CoreWeave stock fell 11% after first-quarter earnings revealed soaring losses and capital spending guidance, despite revenue more than doubling and a $99.4 billion contracted revenue backlog.

CoreWeave reported first-quarter revenue of $2.08 billion, up 112% year over year, and signed more than $40 billion in new commitments, bringing its contracted revenue backlog to $99.4 billion. However, the net loss widened to $740 million, up from $452 million in Q4 2025.

Capital expenditures hit $6.8 billion in the quarter alone, and management raised full-year guidance to $31 billion to $35 billion, while revenue guidance remained at $12 billion to $13 billion. The company cited rapid infrastructure deployment as a driver: adding 300 megawatts in a quarter alongside existing 50 megawatts capacity creates negative contribution margins until ramps.

CoreWeave now has 10 clients committed to spending at least $1 billion each, including a multi-year deal with Anthropic and an expanded $21 billion arrangement with Meta, reducing reliance on single customers (Microsoft accounted for 62% of revenue in 2024). Despite these bookings, the stock trades at a market capitalization of around $62 billion—about five times this year's revenue forecast—for a company with no profits in sight and a heavily levered balance sheet.