Live: Will CoreWeave Beat Q1 Earnings Tonight?

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CoreWeave Enters a High-Stakes Quarter

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A Credibility Quarter

CoreWeave has missed adjusted EPS in all four reports as a public company, with average earnings-day drops of 14.54%. Analysts now sit at a $131.06 average price target with 22 buys, 10 holds, and 2 sells.

The bar is high for CoreWeave, but if the company hits guidance and defends margins, then the AI infrastructure thesis will likely appear stronger.

Investors are watching CoreWeave (NASDAQ: CRWV) ahead of its first-quarter results expected at 4:05 PM EST on Thursday, May 7. After a violent round trip in the stock, this earnings report could reset the AI cloud narrative.

Riding a Rebound Into the Earnings Report

CoreWeave shares are up 78.59% year-to-date and 55.51% over the past month, closing at $127.89 on May 5 after trading near $82 in early April.

Last quarter, CoreWeave posted Q4 revenue of $1.572 billion, beating consensus by 1.05%, while adjusted EPS of -$0.89 missed the -$0.68 estimate. The net loss widened to $452 million as interest expense hit $388 million. Since then, CoreWeave landed a multi-year Anthropic partnership, took a $2 billion strategic investment from NVIDIA, and absorbed a securities fraud class action over alleged data center construction delays. Insiders also sold heavily, with Magnetar offloading more than $300 million and CEO Michael Intrator selling 307,693 shares in late April.

Q1 2026 Consensus and Guidance

Backlog Conversion Is the Whole Story

I’ll be watching three things. First, backlog conversion. CoreWeave entered the year with a $66.8 billion contracted backlog, and management said every contract for new capacity is expected to begin generating revenue by year-end 2026. Power commissioning is the constraint. The plan is more than 1.7 gigawatts of active capacity in 2026, roughly double the 850 MW exiting Q4.

Second, the interest expense curve. With CapEx guided at $30 billion to $35 billion this year, the financing math determines whether operating leverage shows up. Intrator flagged a 300 basis point decline in weighted average interest rate in 2025 and roughly $700 million in annualized interest savings. Investors will watch whether that progress holds as new debt funds the buildout.

Third, customer breadth. Management said $1 million-plus customers grew nearly 150% in 2025, with Cognition, Cursor, Mercado Libre, Midjourney, and Runway joining. The Anthropic addition would dilute the concentration risk from OpenAI and Meta. Watch the tone on the data center delay litigation, where Intrator previously attributed the disruption to a third-party data center provider.