CoreWeave shares fell 11.4% on Friday following its first-quarter earnings report. The company reported a larger-than-expected quarterly loss despite announcing record bookings. Total revenue backlog reached nearly $100 billion.
Management provided second-quarter revenue guidance that missed analyst expectations. An increased capital spending outlook further intensified concerns regarding the company's path to profitability.
Magnetar Financial Llc sold over 1.2 million shares on May 6th. This transaction was valued at approximately $164.4 million. The sale reduced Magnetar’s position in the company by roughly 83%.
Heavy investment and slow revenue conversion pressured the stock in the short term. However, long-term optimism remains high for AI infrastructure demand.