base, and growing pricing power on older GPU generations. But with $31 to $35 billion in planned CapEx this year and losses still widening, CoreWeave stock will need continued execution to justify its premium valuation.
The company maintained its target of over $30 billion in annualized revenue by the end of 2027, and said it remains on track to have 1.7 gigawatts of active power online by year-end.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
