CoreWeave Reports Strong Q3 Revenue Amid AI Demand

CoreWeave reported a revenue of $3.66 billion for the third quarter, significantly up from $1.37 billion a year earlier. This figure surpassed analysts' expectations of $3.55 billion, driven by robust demand for its cloud services. The company's shares rose over 7% in extended trading following a previous slump. The company also raised its annual revenue forecast to between $13.0 billion and $13.3 billion, up from an earlier estimate of $12.4 billion to $13.2 billion. CEO Mike Intrator emphasized that customer contracts are prioritized, which supports investment decisions. Despite concerns about heavy borrowing for AI infrastructure, CoreWeave's performance indicates strong market demand. CoreWeave, backed by Nvidia, has faced scrutiny over its profitability, having never turned a profit.