CoreWeave lands $21 billion Meta deal, despite $740 million quarterly loss

CoreWeave (NASDAQ: CRWV) reported a $740 million net loss for the first quarter of 2026.

Quarterly revenue reached $2.08 billion.

Capital expenditures totaled $7.7 billion as the company expanded its AI cloud infrastructure.

The company secured a $21 billion multi-year agreement with Meta for AI cloud capacity.

Total contracted revenue backlog rose to nearly $100 billion following the deal.