CoreWeave slides as surging capex, backlog risks overshadow small revenue beat

CoreWeave expects capital expenditure to double this year, it said on Thursday, as it spends heavily to scale up its AI cloud platform to handle the massive computing power its customers demand for training and deploying advanced AI models.

Its shares slumped more than 8% in after-hours trading. They are down 8% so far this year.

The cloud infrastructure technology company expects capital expenditure between $30 billion and $35 billion ‌in 2026, up from $14.9 ⁠billion ⁠in 2025, driven by purchases of Nvidia’s AI chips, rapid data center buildouts and energy procurement for powering them.