CoreWeave shares up 84% this year ahead of earnings report as investors demand proof of execution on AI compute demand

CoreWeave, a neo-cloud provider renting AI infrastructure built around Nvidia chips, is entering Thursday's earnings with recent deals with Meta, Anthropic and Jane Street Group. Wall Street expects first-quarter revenue of nearly $2 billion, roughly double the year-earlier figure, and a loss of $1.20 per share, improving from a loss of $1.49 per share in the first quarter of 2025.

The company's revenue backlog was nearly $67 billion as of Dec. 31. CoreWeave shares are up 84% this year and 229% since the company went public in March 2025, but fell 3.7% in early Thursday trading after rising 7.9% on Wednesday.

Investors are focused on whether CoreWeave can turn strong AI compute demand into sustained margin expansion and execution. Bank of America analysts raised their price target to $140 from $120, while the company is expected to post a first-quarter gross margin of about 67%. The shares have sold off after every report since the IPO, including a 19% drop in February after the company said capital expenditures would be higher than expected.