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CoreWeave’s third-quarter earnings report showed that demand for artificial-intelligence compute is alive and well as the company posted $1.36 billion in revenue for the quarter, soaring past Wall Street consensus expectations of $1.29 billion.
But more important than revenue was CoreWeave’s
CRWV remaining performance obligations, or the future revenue from contracts not yet fulfilled. The cloud-computing company’s RPO swelled to $55.6 billion from $30.1 billion last quarter thanks to several multimillion-dollar contracts with high-profile customers such as OpenAI, Meta Platforms META and Nvidia NVDA that were signed in the third quarter.
