CoreWeave Jumps 15% as Backlog Tops $104 Billion

CoreWeave is a cloud infrastructure provider specializing in computing capacity for AI training and inference, buying GPUs and expanding data centers aggressively to meet demand from technology companies. NVIDIA invested $2 billion in the company through a private placement in January 2026. Because CoreWeave’s rapid growth depends on substantial capital and financing, changes in its forecasts and costs are key tests of whether its business model can become profitable.

CoreWeave reported first-quarter revenue of $2.08 billion after the market closed on May 7, 2026, beating LSEG’s estimate of $1.97 billion. Its net loss, however, widened to $740 million from $315 million a year earlier. The company forecast second-quarter revenue of $2.45 billion to $2.6 billion, below analysts’ estimate of $2.69 billion. It also raised the lower end of its full-year capital expenditure forecast to $31 billion from $30 billion while keeping the upper end at $35 billion, sending its shares down more than 9% in after-hours trading.

CoreWeave is an AI cloud provider specializing in GPU computing, with customers including technology companies such as Meta and Anthropic. Jane Street is a major global quantitative trading firm whose trading and research operations depend heavily on computing resources. Their partnership underscores the financial industry’s emergence as a major source of demand for AI infrastructure.

As of July 19, 2026, CoreWeave and Jane Street had signed a $6 billion AI computing supply agreement under which CoreWeave will provide GPU resources for Jane Street’s trading and research operations. Jane Street separately spent $1 billion to acquire CoreWeave shares. The computing contract and equity investment are two distinct transactions.

CoreWeave began as a cryptocurrency miner before transforming into a “neocloud” provider of cloud computing powered by NVIDIA GPUs. MinerFi financing traditionally used rapidly depreciating ASIC miners as collateral, leaving both revenue and collateral values exposed when cryptocurrency prices fell. This financing instead draws on deployed GPUs, customer contracts and predictable cash flow, signaling Wall Street’s shift toward “ComputeFi.”

CoreWeave completed a delayed-draw term loan on March 31, 2026, with an initial commitment of $7.5 billion that can increase to $8.5 billion once stabilized. MUFG and Morgan Stanley arranged the financing, with Blackstone Credit & Insurance participating as an investor. Backed by a long-term Meta contract, the loan can be drawn through June 2027 and matures in March 2032, with a borrowing base covering 90% of eligible deployment costs.