CoreWeave’s Balancing Act

If you’re getting dizzy watching CoreWeave’s balancing act, you’re not alone. The AI cloud startup reported first-quarter numbers Thursday evening showing that its business is ramping up quickly—revenue doubled in the quarter to $2 billion compared to the year-earlier period—but its investment spending and operating expenses are also taking off. It’s no wonder CoreWeave is synonymous with the high-stakes gamble that underpins so much of the AI revolution.

Here’s some earnings porn to ponder. CoreWeave’s capital expenditures—the money it is spending building its network of data centers—rocketed to $7.7 billion in the quarter from $1.4 billion a year earlier. As a result, it burned $4.7 billion in cash in the quarter—two-thirds of its cash burn for all of 2025! The full-year 2026 figures are likely to be even more eye-popping. CoreWeave is now projecting between $12 billion and $13 billion in revenue for 2026, but as much as $35 billion in capex.