Nvidia-backed CoreWeave rides AI wave in first results as public company

Nvidia-backed CoreWeave beat Wall Street estimate for quarterly revenue on Wednesday, in its first set of results as a public company, signaling strength in demand for the AI cloud computing startup's services.

Shares of the New Jersey-based company jumped 11% in extended trading. Through last close, they have risen 68% since their muted Nasdaq debut in March.

Businesses looking to get ahead in the race to develop the most sophisticated generative artificial intelligence technology have boosted demand for infrastructure such as data centers and high-powered servers.


CoreWeave offers access to data centers and Nvidia chips, which are highly coveted in the competitive AI development landscape.

The company said revenue backlog was $25.9 billion, as of March 31. Its strategic five-year deal with OpenAI added $11.2 billion in revenue backlog.

As part of the deal signed in March, CoreWeave will provide AI infrastructure to OpenAI, while the ChatGPT maker will get a stake in the company.

Demand for AI infrastructure and computing has shown signs of resilience despite widespread trade tensions and investor concerns surrounding hefty spending on expanding pricey advanced data-center hardware.

CoreWeave reported revenue of $981.6 million during the first quarter, compared with analysts' average estimate of $852.9 million, according to data compiled by LSEG.