**CoreWeave Reports Significant Q1 Growth and Major Backlog**
CoreWeave (NASDAQ: CRWV) has announced a remarkable first-quarter revenue increase of 112% year-over-year, reaching approximately $2.08 billion for the period ended March 31, 2023. The company’s contracted backlog also surged to nearly $99.4 billion, marking a 50% growth in just three months. This backlog includes a $21 billion commitment from Meta Platforms and multiple long-term agreements signaling increasing customer diversity.
Shares of CoreWeave rose about 10% on June 16, 2023, ahead of its inclusion in the Nasdaq-100 on June 22. Despite this growth, the company is facing significant capital expenditures projected between $31 billion to $35 billion for the year, largely financed by debt. CoreWeave reported a widening net loss of $740 million and a substantial net interest expense of $536 million for the quarter, raising questions about its long-term profitability amidst heavy borrowing.
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