CoreWeave just delivered a monster quarter that shows the AI infrastructure gold rush is far from over. The cloud provider doubled revenue to $1.36 billion, crushing Wall Street estimates by $70 million as massive deals with Meta and OpenAI fueled explosive 134% year-over-year growth. With a $55.6 billion backlog and stock up 164% since its March IPO, CoreWeave is emerging as the picks-and-shovels winner of the AI boom.
The AI infrastructure arms race just got a massive validation. CoreWeave crushed third-quarter expectations with revenue hitting $1.36 billion, a staggering 134% jump from $583.9 million last year. The beat came in $70 million above analyst estimates, sending a clear signal that demand for AI computing power isn't slowing down anytime soon.
The numbers tell the story of a company riding the perfect wave. CoreWeave's net loss narrowed dramatically to $110 million from $360 million a year ago, even as the company poured resources into massive infrastructure buildouts. That's the kind of improving unit economics that gets Wall Street excited about a growth story.
Two blockbuster deals announced during the quarter explain much of the momentum. OpenAI expanded its partnership by $6.5 billion, while Meta signed a six-year deal worth up to $14.2 billion. These aren't just customer wins - they're strategic moats that lock in guaranteed revenue streams for years ahead. CoreWeave also landed its sixth contract from "a leading hyperscaler," industry speak for the likes of Google, Microsoft, or Amazon.
The company's backlog now stands at a mind-bending $55.6 billion, with 2.9 gigawatts in contracted power capacity. To put that in perspective, that's enough electricity to power roughly 2.2 million homes, all dedicated to training and running AI models. The power figure jumped from 2.2 gigawatts just three months ago, highlighting how quickly CoreWeave is scaling to meet hyperscale demand.
CoreWeave's business model centers on renting out Nvidia H100 and other high-end GPUs to AI companies that need massive computing power but don't want to build their own data centers. It's a capital-intensive bet that's paying off as AI workloads explode across the industry. The company has effectively become the Airbnb of AI infrastructure, matching supply and demand in a market where both are growing exponentially.
The stock market has taken notice. CoreWeave shares closed Monday at $105.61, representing a 164% gain since the company went public at $40 per share in March. That vastly outpaces the Nasdaq's 32% gain over the same period, though shares dipped slightly in after-hours trading following the earnings release.
