CoreWeave, a prominent player in cloud computing, announced its first earnings report since its initial public offering (IPO), revealing substantial revenue growth that exceeded market expectations. For the quarter ending March 31, 2023, the company stunned investors with a 420% jump in revenue. They brought in $981.6 million overall, after handily blowing past conservative analysts’ estimates of $853 million. The company has faced significant struggles this year. It was deeply in the red again, reporting a net loss of $314.6 million, nearly 143% worse than last year’s $129.2 million loss.
CoreWeave, on the other hand, has seen remarkable growth逆转. Last year, the entire company brought in just $188.7 million in revenue. Four primary factors are fueling this tide. That one was especially noisy, as it included a landmark five-year, up-to-$11.9 billion deal with OpenAI. This agreement should further strengthen CoreWeave’s unique position in the rapidly expanding, competitive cloud services market while enabling its continued hyper-growth.
Despite the favorable revenue growth, CoreWeave’s financial health continues to be in question with negative cashflow driven by heavy expense in the form of stock-based compensation. The company heavily issued SBCC charges as it earned $177 million in stock-based compensation costs for awards linked to its recent IPO. This major cash outlay was largely responsible for a deepening net loss, fueling concerns that profitability is far off.
CoreWeave first appeared on Nasdaq in late March, with its share price opening at $39. Outside of a few rocky days in March, the company’s stock has shown remarkable strength since. In fact, it exploded 31% in value in the week preceding this earnings release. The market’s reaction reflects investor confidence in CoreWeave’s potential for growth, particularly following its strategic partnership with OpenAI.
CoreWeave’s CEO Mike Intrator recently testified before the U.S. Senate Commerce Committee on artificial intelligence issues on May 8, 2025. His appearance further highlighted the company’s emphasis on being at the front lines of technological innovation and deep regulatory conversations with AI.