Amit Singh
4 min read
In This Article:
CoreWeave (CRWV), a provider of artificial intelligence (AI) infrastructure, has seen its stock soar since its recent public listing. In just a month, CRWV stock has more than doubled, marking an impressive 113% gain. Moreover, its stock has appreciated about 330% from its initial public offering (IPO) price of $40. This surge reflects robust demand for its AI infrastructure platform and CoreWeave’s expanding capabilities, which positions it well for continued growth.
Notably, CoreWeave’s ascent is reflected in its solid revenue. The company’s revenue trajectory remains solid, with its top line jumping from $16 million in 2022 to $229 million in 2023 and then soaring to $1.9 billion in 2024. The momentum has carried into 2025, with first-quarter revenue hitting $982 million, a 420% year-over-year increase. Moreover, adjusted operating income reached $163 million, representing a 550% increase.
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CoreWeave is witnessing broad-based demand for AI inference capabilities as enterprises across various industries accelerate their adoption of AI technologies. Its infrastructure is designed specifically for AI workloads, making it a go-to provider for companies looking to scale their AI capabilities.
Furthermore, the demand for its platform is accelerating, as reflected in its robust backlog. CoreWeave reported a massive $25.9 billion backlog, up 63% year-over-year. This includes long-term customer contracts and remaining performance obligations. This backlog also provides investors with visibility into the company’s future growth.
CoreWeave recently signed a strategic partnership with OpenAI valued at up to $11.9 billion. This partnership shows that its infrastructure is best-in-class and is witnessing solid demand. The company has also added major enterprise customers, including a new hyperscaler, and recently secured a $4 billion expansion deal with a large AI client, which will be reflected in its Q2 revenue backlog.
CoreWeave’s ability to scale efficiently has been key to meeting surging demand. With 33 dedicated AI data centers across the U.S. and Europe, supported by 420 megawatts of active power and up to 1.6 gigawatts of contracted capacity, CoreWeave has built a solid foundation for growth. Its infrastructure is powered by long-term committed contracts that provide stability, predictable cash flow, and strong unit economics.
