Not Just AI Training — Also Dominating Rendering, VFX

Shares are up after earnings, now trading at $70.51 as of 4:20 pm Eastern.

CoreWeave, Inc. reported strong financial results for the first quarter of 2025, driven by significant demand for its AI platform. The company achieved a revenue of $981.6 million, marking a substantial increase of 420% compared to the same quarter last year. Despite this growth, the company reported a net loss of $314.6 million, which widened from a $129.2 million loss in Q1 2024.

The increase in net loss was partly due to a significant rise in operating expenses, which included $177 million in stock-based compensation. The company also raised $1.4 billion through its IPO, supporting its strategy to expand its cloud computing capabilities. CEO Michael Intrator highlighted the company’s strategic deals, including a major agreement with OpenAI, and emphasized the robust demand for CoreWeave’s AI infrastructure. The company’s revenue backlog reached $25.9 billion, indicating strong future demand. CoreWeave plans to provide further guidance during its earnings call.

CoreWeave’s business spans multiple verticals, served from the same GPU cloud infrastructure:

• AI/ML Training & Inference: Primary growth driver (open models, foundation model training)

• VFX, Rendering, Simulation: High-utilization, non-AI clients — 40% of GPU hours in Q4

• Enterprise & Financial Compute: Smaller but expanding, especially in modeling and SaaS hosting

Investors will want color on GPU allocation, client mix, and site-level utilization. Any early enterprise traction outside of AI would expand the TAM narrative.

Here’s an astonishing figure headed into CoreWeave’s earnings: the company is now up 84% since April 21st.

There has been company news in that time, such as the company renting NVIDIA’s newest GB200 NVL72 systems. Yet, the company now trades above many Wall Street estimates.

For example, on April 22nd, Stifel initiated at a price target of $55, Goldman Sachs at a price target of $54, and Citi at a target of $43.

CoreWeave shares are trading for $65 headed into earnings.

Analysts are looking for $857 million in Q1 revenue and an EPS loss of –$0.12. That would still reflect exponential growth — Q1 2024 revenue was just $16M — but scaling efficiently is now the bar.

Investors will be watching:

• Whether revenue clears $900M

• Gross margin expansion vs. last quarter

• Commentary on GPU supply and 2025 pipeline

This is CoreWeave’s first full quarter as a public company. If it misses the bar on revenue or signals cloud customer delays, the market may reassess recent valuation expansion.