CoreWeave’s third-quarter revenue expanded by 168% to touch $3.66 billion, surpassing analyst projections by 3.4%. Its total revenue backlog climbed to $132.5 billion.
CoreWeave equities surged 15.27% during Wednesday premarket sessions following the artificial intelligence cloud service provider’s announcement of a quarterly revenue beat.
The stock exchanged hands at $56.12 as of 12:50 pm UTC, easing the equity’s year-to-date decrease to 32%, according to Yahoo Finance.
CoreWeave revealed $3.66 billion in Q3 revenue following the market closure on Tuesday, marking a 168% increase from the $1.36 billion recorded a year prior.
The turnover landed roughly 3.4% above the $3.54 billion consensus forecast compiled by Google Finance.
The firm additionally disclosed a revenue backlog amounting to approximately $132.5 billion as of September 30. This metric encompasses incoming revenue that CoreWeave anticipates generating from current client agreements, dependent upon service availability and delivery.
Back in April, CoreWeave disclosed a multiyear contract with AI creator Anthropic to supply computing resources for its Claude models. Just days later, CoreWeave finalized a $6 billion agreement with quantitative trading enterprise Jane Street to deliver cloud infrastructure supporting research and trading activities.
CoreWeave originated as a cryptocurrency mining entity and initiated its pivot toward artificial intelligence infrastructure back in 2019.
Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone
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