CoreWeave's revenue more than doubles as AI buildout expansion accelerates

CoreWeave Overview - CoreWeave raised $1.5 billion in its initial public offering, reflecting stock market volatility impacting demand for new listings [1] - The company reported better-than-expected third-quarter revenue, with a 134% increase from $583.9 million a year ago [2] Financial Performance - CoreWeave's net loss narrowed to $110 million from approximately $360 million in the same quarter last year [2] - Revenue for the quarter was reported at $1.36 billion, exceeding the expected $1.29 billion [6] Business Growth and Contracts - The company's growth is closely linked to the AI boom, renting out Nvidia graphics processing units and securing business from major cloud providers like Google and Microsoft [3] - CoreWeave's backlog reached $55.6 billion, with contracted power increasing to 2.9 gigawatts from 2.2 gigawatts as of June 30 [3] - During the quarter, CoreWeave announced a $6.5 billion expansion with OpenAI and a six-year deal with Meta valued at up to $14.2 billion [4] Stock Performance - CoreWeave went public on the Nasdaq in March, selling shares at $40 each, and the stock closed at $105.61, representing a 164% return [4] - The Nasdaq index gained 32% over a similar period [4] Acquisition Attempt - Less than four months post-IPO, CoreWeave intended to acquire Core Scientific for $9 billion, but the deal was rejected by Core Scientific shareholders [5]