CoreWeave shares dropped 9% in after-hours trading despite beating expectations with a loss of 21 cents per share and revenue of $1.21 billion, tripling from the previous year. The company reported a $290.5 million net loss and a shrinking operating margin due to stock-based compensation costs. Debt is at $11.1 billion.

CoreWeave’s revenue growth is constrained by capacity, with demand exceeding supply. The company rents out Nvidia chips to businesses, competing with cloud providers like Amazon. Operating margin decreased to 2% from 20% due to stock-based compensation costs, with debt at $11.1 billion. This is CoreWeave’s second full quarter as a public company.

CEO Mike Intrator highlighted an expansion in business with OpenAI and new clients like Goldman Sachs and Morgan Stanley. The company acquired Weights and Biases for $1.4 billion. CoreWeave anticipates $1.26 billion to $1.30 billion in revenue for the third quarter, with a forecast of $5.15 billion to $5.35 billion for 2025.

CoreWeave aims to offer GPU rentals on a spot basis, allowing for quick retrieval if needed elsewhere. A data center project in New Jersey with up to 250 megawatts of capacity will be delivered in 2026. The company went public in March, raising $1.5 billion. The stock closed at $148.75, with a market cap over $72 billion.

Read more at CNBC: CoreWeave (CRWV) Q2 earnings report 2025