Lates News

Coreweave (CRWV.O) rose 12% in after-hours trading on Tuesday, following the announcement of a second-quarter revenue of $2.58 billion, a 112% increase year-over-year, which exceeded Wall Street expectations, demonstrating the rapid growth in market demand for AI computing power. The net loss was $626 million, up from a loss of $290 million in the same period last year. Current order reserves have reached $104 billion, with a capacity of 1.5 gigawatts in ongoing projects. CoreWeave is accelerating its data center expansion to compete with cloud computing giants like Amazon, Google, and Microsoft for the market of data centers equipped with chips capable of running generative AI models. However, CoreWeave has not yet achieved profitability. As of the end of this quarter, the company's balance sheet reflects a debt load of $35 billion, used to finance the acquisition of NVIDIA GPUs and other equipment costs. This quarter, Meta announced it would invest an additional $21 billion into CoreWeave. Additionally, CoreWeave announced a long-term partnership with Anthropic and secured a $6 billion commitment from quantitative trading firm Jane Street.