Shares of artificial intelligence infrastructure provider CoreWeave reported better-than-expected revenue on Wednesday in the company’s first earnings release since going public. The stock popped in extended trading.

Here’s how CoreWeave did in comparison with LSEG consensus:

• Earnings per share: Loss of $1.49
• Revenue: $981.6 million vs. $853 million expected

Revenue soared 420% in the quarter, which ended on March 31, from $188.7 million a year ago, according to a statement. That compares with 737% growth for all of 2024.

The company’s net loss of $314.6 million widened from $129.2 a year earlier, partly because of $177 million in stock-based compensation costs for awards tied to the IPO.

In renting out access to Nvidia graphics processing units, CoreWeave competes with cloud providers such as Amazon. But large companies like Google and Microsoft have come to depend on CoreWeave.

During the quarter, OpenAI committed to a five-year deal with CoreWeave that will be worth up to $11.9 billion. The transaction is on top of OpenAI’s reliance on Microsoft, which was responsible for 62% of CoreWeave’s 2024 revenue.

There was some skepticism heading into the report even though the stock was up 31% for the week.

Long-term uncertainty on AI supply and demand and worries about the economy “likely keep shares range-bound for now,” Wells Fargo analysts wrote in a report to clients last week. The firm recommends holding the stock.

After completing the biggest U.S. venture-backed tech IPO since 2021, CoreWeave saw its shares debut on Nasdaq in late March, initially at $39.

Nvidia, a customer and major supplier and already one of CoreWeave’s major investors, stepped in to anchor THE IPO at $40, below the $47 to $55 range announced earlier.

Executives will discuss the results and issue guidance on a conference call at 5 p.m. ET.

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