CoreWeave reported a higher-than-expected second quarter loss while revenue beat Wall Street estimates amid surging artificial intelligence compute demand. CoreWeave stock fell on Wednesday as investors mulled a smaller revenue beat than in the March quarter and updated guidance.
The company reported Q2earnings after the market close on Tuesday. In the June quarter, CoreWeave said it posted a loss of 60 cents per share versus a $1.62 per share loss a year earlier. Revenue rose 206% to $1.213 billion, the company said. Wall Street analysts predicted a 52-cent loss for CoreWeave stock on revenue of $1.082 billion.
"Signals point to continued rapid growth, but the stock price embeds high expectations," said MoffettNathanson analyst Nick Del Deo in a report. "CoreWeave needs to illustrate commensurate bookings and growth trends. Q2 revenue, adjusted EBITDA, and adjusted operating income all blew through expectations. But growth in the backlog wasn't as strong as some may have hoped for, and guidance was mixed. Management painted a picture of a supply and demand imbalance more severe than its peers have, and it said it is working on large deals that will move the needle."
A cloud computing services provider, CoreWeave rents out servers equipped with Nvidia artificial intelligence accelerators.
CoreWeave's Q2 revenue beat came in at 12%. In the March quarter, CoreWeave's revenue beat was nearly 15%.
For the current quarter ending in September, CoreWeave forecast revenue of $1.28 billion, about 2.2% above Wall Street targets. It raised 2025 guidance by $250 million to $5.25 billion.
On the stock market today, CoreWeave stock fell 8.8% to 135.70 in early trading. Heading into the CoreWeave earnings report, shares had jumped 272% in 2025. Shares hit an all-time high of 187 on June 20.
IPO Lockup
CoreWeave and other cloud infrastructure startups rent Nvidia-chip equipped computer servers mainly to artificial intelligence model builders as well as app developers. CoreWeave's data centers are designed from scratch for crunching AI workloads. Nvidia owns a 7% stake in CoreWeave and is a strategic partner.
Also, CoreWeave in June announced a deal to acquire Core Scientific in an all-stock transaction initially valued at $9 billion.
The lockup period for CoreWeave stock tied to the company's initial public offering expires late Thursday. The IPO raised $1.5 billion. Lockup periods prevent company insiders from selling stock. With a much bigger float, CoreWeave stock could be pressured, analysts say.
CoreWeave Stock Technical Ratings
CoreWeave's biggest customer is Microsoft, followed by Meta Platforms. Microsoft is the biggest investor in generative AI startup OpenAI, which is the leader in building AI models and launched ChatGPT. OpenAI has signed its own multiyear deal with CoreWeave.
While some analysts project a big AI market opportunity for CoreWeave, others fret about customer concentration and high debt.
Meanwhile, CoreWeave stock owns a Composite Rating of 70 out of a best possible 99, according to IBD Stock Checkup. Also, CoreWeave stock has a relatively small float, making it more volatile. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths.
Meanwhile, CoreWeave stock holds an Accumulation/Distribution Rating of A. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. (A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.)
Additionally, CoreWeave is among the top AI stocks to watch. CoreWeave was founded as a cryptocurrency miner in 2017 before its move into cloud computing services.
Follow Reinhardt Krause on X, formerly Twitter, @reinhardtk_tech for updates on artificial intelligence, quantum computing, cybersecurity and cloud computing.
