NEW YORK, May 3, 2026, 16:04 (EDT)
- CoreWeave posts its first-quarter numbers May 7, as investors watch closely to see if AI cloud demand is actually driving revenue.
- Entities tied to Magnetar reported unloading roughly 1.28 million CoreWeave shares on May 1, cashing out for about $154 million.
- The stock finished Friday at $119.01, recovering some ground, though uncertainty around AI infrastructure spending still lingers.
CoreWeave Inc faces a crucial stretch for its shares, as recent filings revealed that Magnetar Financial LLC and related firms — holding a 10% stake — unloaded 1,284,876 Class A shares on May 1. According to the filings, those shares moved at a weighted-average price near $119.91, putting the total value at about $154.1 million.
Magnetar-linked funds unloaded call options linked to 1 million CoreWeave shares, with strike prices set at $155 and $160 and an expiration date of Dec. 18, 2026, according to a separate Form 4. These call options give buyers the right to purchase shares at those prices; should buyers exercise, sellers are on the hook to deliver the shares.
CoreWeave, the Nvidia-backed AI cloud outfit listed as CRWV, is slated to release its first-quarter numbers May 7, after the bell at 5 p.m. Eastern. Investors are watching to see if those big deals are starting to hit actual revenue and deployed capacity, instead of piling up in backlog.
Markets in the U.S. were shut Sunday. CoreWeave ended its last session at $119.01, a gain of roughly 6.6% from its previous close, giving the company a market capitalization near $59.3 billion, market data show.
OpenAI’s shadow still hangs over the stock. Last week, Reuters noted shares of AI peers slid after the Wall Street Journal flagged that OpenAI fell short on internal targets for user growth and revenue. CoreWeave dropped 2.8% in the fallout; Oracle took a hit, too. “Ripple effect across the board,” said Todd Schoenberger, CrossCheck Management’s CIO. Reuters
Scale is CoreWeave’s main selling point. For 2025, the company posted $5.13 billion in revenue—up sharply from $1.92 billion the prior year—but booked a net loss of $1.17 billion. Revenue backlog totaled $66.8 billion, defined as contracted revenue that will be recognized if services are provided.
Deal-making hasn’t slowed. CoreWeave on April 10 unveiled a multi-year pact with Anthropic, aiming to power Claude AI models, with the computing capacity scheduled to go live later this year. “AI is no longer just about infrastructure,” Chief Executive Michael Intrator said. CoreWeave
The risk here is straightforward. CoreWeave is taking on the task of building data centers—projects that soak up capital—while leaning on outside funding. Back in April, the company priced an upsized $3.5 billion convertible note deal. Its most recent annual filing flagged another potential headache: significant stock sales by insiders or major holders, or even just the expectation of such moves, could put pressure on the share price.
Competitors aren’t standing still. Nebius, an AI cloud company, announced on May 1 that it plans to buy Eigen AI, aiming to boost its inference platform—the segment of infrastructure supporting customer model deployment. Oracle, meanwhile, still stands as the larger cloud player, its fortunes tethered to ongoing OpenAI demand.
That puts extra significance on the May 7 report, which is not just any Q1 update. Eyes are on revenue conversion, capacity rollout, customer diversification, and those capital costs. If guidance falls short, the real question is whether CoreWeave can keep up the growth pace to stay ahead of its funding requirements.
