CoreWeave Reports 112% Revenue Growth to $2.08 Billion Despite Doubling Losses

May 9, 2026

CoreWeave reported Q1 2026 revenue of $2.08 billion on May 7, 2026, representing 112% year-over-year growth, though net losses more than doubled as the AI cloud infrastructure provider invested heavily in GPU expansion. The company has accumulated $29.8 billion in debt to finance its NVIDIA GPU clusters and partners with Meta, Microsoft, and OpenAI for AI infrastructure.

Q1 earnings expectations

▪CoreWeave's Q1 2026 losses doubled compared to a prior period
▪CoreWeave expects 100% revenue growth year-over-year for Q1 2026
▪CoreWeave reported $2.08 billion in revenue with 112% growth
▪CoreWeave will present Q1 2026 results after markets close on May 7, 2026
▪CoreWeave expects Q1 2026 revenues between $1.97 billion and $2 billion
▪CoreWeave expects a loss of $0.85 to $0.89 per share for Q1 2026

Business model pivot history

▪CoreWeave's losses are due to aggressive capital expenditures for a full pivot to AI
▪CoreWeave abandoned Ethereum mining during the 2018 bear market to pivot to cloud services

GPU infrastructure financing strategy

▪CoreWeave finances its NVIDIA GPU clusters primarily through debt markets
▪CoreWeave has accumulated $29.8 billion in debt

Stock volatility expectations

▪CoreWeave stock (CRWV) implied volatility is higher than its 20-day average
▪CoreWeave stock (CRWV) trades with over 18% implied volatility
▪CoreWeave stock (CRWV) traded at $130.47 as of May 7, 2026

Short interest positioning

▪CoreWeave stock (CRWV) short positions have 1.7 days to cover
▪Zacks Research has a 'hold' recommendation for CoreWeave stock (CRWV)
▪CoreWeave stock (CRWV) has 14.5% of free float shares shorted

Competitive landscape among miners

▪Hut8 has switched from mining to offering GPU compute
▪Core Scientific (CORZ) will host a 200MW data center for CoreWeave
▪Iris Energy (IREN) stock appreciated over 33% in the five days preceding May 7, 2026
▪Iris Energy (IREN) is acquiring its own fleet of NVIDIA GPUs