(Reuters) -CoreWeave ( CRWV ) on Wednesday beat Wall Street estimate for quarterly revenue in its first set of results as a public company, signaling strength in demand for the Nvidia ( NVDA )-backed AI cloud computing startup's services.

Businesses looking to get ahead in the race to develop the most sophisticated generative artificial intelligence technology have boosted demand for infrastructure such as data centers and high-powered servers.

CoreWeave ( CRWV ) offers access to data centers and Nvidia ( NVDA ) chips, which are highly coveted in the competitive AI development landscape.

The company said revenue backlog was $25.9 billion, as of March 31. Its strategic deal with ChatGPT-maker OpenAI added $11.2 billion in revenue backlog.

CoreWeave ( CRWV ) reported revenue of $981.6 million during the first quarter, compared with analysts' average estimate of $852.9 million, according to data compiled by LSEG.