CoreWeave’s AI boom brings big numbers and bigger risks

The company just revealed its first-quarter numbers for 2026, and they’re eye-catching. Revenue hit $2. 08 billion, beating forecasts that expected $1. 97 billion. That’s more than double the $981. 8 million it made in the same period last year. But here’s the catch: even as money comes in fast, the company is burning through cash faster. Its net loss grew to $740 million, up from $315 million a year ago. Expenses for tech and infrastructure soared 127%, jumping to $1. 27 billion, while sales costs exploded six times higher to $69 million. What’s driving this growth? CoreWeave is betting big on AI. It’s building data centers full of Nvidia chips to rent out to companies like OpenAI and Anthropic that need power for training AI models. The problem? It’s locked in a fierce race with tech giants like Amazon, and it’s borrowing aggressively to keep up. So far this year, CoreWeave has raked in over $20 billion in debt and equity, ending the quarter with nearly $25 billion in loans. In the first three months alone, it added $8. 5 billion in new debt.Not everyone is worried, though. Nvidia, a major investor, recently bought another $2 billion worth of CoreWeave shares, showing confidence in the company’s future. CoreWeave has also agreed to use more of Nvidia’s products. Meanwhile, CoreWeave’s stock has surged nearly 80% in 2026, outpacing the S&P 500’s 7% gain. But growth like this doesn’t come without risks. The company’s survival depends on keeping investors interested while managing massive debt. If AI demand slows or costs keep climbing, those big numbers might not tell the full story.