CoreWeave shares tumble 10% on weak guidance and higher 2026 spending
Updated
Updated · CNBC · May 7
CoreWeave shares tumble 10% on weak guidance and higher 2026 spending
7 articles · Updated · CNBC · May 7
The AI infrastructure provider forecast second-quarter revenue of $2.45 billion-$2.6 billion, below the $2.69 billion LSEG consensus, while raising the low end of 2026 capital spending to $31 billion.
First-quarter revenue beat expectations at $2.08 billion, but adjusted loss widened to $1.12 a share and net loss grew to $740 million as technology and infrastructure costs jumped 127%.
CoreWeave kept 2026 revenue guidance at $12 billion-$13 billion, reported a $99.4 billion backlog and 3.5 gigawatts of contracted power, while carrying nearly $25 billion of debt after heavy AI data-centre expansion.
With soaring debt and costs, can CoreWeave achieve profitability before its AI hardware becomes obsolete?
Is CoreWeave's massive revenue backlog at risk as key clients like OpenAI face uncertain futures?