CoreWeave, a key provider of AI infrastructure, reported stronger-than-expected third-quarter results, with revenue surging 134% year-over-year to $583.9 million, according to a company statement. The company also narrowed its net loss to $110 million, a significant improvement from $360 million in the same period last year. The company’s rapid growth is closely tied to the accelerating expansion of artificial intelligence, as CoreWeave leases high-performance Nvidia graphics processing units to AI startups and tech giants alike. Its infrastructure has become essential for companies building and training large language models and other AI systems. CoreWeave’s total contracted backlog now stands at $55.6 billion, with 2.9 gigawatts of committed power—up from 2.2 gigawatts as of June 30. This reflects increasing demand for scalable, high-capacity computing resources. During the quarter, CoreWeave announced two major deals: a $6.5 billion expansion of its partnership with OpenAI and a six-year agreement with Meta worth up to $14.2 billion. The company also secured its sixth contract from a leading hyperscaler, further solidifying its position in the cloud infrastructure market. CoreWeave went public on the Nasdaq in March, pricing its shares at $40 each. As of Monday’s close, the stock was trading at $105.61—a 164% gain since its IPO, outpacing the Nasdaq’s 32% rise over the same period. However, shares dipped slightly in after-hours trading. Less than four months after going public, CoreWeave announced plans to acquire data center operator Core Scientific in a $9 billion all-stock deal. The proposed transaction was ultimately rejected by Core Scientific’s shareholders. The company’s leadership will host a conference call at 5 p.m. ET to discuss the results and provide updated guidance. This is developing news—please check back for further updates.