Andrew Kessel
1 min read
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CoreWeave (CRWV) reported first-quarter revenue that grew over 400% year-over-year, sending shares higher in extended trading Wednesday.
In its first quarterly report since going public in March, the cloud computing company backed by Nvidia (NVDA) posted revenue of $981.6 million, up 420% from a year earlier. Its adjusted net loss was $149.6 million, widening from a $23.6 million loss in the year-ago quarter.
"Demand for our platform is robust and accelerating as AI leaders seek the highly performant AI cloud infrastructure required for the most advanced applications. We are scaling as fast as possible to capture that demand," said CoreWeave co-founder and CEO Michael Intrator.
The results come as CoreWeave is reportedly preparing to raise roughly $1.5 billion in