CoreWeave Revenue Doubles to $2.58 Billion as AI Infrastructure Demand Surges Despite Rising Debt

CoreWeave revenue doubles as debt pile reaches $35.6B

Neocloud operator CoreWeave remains bullish about its prospects, claiming that changing patterns of AI use will create sustained demand for its cloud services. The New Jersey firm is among the most prominent rent-a-GPU businesses spawned by demand for AI training infrastructure, but is now attempting to move up the technology stack - a shift consultants at McKinsey said neoclouds would need to make to survive. "AI is no longer confined to frontier model labs. It is becoming embedded in software, industrial systems, financial markets, enterprise workflows, and national security missions," claims CoreWeave co-founder and CEO Michael Intrator. Intrator also claimed that deploying AI applications is turning compute from a large upfront requirement into a recurring expense. "For the last several years, many organizations treated a model like a deliverable. Train it, deploy it, and move on. Enterprises no longer operate that way," Intrator told analysts on a conference call for CoreWeave's financial results for the second quarter ended June 30. "Training, inference, evaluation, and improvement now form a single continuous loop. Models and agents in production generate real-world data. That data informs evaluation, driving new experiments, which improve the model or application before being redeployed into production." CoreWeave's pitch is that this continuous cycle is changing both the demand curve and the economics of AI. "Compute is no longer a one-time requirement concentrated at the beginning of a model's life. It becomes an ongoing requirement that grows with every application in production and every cycle of improvement," Intrator said, adding: "Our AI native platform was built for this." CoreWeave expects its managed inference services, launched only a few months ago, to reach an annual recurring revenue run rate of at least $250 million by the end of 2026. Yet all is not rosy. Revenue rose 112 percent year-on-year to $2.575 billion, but operating expenses reached $2.624 billion, resulting in a $49 million operating loss. Interest and other costs helped widen the net loss to $626 million. Most of that growth also came from existing clients rather than new ones. According to CoreWeave's Form 10-Q [PDF] filed with the SEC, approximately 93 percent of the revenue increase was attributable to expansion within its existing customer base, with the remainder attributable to new customers. In fact, the firm concedes that just three customers accounted for 36 percent, 26 percent, and 10 percent of quarterly revenue respectively - 72 percent between them. It also warns that "while we have historically experienced significant growth in revenue over the last three years, we cannot predict whether we will maintain this level of growth or when we will achieve positive net income." The company is also carrying substantial debt. As of June 30, total indebtedness stood at $35.6 billion, helping to push quarterly net interest expense up 140 percent to $640 million. CoreWeave also had $10 billion available to borrow under its revolving credit and delayed-draw term loan facilities, according to its Form 10-Q. Nor can it stop spending on infrastructure. CoreWeave expects 2026 capital expenditure of between $35 billion and $39 billion. CoreWeave also warned that it faced competition from much larger and more established cloud operators, such as AWS, Microsoft Azure, and Google, "a number of which are also our current customers," which it may not be able to compete with because of the resources they can bring to bear on building infrastructure and AI development. Investors nevertheless welcomed the results, sending CoreWeave's shares up almost 19 percent in early Wednesday trading, according to MarketWatch. "The opportunity ahead is generational. CoreWeave is the essential cloud for AI," stated Intrator. "Our conviction in our strategy has never been stronger, and our execution continues to reinforce it." ®

CoreWeave edges past quarterly revenue estimates

Aug 11 (Reuters) - AI cloud company CoreWeave (CRWV.O), opens new tab edged past Wall Street estimates for quarterly revenue on Tuesday, driven by strong demand for its computing services that power AI systems. Shares of the company were up more than 4% in extended trading. They have risen more than 22% so far this ⁠year. So-called neoclouds such as CoreWeave and peer Nebius (NBIS.O), opens new tab, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. CoreWeave, whose close ties with Nvidia (NVDA.O), opens new tab have made it a key supplier of Nvidia's AI chips, has attracted several high-profile ⁠customers so far this year. It has signed cloud capacity agreements with Meta (META.O), opens new tab and Claude creator Anthropic. To meet the surging demand, CoreWeave has been ramping up ⁠infrastructure investments, which has put pressure on its profit margins. The company said its technology and infrastructure expenses surged ⁠125% to $1.51 billion in the quarter. It reported total revenue of $2.58 billion for the second quarter ⁠ended June, compared with analysts' average estimate of $2.56 billion, according to data compiled by LSEG. Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli Our Standards: The Thomson Reuters Trust Principles., opens new tab

Coreweave surges 18% in premarket after a 'cleaner quarter'. Here's what's happening

"Overall, this was one of the cleaner quarters we've seen from Coreweave since the IPO," Citi analysts said. AI cloud giant CoreWeave was up in premarket trading on Wednesday after reporting that its second-quarter revenue doubled, driven by surging demand from hyperscalers for AI compute capacity. The company, which rents out high-powered computing capacity needed to run and build AI, reported after the bell Tuesday that its second-quarter revenue came in at $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. It's guiding for third-quarter revenue of between $3.4 billion and $3.6 billion. But the company is still not profitable. Operating expenses for the quarter also more than doubled year-on-year and marginally exceeded revenue, per the results. CoreWeave was last seen up 18% in premarket trading. At Tuesday's close, it was up 26% since the start of the year. Its revenue backlog for the quarter stands at $104 billion as of June 30, which doesn't include $25 billion in new customer commitments for the third quarter. "CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage," CoreWeave's CEO Michael Intrator said in the release. "Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform." Intrator is appearing on CNBC's "Squawk on the Street" at 9 am ET on Wednesday. CoreWeave has taken on significant debt as it races to build AI infrastructure. Operating expenses rose to $2.6 billion from $1.2 billion a year earlier. That left CoreWeave with an operating loss of $49 million, compared with operating income of $19 million a year earlier. For the full year, the company forecasts revenue of $12.4 billion to $13.2 billion and adjusted operating income of $960 million to $1.15 billion. Some of its second-quarter highlights include winning customers such as Bentley Systems, Grammarly, Isomorphic Labs, and Sunday Robotics. It also deepened major commercial partnerships with Jane Street, committing $1 billion in strategic investments, while Meta said it would spend an additional $21 billion with CoreWeave during the quarter. Citi analysts said in a note Wednesday that CoreWeave "delivered a confident message" in the second quarter as it demonstrated that AI demand was robust, had stronger pricing power, saw growing demand for its software and tokens business, and better-than-expected margins. They added it was "one of the cleaner quarters" for CoreWeave since it went public last year. "We think shares should move meaningfully higher on increased investor confidence in the execution and improving profitability," the analysts continued. They pointed to upward revisions to profitability guidance and positive updates on execution and customer and revenue diversification. The analysts said those developments were positive signs for demand across the hyperscaler and neo-cloud space. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

CoreWeave stock pops 8% as revenue doubles on accelerating AI infrastructure demand

CoreWeave shares jumped 8% in extended trading on Tuesday after the AI infrastructure provider reported revenue than topped Wall Street expectations. Here's how the company did relative to LSEG consensus: * Earnings per share: Loss of $1.14 * Revenue: $2.58 billion vs. $2.56 billion expected Revenue climbed 112% during the quarter from a year earlier, CoreWeave said in a statement. Net loss of $626 million increased from $290 million, or 60 cents per share, a year ago. The company's revenue backlog now stands at $104 billion, with 1.5 gigawatts of contracted power. The 8-year-old company has been racing cloud market leaders Amazon, Google and Microsoft to open data centers filled with chips that can run generative artificial intelligence models. Unlike them, CoreWeave isn't profitable. As of quarter end, it had $35 billion in debt on its balance sheet to cover the cost of Nvidia graphics processing units and other equipment. During the quarter, Meta said it would spend an additional $21 billion with CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street. Meanwhile, competition is growing. SpaceX has begun selling excess computing capacity, and Meta has considered launching a cloud business. As of Tuesday's close, CoreWeave shares had gained 26% year to date, while the S&P 500 was up almost 13%. The stock debuted on Nasdaq in March 2025. Executives will discuss the results with analysts and issue guidance on a conference call starting at 5 p.m. ET.

Understanding the surge in CoreWeave's stock

Why it matters: Some see CoreWeave, a so-called neocloud that builds data centers and sells AI computing power, as the canary in the coal mine of the AI trade. The latest: Shares of the neocloud soared 19% after it reported second-quarter results the previous evening. * CoreWeave's numbers were broadly consistent with what we've been hearing from hyperscalers and others. * Sales and backlog showed rising demand for AI compute, as revenue more than doubled, to $2.58 billion. * Remaining performance obligations, a measure of sales backlog, jumped 245% to $103.7 billion. Yes, but: The company's losses are getting deeper for every dollar of sales it collects. * Its adjusted net loss worsened to $567 million from $130 million during the same quarter last year. (According to stricter GAAP accounting rules, the loss was worse, $626 million.) * CoreWeave's adjusted net loss margin -- or how much it loses for every dollar of sales, excluding certain items -- declined to -22% from -11%. * And the company's free cash flow, considered one of the highest-quality earnings indicators, was negative $5.74 billion, a sharp deterioration from negative $2.70 billion the previous year, according to FactSet. What they're saying: Bulls are keeping the faith, while skeptics are, um, skeptical. * "Overall, results/guide reflect a robust demand/constrained supply backdrop that should continue to drive revenue growth/margin expansion momentum," wrote Evercore ISI analyst Amit Daryanani. * "While guidance went up on every line," wrote Madison Rezaei, an analyst with Bernstein Research. "Capex went up higher than all of them." * "We're still not fans of the model," she later added. Between the lines: While some deference to the market's reaction may be due, that should likely come with a few grains of salt as well. * We're not the only ones who've noticed the company's problems with profitability. And as a result, a large short position has grown in the stock. * The most recent data showed more than 20% of CoreWeave's float in the hands of short sellers. * Since shorts have to buy the stock to exit, or cover, their trades, a move higher in a heavily shorted stock like CoreWeave can create a mad rush to exit positions, generating something known as a squeeze. * That could be part of what's happened with the stock Wednesday. The bottom line: If one wants a clean read on CoreWeave, it could be illustrative to take a look at what insiders have been doing recently with their holdings.

CoreWeave CEO Michael Intrator cites 'sold out' capacity as revenue more than doubles and backlog swells to $104 billion | Fortune

Neocloud provider CoreWeave's revenue more than doubled in the second quarter, totaling $2.58 billion and topping analysts targets thanks to surging demand for its AI infrastructure services. "Our near-term capacity remains effectively sold out," CEO Michael Intrator said on a call with analysts on Tuesday. Coreweave said its revenue backlog -- deals that it has not billed yet -- rose 246% year-over-year to $104.2 billion in the second quarter. And the company noted that the figure doesn't include roughly $25 billion of net new customer commitments added in early Q3. In response, the stock surged more than 14% in after hours trading on Tuesday, following a volatile year that has seen share prices whipsaw as investors have worked through fears of an AI bubble and the massive amounts of capital expenditures being plowed into AI infrastructure. Coreweave is among several so-called neocloud providers that build and operate data centers to run AI models, and which compete with established cloud computing giants like Amazon Web Service, Microsoft Azure, and Google Cloud. The debate about over investment in AI intensified the day before Coreweave reported earnings, as chipmaker Nvidia (which owns close to 13% of CoreWeave) announced a plan Monday to mobilize $500 billion in financing for AI infrastructure in partnership with Apollo Global Management Inc., Blackstone Inc., BlackRock Inc. and Brookfield Asset Management. Nvidia's shares were up about 1% after its funding announcement, and up slightly after CoreWeave published its results. Intrator said on the earnings call that the prices CoreWeave charges for access to Nvidia's leading edge Blackwell and Vera Rubin chips are "setting new highs" while even older chip inventory is renting at prices last seen years ago. Revenue rose 112% to $2.58 billion this quarter, slightly above the $2.56 billion analysts had estimated, and Coreweave Despite the strong demand, Coreweave lost $626 million in the second quarter, fueled by a $640 million net interest expense, compared to a net loss of $260 million a year ago. Excluding stock compensation costs and other items, Coreweave said it had $128 million in adjusted operated income in the second quarter. Concerns about the life span of older inventory, particularly the pricey Nvidia GPUs in Coreweave's data centers, have been partly why some investors have been less bullish on CoreWeave. The company carries $46.7 billion of property and equipment on its balance sheet, which is mostly made up of GPUs, which some fear could quickly lose their value in favor of newer versions. Company executives pointed to AI "inference" -- in which Coreweave compute runs AI models rather than training them -- as a way to extra maximum value from its investments in AI chips and other infrastructure. "The market is very deep," Intrator said. "We think that we have an embedded advantage because of our control over the silicon, and we think that we're going to be very successful in that market over time." Intrator also tried put the kibosh on concerns that local opposition and moratoriums on data center buildings would slow CoreWeave's progress. Currently, 18 states have either restricted or are considering significant restrictions on data center building. Intrator said it will impact where data centers are built, but it won't make a dent in demand. He said companies should work with local communities and offer sweeteners like paying for grid upgrades so costs don't hit local residents and to ensure long-term job growth. CoreWeave has targeted eight gigawatts of power by 2030. "None of those numbers will be impacted by the regulatory pushback; as of today we are comfortable with it," Intrator said.

CoreWeave Q2 2026 earnings: revenue beats, losses widen

CoreWeave reported second-quarter revenue of $2.58 billion on Tuesday, more than double the $1.21 billion it recorded in the same period a year ago, as demand for AI computing infrastructure continued to climb. Net losses widened to $626 million from $290 million a year earlier, driven in large part by a surge in interest costs. Revenue edged past Wall Street expectations of $2.56 billion, according to Reuters. Analysts had projected a loss per share of $1.41, according to Yahoo Finance. CoreWeave posted a loss of $1.14 per share for the quarter. CoreWeave stock rose 11% in extended trading following the results. Net interest expense reached $640 million in the quarter, more than double the $267 million recorded in the second quarter of 2025. The company has taken on substantial debt to fund infrastructure expansion, raising more than $10 billion in unsecured debt and convertible bonds during the quarter, along with a $3.1 billion term loan and a $1 billion strategic investment from Jane Street. Technology and infrastructure expenses rose to $1.51 billion, up from $670 million a year earlier, as the company expanded its active power capacity by nearly 500 megawatts to reach 1.5 gigawatts. Adjusted EBITDA came in at $1.51 billion, with a margin of 59%, down from 62% a year ago. Adjusted operating income was $128 million, compared with analyst expectations of $66 million, according to Yahoo Finance. As of June 30, CoreWeave's revenue backlog reached roughly $104 billion, excluding the more than $25 billion in net new customer commitments the company said were secured in the early weeks of the third quarter. The quarterly results follow a period of significant contract activity. CoreWeave signed a $21 billion agreement to supply AI cloud capacity to Meta $META through 2032, layering on top of a prior $14 billion commitment. Separately, CoreWeave reached a multi-year agreement with Anthropic to provide compute for the company's Claude AI models. Among other milestones during the quarter, CoreWeave was added to the Nasdaq $NDAQ-100 Index and completed what it described as the first bring-up and validation of Nvidia $NVDA's Vera Rubin NVL72 chip system. "CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage," co-founder and chief executive officer Michael Intrator said in a statement.

CoreWeave coasts to a solid earnings beat, sending its stock higher after-hours

Shares of the artificial intelligence data center firm CoreWeave Inc. jumped more than 14% in extended trading today after it delivered solid financial results that easily beat Wall Street's projections. The company reported a second-quarter loss before certain costs such as stock compensation of $1.03 per share, well ahead of the analyst consensus estimate of a $1.20-per-share loss. Revenue for the period rose 112% to $2.58 billion, surpassing the Street's target of $2.56 billion. However, the company's net loss jumped from $290 million in the same period one year ago to $626 million today. Despite CoreWeave's mounting losses, investors have a lot of reasons to be optimistic about the company's future prospects. For one thing, CoreWeave said its revenue backlog now stands at an impressive $104 billion in orders that have been booked but not yet fulfilled. That number excludes around $25 billion in new commitments secured during the current quarter. With respect to guidance, CoreWeave said it's looking for third-quarter revenue of between $3.4 billion and $3.6 billion, which would imply growth of 158% at the midpoint of that range. Wall Street analysts are looking for total sales of just $3.43 billion. Meanwhile, for the full year, CoreWeave's management said it now sees adjusted operating income of around $960 million to $1.18 billion on total revenue of $12.4 billion to $13.2 billion. That's up from an earlier forecast of $900 million to $1.1 billion in adjusted operating income and $12 billion to $13 billion in revenue. In contrast, analysts see CoreWeave delivering just $12.63 billion in full-year sales. CoreWeave also said it ended the quarter with 1.5 gigawatts of active power across its data center facilities, and is targeting more than 1.85 gigawatts by the end of the year. Expanding that capacity will cost some money though, which is why the company also bumped up its capital expenditures forecast from a range of $31 billion to $34 billion to a new target of $35 billion to $39 billion. The 8-year-old company has emerged as a competitor to traditional cloud infrastructure giants such as Amazon Web Services Inc., Microsoft Corp. and Google Cloud, and is racing against those rivals to open more data centers filled with computer chips that power AI workloads. But unlike its main competitors., CoreWeave isn't remotely profitable. It finished the quarter with a staggering $35 billion in debt on its balance sheet - money borrowed to cover the costs of buying all of those chips and building the facilities needed to house them. Besides its growing debt, CoreWeave also has to deal with the growing opposition to ongoing data center construction across the U.S. In July, New York Governor Kathy Hochul established a moratorium on new large-scale data center projects in the state. CoreWeave Chief Executive Michael Intrator (pictured) told analysts on a conference call that he's not too concerned about this pressure. "When we talk through the numbers with you guys, we're basing our progress on where we are today and what we have guided here," he insisted. "None of those numbers will be impacted by the regulatory pushback as of today." That said, he admitted that the rising opposition to data centers isn't exactly helping the company either. "There is no question that when parts of the U.S. become unwilling to even engage in those conversations, that it becomes more challenging," he told analysts. On the other hand, there was good news for CoreWeave on the business front, with the company seeing favorable trends in terms of renting Nvidia Corp.'s graphics processing units. "Pricing and margins for our BlackWell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago," Intrator said. As for the highly publicized rising costs of components such as memory, CoreWeave is dealing with this in the usual way, by passing those increased costs onto its customers, said Chief Financial Officer Nitin Agrawal. Its customers do not appear to have been deterred by those increases. During the quarter, Meta Platforms Inc. announced plans to spend an additional $21 billion on renting AI compute from CoreWeave, while Anthropic PBC struck a multi-year agreement with the company to rent more AI chips. The quantitative trading firm Jane Street Group LLC also committed to spending $6 billion on the company's compute infrastructure during the quarter. Some investors may be wary about the growing competition CoreWeave is facing, however. It's not just the public cloud giants, which continue to pour tens of billions of dollars into their AI infrastructure buildouts, that the company has to contend with. During the quarter, SpaceX Corp. said it has started selling its excess compute capacity to third-parties, while Meta revealed that it's considering launching its own cloud infrastructure business. Agrawal shrugged off this pressure. "Even with this increased competition, we're seeing demand, pricing and margin expanding, which is a signal for the growth in CoreWeave's product in an already massive total addressable market that exists," he insisted. With today's after-hours surge, CoreWeave's stock is now up 26% in the year to date, outpacing the broader S&P 500 index, which is up just 13% in the same time frame.

CoreWeave Raised Prices by 25 Percent. Its Near-Term Computing Capacity Is Still Effectively Sold Out

CoreWeave says its near-term AI computing capacity is effectively sold out. That announcement comes after it raised prices across its product lineup by roughly 25 percent in July. Rival AI cloud provider Nebius said Wednesday that it could sell its entire 2027 capacity today on terms similar to its latest deals, but it is deliberately holding some back for immediate customer needs. According to the company, shorter contracts can often command even higher prices. Customers are paying premiums for near-term computing power, new contracts are becoming more profitable, and even older generations of Nvidia GPUs -- the chips used to train and run AI models -- are still commanding strong prices years after newer chips arrive. CoreWeave co-founder and CEO Michael Intrator said contracts signed last quarter are expected to carry contribution margins five to 10 percentage points higher than those signed in recent quarters. Customers, he said, are increasingly making money from their AI products and are more willing to pay for the compute that's needed to grow. The demand is showing up in CoreWeave's numbers. Second-quarter revenue more than doubled to $2.58 billion, while revenue backlog reached roughly $104 billion, excluding more than $25 billion of additional commitments signed early in the third quarter. "Pricing is extremely strong on short term deals," Bloomberg Intelligence analyst Vasu Kasibhotla told Inc. Wednesday. Nebius, he noted, is now citing roughly $40 million in annual contract value per megawatt of data center power for short-term capacity, "materially higher than the $10-15 million the market expected just a year ago." Prices keep climbing Nebius entered 2026 with baseline annual contract value of about $12 million per megawatt. Its second-quarter deals averaged more than $20 million. It now sees an opportunity to charge $40 million to $50 million per megawatt for three-to-six-month deals.

CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge

The AI cloud company also lifted its targets for 2026 revenue and adjusted profit, banking on ⁠a ballooning ⁠order book, after its revenue backlog topped $100 billion in the June quarter. CoreWeave lifted its annual capital spending forecast on Tuesday after beating second-quarter estimates, encouraged by a surge in demand for its AI cloud computing services, sending the company's shares more than 14% higher in extended trading. The AI cloud company also lifted its targets for 2026 revenue and adjusted profit, banking on ⁠a ballooning ⁠order book, after its revenue backlog topped $100 billion in the June quarter. CoreWeave now expects full-year capital expenditure to be between $35 billion and $39 billion, up from its previous expectations of $31 billion to $35 billion. So-called neoclouds such as CoreWeave and peer Nebius , which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. CoreWeave's ⁠close ties with Nvidia have cemented its position as a key provider of compute capacity powered by advanced Nvidia chips, which helped it ⁠draw high-profile customers such as Meta, Claude creator Anthropic and Caterpiller, among others. The company reported revenue backlog of $104.2 billion as of June 30, up from $99.4 billion at the end of the first quarter. CoreWeave said it also secured more than $25 billion of net new customer commitments in the current quarter. "We outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results," co-founder and CEO Michael Intrator said on a post-earnings call. The company's near-term capacity was effectively sold out, translating into compute capacity agreements on "increasingly favorable ⁠terms" from a growing set of customers, Intrator added. Total revenue more than doubled to $2.58 billion in the second quarter ended June, compared with analysts' average estimate of $2.56 billion, according to data compiled by LSEG. On an adjusted basis, it posted a per-share loss of $1.03, compared with market expectations for a loss of $1.20. Its capital expenditures reached $9.4 billion in the June quarter, compared with $6.8 billion in the prior three-month period and the $2.9 billion reported a year earlier.

CoreWeave Is Making Old Nvidia Chips Look New Again - NVIDIA (NASDAQ:NVDA), CoreWeave (NASDAQ:CRWV)

The cloud infrastructure provider revealed it recently signed a customer contract for Nvidia's A100 GPUs that extends through 2029 -- nearly a decade after the chip debuted. More importantly, management suggested this isn't an exception but evidence that AI infrastructure can continue generating attractive returns long after its first deployment. CoreWeave Sees Long-Term Value in Older Nvidia GPUs The clearest indication came from CFO Nitin Navin, who highlighted the longevity of one of the company's latest deals. "We recently signed an A100 contract that extends into 2029 at an attractive price. As a reminder, this SKU was introduced in 2020," Navin said. CEO Michael Intrator expanded on that point, arguing the contract offers a glimpse into how AI infrastructure could be monetized over a much longer period than many investors currently assume. "The fact that we have been able to go ahead and sell a GPU whose architecture was from 2020 in a contract that was fully priced out to 2029 really provides some insight into what the future is going to look like," Intrator said. Those comments challenge a common assumption in the AI infrastructure market -- that each new generation of Nvidia chips quickly renders older hardware economically obsolete. Instead, CoreWeave is signaling that mature GPUs can continue attracting customers if the workload and pricing remain attractive. CoreWeave's GPU Strategy Goes Beyond the First Contract The company also hinted that older hardware could generate revenue more than once. Navin said every time an existing GPU is renewed or redeployed after its initial contract, the revenue comes on top of returns already earned during the original lease. "Every resale or renewal is incremental on top of the returns already earned within the initial term," he said. Intrator added that managed inference -- a business the company expects to surpass $250 million in annual recurring revenue by the end of 2026 -- offers another avenue for putting GPUs coming off contract back to work rather than leaving them idle. For investors, the takeaway extends beyond a single A100 contract. If CoreWeave can consistently renew, redeploy or repurpose older GPUs into new customer agreements and inference workloads, the economic life of its infrastructure could prove much longer than many expect. That would allow the company to generate additional returns from assets already on its balance sheet. A dynamic that could become increasingly important as the AI market moves beyond the race for the latest chips and toward maximizing the value of existing GPU fleets. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Why Is CoreWeave Stock Soaring Wednesday? - CoreWeave (NASDAQ:CRWV)

CoreWeave, Inc. (NASDAQ:CRWV) stock jumped in Wednesday's premarket session as investors focused on stronger AI compute pricing, higher revenue guidance and continued demand for large-scale AI infrastructure. The company said it raised prices by about 25% across AI compute offerings in July to reflect strong demand and higher component costs, including more expensive GPUs. Management also said demand for NVIDIA's Vera Rubin platform remains "enormous," while contribution margins on new deals are rising by 5 to 10 percentage points. CoreWeave lifted its full-year 2026 revenue forecast to $12.4 billion to $13.2 billion and guided third-quarter revenue to $3.45 billion to $3.6 billion. Backlog Signals Strong AI Demand Jefferies analyst Brent Thill said CoreWeave remains a key AI infrastructure vendor as backlog growth points to healthy demand. Thill told CNBC that CoreWeave ended the quarter with about $99 billion in backlog and moved closer to $130 billion after signing additional business early in the current quarter. He said that growth shows demand remains strong and that the broader AI trade remains intact as hyperscalers keep increasing capital spending. Profitability Remains A Key Watch Point He said CoreWeave benefits from a supply-constrained environment where customers continue to seek more capacity. However, he said investors still need more clarity on whether the company can become profitable and evolve over the next three years into a software-enabled cloud platform. Thill said several metrics looked slightly above consensus, but he described the quarter as stable rather than a blowout. He also said CoreWeave must manage rising infrastructure costs, generate proper returns after financing costs and address concerns about insider selling. Top ETF Exposure Significance: Because CRWV carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock. Price Action CRWV Stock Price Activity: CoreWeave shares were trading higher by 17.36% at $106.00 during premarket trading on Wednesday, according to Benzinga Pro data. Photo via Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

CoreWeave's $39 billion AI bet says something bigger is happening

For most of the artificial intelligence boom, Wall Street has fretted that tech companies would one day build too many data centers, buy too many processors, and spend more money than artificial intelligence can reasonably earn back. CoreWeave (CRWV) just gave investors the opposite problem. The AI cloud company raised its 2026 capital-spending forecast to $35 billion to $39 billion, up from a previous range of $31 billion to $35 billion, after second-quarter revenue more than doubled. CoreWeave said its near-term computing capacity is effectively sold out, while its contracted revenue backlog reached $104.2 billion. Shares rose more than 14% in after-hours trading on the results. But the real story for investors is not just another AI stock exceeding quarterly estimates. CoreWeave has become a kind of bellwether in the market for whether the massive AI infrastructure spending is outpacing real demand. Its figures imply demand is still out in front right now. CoreWeave's backlog was $104.2 billion at the end of the second quarter vs. $99.4 billion three months prior. Even more impressive is the corporation has locked in over $25 billion in net new client commitments year-to-date in the current quarter. That goes a long way toward explaining why management is willing to expand an already enormous spending plan. CoreWeave is not developing billions of dollars of extra computing capacity with no clients in sight; a lot of that capacity is being developed against a massive book of committed business. CoreWeave's backlog may be one of the clearest AI demand signals yet CoreWeave generated $2.58 billion in second-quarter revenue, more than double its year-earlier level and slightly above the $2.56 billion analysts expected. Its adjusted loss of $1.03 per share was also narrower than expectations for a $1.20 loss. Those data explain some of the stock's movement, but the backlog may tell investors more about what's to come. More than half of CoreWeave's existing backlog relates to a contract that is already undergoing the process of being delivered to customers. That distinction matters because it transfers most of the company's order book beyond predictions of future AI demand and to computer services actually being supplied. The customers driving that demand are some of the greatest brands in technology. Microsoft (MSFT) is one of CoreWeave's top customers, but its customers also include Meta Platforms (META), Anthropic, and Caterpillar (CAT). The tight integration with Nvidia (NVDA) has helped CoreWeave become a key source of computing capacity driven by the chips at the heart of the generative-AI boom. CoreWeave is commonly referred to as a "neocloud," a newer cloud provider that is geared toward serving the massive compute needs of AI developers and companies. Its business largely focuses on high-performance AI infrastructure, rather than competing with Microsoft, Amazon, and Google on every cloud service. The specialization has proven valuable since the AI sector is faced with a fundamental constraint: There is only so much high-end processing power to go around. Intrator said CoreWeave's near-term capacity is effectively sold out and that the company is securing new compute agreements on "increasingly favorable terms." That might be one of the most important details for investors. Scarcity not only helps CoreWeave fill its data centers, but it can also give the company leverage when signing new contracts. CoreWeave is spending $39 billion to keep up But there's another side to the tale, of course. Capital expenditures were $9.4 billion in the second quarter, up from $6.8 billion in the prior quarter, and CoreWeave's current full-year guidance implies as much as $39 billion in spending in 2026. That's a big commitment from a company that's still producing adjusted losses, especially since AI infrastructure demands costly Nvidia chips, data centers, networking gear, and power. The bull case is that CoreWeave is investing against contracted demand and has increased its 2026 revenue and adjusted operating-profit estimates. It's in the execution. Tens of billions are being invested, and construction delays, tighter financing, lower AI demand, or problems with big customers may swiftly erode the economics of that expansion. Bloomberg / Getty Images CoreWeave is benefiting from the AI bottleneck everyone keeps talking CoreWeave is significant not just for its own stock but because it is positioned between some of the most crucial factors behind the AI trade. Nvidia provides the computational engines. Those engines should be open to big IT corporations and AI developers. CoreWeave creates infrastructure around them and sells that compute power to customers who can't get enough of it anywhere else. So the startup provides investors with something like a real-time barometer of AI supply and demand. CoreWeave numbers investors should know * $104.2 billion:Revenue backlog at the end of the second quarter. * More than $25 billion: Net new customer commitments secured so far this quarter. * $35 billion to $39 billion: New 2026 capital-spending forecast. * $9.4 billion: Capital expenditures during the second quarter. * $2.58 billion: Second-quarter revenue. * More than 14%: Initial after-hours stock gain following the results. * More than half: Share of backlog associated with contracts where delivery has begun. For the typical investor, those numbers boil down to one question: Is the AI business developing too much infrastructure, or is it still failing to create enough? CoreWeave's most recent quarter suggests the latter in spades. That does not automatically make the stock cheap, and a huge backlog does not alleviate the financial concerns generated by huge capital expenditures. But it does ease one of the most persistent concerns hanging over the AI trade, that infrastructure spending has grown untethered from real customer demand. At CoreWeave, clients are pledging billions, capacity is tight, and management is spending quicker to keep up. Eventually AI growth could face an overcapacity dilemma. CoreWeave's recent data suggests it's not there yet. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published August 13, 2026 at 10:07 PM.

Bank of America Revises CoreWeave Estimates After Earnings

Nvidia-backed CoreWeave (CRWV) stock entered another earnings season with Wall Street looking for another quarter marred by heavy CapEx and losses. Analysts were looking at $2.56 billion in sales with an adjusted loss of $1.41 per share. Instead, CoreWeave delivered another sizeable double beat, delivering $2.58 billion in revenue, posted a smaller-than-expected loss, while raising its full-year outlook. Consequently, as CoreWeave reported its Q2 2026 earnings after market hours on Tuesday, August 11, 2026, the stock experienced a tremendous pop. According to Investing, the stock surged nearly 14% after hours, with Reuters reporting another 19% on August 12, having closed at $90.32 before earnings. Following the strong snapback, CoreWeave stock is now up 21% for the month and 50% year-to-date, according to Seeking Alpha data. CEO Mike Intrator called it "an exceptional quarter for CoreWeave", adding that the company "outperformed our plan across the board". That was enough to force Wall Street to rethink its position in the AI giant. Bank of America did just that after the print, changing multiple key forecasts while keeping one major call intact. TIMOTHY A. CLARY / AFP via Getty Images Why Bank of America still sees major upside in CoreWeave Bank of America came away from CoreWeave's Q2 results confident in its growth trajectory. Consequently, the bank's analysts reiterated their 'Buy' rating and a $140 price target, implying 30% upside after the stock's post-earnings pop. Q2 sales surged 112% year over year to $2.575 billion, slightly ahead of BofA's $2.52 billion estimate. Operating margin reached 5%, compared to the Street's 2.8% expectation, while the company posted a loss of $1.03 per share, narrower than BofA's $1.16 loss estimate. Perhaps the bigger signal came from capacity. CoreWeave added 500 megawatts of active power during Q2, taking active capacity from 1 GW to 1.5 GW. Around 300 MW came online in June alone. As a result, management bumped its year-end active-power target to at least 1.85 GW, from 1.7 GW previously. Power availability is viewed as a bridge between CoreWeave's massive backlog and actual sales generation. For context, remaining performance obligations jumped $104.2 billion, up about $4.8 billion sequentially, while another $25 billion-plus of commitments signed early in Q3 weren't included in the figure. Given the impressive strength shown, BofA bumped its sales forecasts across the board. Its 2026 estimate rose from $12.51 billion to $12.84 billion, 2027 moved from $25.20 billion to $25.96 billion, and 2028 rose from $39.89 billion to $41.03 billion. However, the important twist is that BofA feels borrowing to finance spending associated with the larger revenue base will clip away at earnings in a big way. As a result, it lowered EPS estimates, now expecting a $3.93 loss in 2026, compared to $3.54 previously, a $0.89 loss in 2027, versus $0.54, and $2.68 of EPS in 2028, down from $3.16. Why lower EPS forecasts do not weaken BofA's margin thesis The more interesting part of BofA's note was that its EPS estimates actually dropped while its operating-margin outlook improved. BofA expects the operating margin to be nearly 8.3% in 2026, compared with 8% previously. Moreover, its 2027 estimate rose slightly to 15.9%, while its 2028 forecast moved to 19%, from 18.8%. Moreover, the bank expects momentum to grow in the back half of the year. It's modeling operating margin to rise from 5% in Q2 to 6.6% in Q3 and 14.6% in Q4 as recently activated infrastructure begins generating sales. Also, CoreWeave is apparently gaining pricing power. Contracts signed during Q2 carried contribution margins 5 to 10 percentage points higher than earlier periods. Additionally, the neocloud operator implemented a nearly 25% price increase in July, on the back of scarce AI infrastructure capacity and improving customer economics. As a result, that switches up the economics of the story. CoreWeave isn't just tying to deploy more GPUs. If newer contracts are signed at materially better returns, each incremental block of capacity will become more profitable. Paired with higher-margin ancillary businesses and short-duration enterprise contracts, they could eventually support an operating-margin range above 25% to 30%. That's why BofA assigns CoreWeave a premium valuation, based on 26 times estimated calendar-2027 EV/EBIT, comfortably above the 14 to 19 times range it cites for cloud data centre peers. CoreWeave investors still face a very expensive growth story CoreWeave's bull case comes with its fair share of financial and execution risks. BofA explicitly flagged stock-price volatility, customer concentration, supplier concentration and competition from bigger cloud providers, including Microsoft Azure, Google Cloud and Amazon Web Services. Its rivals have far deeper pockets and considerable more financial capacity to continue funding infrastructure investment. On top of that, customer concentration is also pretty important. Large hyperscaler and AI-native contracts can add billions of dollars to the backlog, but a heavy reliance on just a small group of customers means the loss or repricing of a major contract has an outsized impact. Moreover, there's the financing burden to consider. BofA's own model suggests CoreWeave could potentially burn nearly $23.8 billion of free cash flow in 2026 and $22.9 billion in 2027, before we see the deficit narrowing out substantially in 2028. Therefore, its investors are effectively told to tolerate a lot of that cash consumption while the infrastructure necessary to support future earnings is being built. That makes execution doubly important. Consequently, for investors, the next major checkpoints go beyond whether CoreWeave can continue beating quarterly revenue expectations. Active-power additions, backlog conversion, pricing on new contracts, customer diversification, and liquidity positioning could ultimately determine a premium valuation. So far, the encouraging bit is that those operating fundamentals are moving in the right direction, with sales expected to rise exponentially. For color, Core Weave stock is changing hands at 7.3 times trailing 12-month sales, but that figure drops to 3.9 times on a forward basis according to Seeking Alpha data. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc. This story was originally published August 13, 2026 at 10:37 AM.

CoreWeave Raises Prices 25% Amid Booming AI Demand - CoreWeave (NASDAQ:CRWV)

CoreWeave Cashes in on the AI Gold Rush With a 25% Price Hike, and Customers are Still Lining Up: Vera Rubin Demand is 'Enormous' CoreWeave Inc. (NASDAQ:CRWV) raised prices across its artificial intelligence computing offerings in July and is passing along rising hardware costs to customers, as demand continues to accelerate. A Quarter of Pricing Power CFO Nitin Agrawal told analysts on Tuesday's earnings call that the increase was "an approximately 25% increase across SKUs in response to the current demand environment." He added that CoreWeave is separately passing through rising component costs to customers, including pricier GPUs, layering hardware inflation on top of the base price hike. The company noted that the move was a reflection of the return on investment customers are seeing as they shift more of their workloads toward inference. Contribution Margins Jump 5 to 10 Points on New Deals "The demand for the Vera Rubin platform is enormous," Intrator said, adding that CoreWeave's pricing power in delivering that infrastructure "really bodes well." Loss Narrows, Revenue Tops Estimates The company raised its full-year 2026 revenue guidance to a range of $12.4 billion to $13.2 billion, and guided third-quarter revenue to a range of $3.45 billion to $3.6 billion. Price Action: The shares closed 2.42% higher on Tuesday at $90.32 and rose further 15.72% in extended trading on the earnings announcement. Benzinga edge rankings shows that CoreWeave stock has a Momentum score in the 6th percentile and a negative price trend in the short, medium and the long term. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo Courtesy: Mamun_Sheikh on Shutterstock.com Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Piper Sandler raises CoreWeave stock price target on AI demand By Investing.com

Investing.com - Piper Sandler raised its price target on CoreWeave stock to $153 from $151 while maintaining an Overweight rating on the company. The stock currently trades at $106.94, up 26% year-to-date, though InvestingPro analysis suggests the shares are slightly overvalued relative to its Fair Value estimate. The firm cited the company's net-new active megawatts, which reached approximately 300 in June alone, as well as third-quarter bookings and a raised fiscal 2026 guidance. The momentum is reflected in CoreWeave's revenue growth of 130% over the last twelve months, reaching $6.23 billion. InvestingPro subscribers can access the comprehensive Pro Research Report on CRWV, one of 1,400+ reports transforming complex data into actionable intelligence. Piper Sandler noted that AI is moving from experimentation into core operations and CoreWeave's demand is becoming more broad-based across geographies and sectors. The firm said management is seeing re-contracting upside as the company is largely sold out on prior generations and current SKUs, and customer deliveries are accelerating. Piper Sandler reiterated CoreWeave (NASDAQ:CRWV) as a top pick, noting the company is moving beyond its core offering and seeing solid cross-sell, including with Managed Inferencing. In other recent news, CoreWeave reported strong financial performance for the second quarter of 2026, with revenue reaching $2.58 billion, up from $2.08 billion in the first quarter. This figure was near the top of the company's guidance range of $2.45 billion to $2.60 billion. Adjusted operating income also saw a significant increase, rising to $128 million from $21 million, surpassing the high end of the $90 million guidance. Cantor Fitzgerald raised its price target for CoreWeave to $178, citing the company's quarterly results that exceeded consensus expectations, including a revenue increase of 0.8% and adjusted EBITDA growth of 6.2%. Mizuho also adjusted its price target to $115, highlighting CoreWeave's increased 2026 revenue guidance by $300 million. Baird raised its price target to $130, pointing to the company's solid quarterly results and improvements in power metrics. Compass Point maintained a Buy rating with a $150 price target, emphasizing CoreWeave's strong revenue growth. DA Davidson reiterated a Neutral rating with a $100 price target, noting the company's capital expenditure guidance for the next quarter and fiscal year 2026. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

CoreWeave Says Data Center Moratoriums Won't Stop AI Expansion: 'They Are Going to Impact Where This Infr

CoreWeave Says Data Center Backlash Won't Derail 8 GW Goal On Tuesday, during its second-quarter earnings call, Evercore ISI analyst Irvin Liu asked CoreWeave executives whether growing regulatory resistance could threaten the company's expansion plans. Specifically, he questioned CoreWeave's ability to deploy more than 3 gigawatts of active power by the end of 2027 and exceed 8 GW by 2030. CEO Mike Intrator said the company remains confident. "Moratoriums, they are not going to impact the demand for this infrastructure. They are going to impact where this infrastructure gets built," Intrator said. He said CoreWeave plans to work closely with local governments, utilities and policymakers, while ensuring communities benefit from data center development through grid investments, construction jobs, long-term employment and tax revenue. CoreWeave Has Nearly 6 GW of Power In Sight CFO Nitin Agrawal said CoreWeave currently has 4.2 GW of contracted power, along with roughly 1.5 GW of powered-land options and letters of intent, giving the company visibility into nearly 6 GW. That puts CoreWeave "well on track" toward its more than 8 GW active-power goal by 2030, Agrawal said. New York Data Center Moratorium Highlights the Challenge The comments come after Gov. Kathy Hochul (D-N.Y.) imposed a statewide pause of up to one year on state environmental permits for new hyperscale data centers consuming 50 MW or more. The move reflects growing concerns about electricity demand, grid infrastructure, water use and whether host communities receive enough economic benefits. President Donald Trump and other critics have argued such restrictions could push investment, jobs and tax revenue to states more willing to accommodate AI infrastructure. CoreWeave Q2 Revenue Tops Estimates CoreWeave posted second-quarter revenue of $2.58 billion, narrowly topping analysts' $2.56 billion estimate, while its adjusted loss of $1.03 per share was better than the expected $1.22 loss. Revenue surged 112.5% year over year and the company ended the quarter with a $104 billion revenue backlog, which CoreWeave attributed to "unprecedented demand" for its cloud services. Price Action: CoreWeave closed at $90.32 on Tuesday, up 2.42%. The shares jumped 15.72% to $104.52 in after-hours trading, according to Benzinga Pro. According to Benzinga Edge Stock Rankings, CoreWeave currently carries a bearish outlook across the short-, medium- and long-term time frames. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

CoreWeave Q2 2026 slides: revenue doubles, backlog surges 246% By Investing.com

CoreWeave presented its second-quarter 2026 earnings results on August 11, showcasing dramatic growth across key metrics as the AI cloud infrastructure provider continues its rapid expansion. The company's shares jumped 13.16% in after-hours trading to $102.21 following the presentation, which revealed revenue more than doubling year-over-year and a revenue backlog exceeding $104 billion. The presentation highlighted CoreWeave's position as what the company calls "The Essential Cloud for AI," with strong execution on both financial performance and infrastructure buildout during a period of exceptional demand for AI computing capacity. Quarterly Performance Highlights CoreWeave's second-quarter results demonstrated the company's ability to scale rapidly while beginning to show operating leverage. As illustrated in the following financial summary, the quarter delivered substantial growth across multiple dimensions. Revenue reached $2.6 billion in Q2 2026, representing 112% year-over-year growth and a 24% sequential increase from the first quarter. This performance exceeded analyst expectations of $2.56 billion. The company's revenue trajectory has shown consistent acceleration, as depicted in the quarterly trend below. The revenue growth was driven by what management described as "strong execution and customer demand for CoreWeave's AI cloud platform." The company beat adjusted earnings per share expectations by $0.27, reporting an adjusted loss of $1.14 per share compared to the consensus estimate of $1.41. Strategic Infrastructure Expansion CoreWeave's presentation emphasized its "large and growing footprint of AI data centers" as a key competitive advantage. The company's infrastructure metrics underscore the scale of its buildout efforts. As of June 30, 2026, CoreWeave operated 51 active data centers with 1.5 gigawatts of active power. The company added eight data centers during 2026 and expanded contracted power to approximately 3.7 gigawatts. Significantly, the presentation noted an additional 500 megawatts added since quarter-end, bringing total contracted power to 4.2 gigawatts as of August 11, 2026. The geographic footprint spans the United States and Europe, with the company highlighting features including cutting-edge liquid cooling technology, high-speed interconnects, and technologies to maximize rack density. This infrastructure supports what CoreWeave positions as unmatched performance based on MLPerf benchmark results and NVIDIA Exemplar Cloud status. Platform Capabilities and Customer Momentum The company's presentation detailed its purpose-built AI platform architecture, which integrates multiple layers from foundational data center infrastructure through application software services. CoreWeave's platform encompasses model and agent development tools (including W&B Models), runtime acceleration software (Slurm on Kubernetes), infrastructure control (CoreWeave Kubernetes Service), and specialized data storage optimized for AI workloads. The architecture is designed specifically for low latency, high throughput, and operational efficiency for large-scale AI training and inference. The second quarter saw significant customer wins and relationship expansions, as outlined in the company's momentum highlights. Notable new customers included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics. The company also expanded relationships with existing customers including Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML. CoreWeave emphasized that it serves "most of the world's leading AI labs, hyperscalers and AI enterprises." Technology Leadership and Competitive Positioning CoreWeave highlighted several technology milestones that underscore its position at the forefront of AI infrastructure deployment. The company successfully completed the industry's first bring-up and validation of NVIDIA's Vera Rubin NVL72 platform, demonstrating its track record of being among the first to market with new GPU generations. The presentation emphasized six key differentiators that define CoreWeave's competitive position in the AI cloud market. These differentiators include the company's cloud platform purpose-built for artificial intelligence, rapid delivery of new infrastructure generations at scale, an AI-native platform offering depth across managed inference and development tools, its systematic approach to financing at scale, and what it describes as a "unique combination of growth at scale with attractive unit economics." Profitability Trends and Operating Leverage While CoreWeave remains in a heavy investment phase, the presentation showed signs of improving operating leverage. Adjusted EBITDA reached $1.5 billion in Q2 2026, up from $753 million in the year-ago quarter, with a 59% margin. The adjusted EBITDA trend demonstrates consistent quarter-over-quarter growth, reflecting the company's ability to generate strong operational cash flow even as it invests heavily in infrastructure. Management noted that the adjusted EBITDA margin of 59% in Q2 2026 represented solid performance as the business scales. Adjusted operating income showed sequential improvement, reaching $128 million in Q2 2026 compared to $21 million in the first quarter, with a 5% margin. This represents a recovery from the low point in Q1 2026 and suggests improving unit economics as newer capacity comes online. However, adjusted net loss widened to $567 million in Q2 2026 from $130 million a year earlier, reflecting significantly higher interest expense as the company's debt load increased to support its expansion. GAAP net loss was $626 million compared to $290 million in Q2 2025, with interest expense rising to $640 million from $267 million. Revenue Backlog and Future Visibility One of the most striking metrics in CoreWeave's presentation was the dramatic expansion of its revenue backlog, which provides visibility into future revenue streams. Revenue backlog surged 246% year-over-year to $104.2 billion as of June 30, 2026, up from $30.1 billion a year earlier. The composition of the backlog also shifted toward longer-term contracts, with contracts exceeding 48 months growing from 10% to 21% of the total mix. This suggests increasing customer confidence in committing to extended relationships with CoreWeave. Importantly, the presentation noted that the $104.2 billion figure "does not include more than $25 billion of net new customer commitments added in early Q3," indicating continued strong momentum beyond the reported quarter. The backlog includes $103.7 billion in remaining performance obligations and $0.5 billion in other estimated future revenue from existing committed customer contracts. Capital Investment and Financial Position CoreWeave's aggressive growth strategy requires substantial capital deployment. The company's capital expenditure trend reflects the scale of its infrastructure buildout. Capital expenditures reached $9.4 billion in Q2 2026, representing the highest quarterly investment to date. For the first six months of 2026, total capital expenditures reached $16.1 billion, compared to $4.8 billion in the first half of 2025. The presentation stated that the company "continued to execute on schedule" with these investments. To fund this expansion, CoreWeave strengthened its financial position during the quarter. The company achieved what it called a milestone $3.1 billion term loan, described as "the first publicly syndicated delayed draw facility backed by HPC infrastructure." Additionally, CoreWeave secured a $1 billion strategic investment from Jane Street and raised more than $10 billion in unsecured debt and convertible bonds, including the company's inaugural Eurobond issuance. As of June 30, 2026, CoreWeave reported cash, cash equivalents, restricted cash and marketable securities totaling $6.9 billion. However, the company's debt-to-equity ratio stood at 7.39, reflecting significant leverage to fund its growth trajectory. Forward-Looking Statements and Guidance CoreWeave raised its full-year 2026 revenue guidance to a range of $12.4 billion to $13.2 billion, with adjusted operating income expected between $960 million and $1.15 billion. The company also increased its exit annual recurring revenue target to $18.5 billion to $19.5 billion and raised its full-year active power target to more than 1.85 gigawatts. For the third quarter, management guided to revenue of $3.45 billion to $3.6 billion and adjusted operating income of $200 million to $260 million. The company expects fourth-quarter adjusted operating margins to reach the low teens, suggesting continued improvement in profitability metrics. The presentation included standard forward-looking statement disclaimers, noting that statements based on current expectations involve risks and uncertainties that could cause actual results to differ materially. Investors were referred to the company's Form 10-Q filing for the quarter ended June 30, 2026, for additional information on risk factors. Market Reception and Valuation Context The market's positive reaction to CoreWeave's presentation was evident in the after-hours trading session. Shares closed the regular session at $90.32, up 2.42%, before surging 13.16% to $102.21 after hours. This represented a significant move from the 52-week low of $60.55, though the stock remained well below its 52-week high of $153.20. The company's selection for inclusion in the Nasdaq-100 Index, announced during the quarter, provides additional validation of CoreWeave's market position and could drive further institutional ownership. With a market capitalization of approximately $48 billion based on the after-hours price, CoreWeave represents one of the larger pure-play AI infrastructure providers in the public markets. The combination of strong execution, expanding backlog, improving margins, and raised guidance suggests CoreWeave is successfully navigating the challenges of scaling AI infrastructure while beginning to demonstrate the operating leverage inherent in its business model. However, investors should note the company's significant capital requirements, high debt levels, and continued net losses as it prioritizes growth and market share capture in the rapidly evolving AI infrastructure market. Full presentation: This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

CoreWeave jumps 18%: data centers deliver on their promise

CoreWeave rents companies computing power from data centers equipped with Nvidia chips. The group is part of the 'neoclouds', new cloud players specializing in AI. Unlike Microsoft, Amazon or Google, which offer a broad range of services, neoclouds focus on the most powerful chips and the software used to train AI models. They allow companies to quickly access thousands of GPUs without building their own data centers. In Q2, CoreWeave added 500 MW of operational power capacity, including 300 MW in June alone. That ramp-up came with a doubling of revenue year over year to $2.58 billion, slightly above expectations. The surprise came from adjusted operating margin, which reached 5% (versus less than 3% anticipated by the market). Citi calls it 'one of the strongest quarters published by CoreWeave since its IPO'. The group reassured investors on the market's three main concerns: demand, data center delivery, and improving margins. Demand is not fading The order book stands at $104 billion, more than three times its level a year ago. That figure does not include $25 billion in new commitments secured since the start of the quarter. CoreWeave is also broadening its customer base. The group recently signed with Caterpillar, Grammarly and Bentley Systems. It is reducing its reliance on a few large customers. Another positive signal is pricing. CoreWeave raised its rates by about 25% last month. New contracts are more profitable than those signed in prior quarters. Bank of America believes that 'improving contractual terms support margin expansion'. Management raised its full-year revenue and operating income guidance. It also increased its capacity target for year-end, proof that the rollout of new data centers is moving faster than expected. Even Bernstein, which remains at underperform, acknowledges the progress. 'We have previously written that this team had failed on execution. But this quarter, it delivered on its promises.' Growth financed by debt CoreWeave now plans to invest between $35 billion and $39bn this year, about three times its expected revenue. Those infrastructures are financed with debt, interest expense has already reached $640 million in the second quarter. For now, the group is benefiting from an extremely strong AI narrative, as well as support from Nvidia, which is investing in its equity and can guarantee part of the financing tied to its equipment. But this model remains fragile. Needham also acknowledges that 'pricing trends continue to improve', but keeps a neutral view, arguing that "the valuation already looks full at current levels". For the bank, this quarter does not eliminate financial risk.

CoreWeave Stock Rises Ahead of Q2 Earnings: What's Going On? - CoreWeave (NASDAQ:CRWV)

* CoreWeave shares are showing limited movement. What's next for CRWV stock? CoreWeave Heads Into Q2 Earnings After Strong Bookings In Q1 Wall Street is projecting a loss of $1.22 per share on revenue of $2.56 billion when results arrive after the bell, according to Benzinga Pro. If CoreWeave can meet or exceed analyst estimates, the results would represent continued momentum from the first quarter when revenue reached roughly $2.08 billion, more than doubling from $982 million in the same period a year earlier. Adjusted EBITDA came in at approximately $1.16 billion last quarter, and the company reported a 56% margin. CoreWeave also posted a net loss of $740 million, or $1.40 per share. The company's backlog may have drawn the most attention from investors when CoreWeave turned in first-quarter results. CoreWeave reported a backlog of $99.4 billion as of March 31, a figure CEO Michael Intrator said was the strongest bookings quarter in the company's history. The company also surpassed 1 gigawatt of active power during the period and expanded total contracted power by more than 400 megawatts to over 3.5 gigawatts. Notable customer developments included a new $21 billion commitment from Meta signed in March, a multi-year agreement with Anthropic to support its Claude family of AI models and expanded relationships with Cohere, Jane Street and Mistral. Nvidia separately closed a $2 billion common stock investment in CoreWeave during the quarter. Intrator said last quarter that CoreWeave was built specifically for the current moment in AI, arguing that as the market shifts from training to inference, the company's position between the models and the silicon becomes increasingly valuable. From a technical perspective, CoreWeave is trading about 13% above its 20-day SMA ($78.86), which keeps the near-term trend pointed up, but it remains about 2% below the 50-day SMA ($91.36) and about 4% below the 200-day SMA ($93.30). CoreWeave stock carries a consensus Buy rating with an average price target of $140.25 among analysts, suggesting significant potential upside from current levels. CRWV Shares Are Climbing Into The Print CRWV Price Action: CoreWeave shares were up 1.03% at $89.10 at the time of publication on Tuesday, according to Benzinga Pro. Image: Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Why is CoreWeave stock surging today? By Investing.com

Investing.com -- CoreWeave stock surged 11.1% in after-hours trading on Tuesday after the AI cloud infrastructure company delivered second-quarter results that beat analyst expectations on both the top and bottom lines. Sales more than doubled to $2.58 billion, while the company's net loss came in at $1.14 per share -- both figures besting the consensus projections of $2.56 billion in revenue and a $1.41 loss per share. The company's revenue backlog now stands at $104 billion, with 1.5 gigawatts of active power, underscoring the depth of demand for its GPU-powered cloud services. During the quarter, Meta committed an additional $21 billion in spending with CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street. Adding to the positive backdrop, Deutsche Bank raised its price target on CoreWeave to $150 from $135, keeping a Buy rating, as part of a Q2 earnings preview, while JPMorgan lifted its target to $110 from $105 on the morning of the report. So-called neoclouds such as CoreWeave and peer Nebius, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. The broader market provided little directional help, with the S&P 500 adding just +0.04% and the Nasdaq rising +0.08% on the day, leaving CoreWeave's after-hours rally entirely attributable to its own earnings surprise. The stock had fallen after each of the company's last five earnings reports, making the positive reaction a notable break from recent pattern. The combination of a meaningful revenue beat, a narrower-than-feared loss, a growing $104 billion backlog, and a freshly closed $2.6 billion loan facility all converged to restore investor confidence in CoreWeave's growth trajectory. The stock had plunged more than 30% since it last reported results in May, amid concerns about revenue growth and its spending plans, making today's after-hours move a significant recovery for shareholders who had endured months of pressure. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

CoreWeave surges after more than doubling revenue on AI demand

The growth is being driven by CoreWeave's rapid infrastructure buildout, with the company now operating 1.5 gigawatts of power capacity and reporting a $104bn order backlog. The group recently secured an additional $21bn in commitments from Meta, a multi-year agreement with Anthropic, and a $6bn contract with Jane Street. The expansion remains expensive: CoreWeave had $35bn in debt at the end of the quarter, in part to finance its Nvidia graphics processors and related equipment. Founded eight years ago and listed on the Nasdaq since March 2025, CoreWeave is looking to take on Amazon, Google, and Microsoft in the AI infrastructure market, while still not yet profitable. Competition is also intensifying as SpaceX markets excess computing capacity and Meta weighs a potential cloud business. At Tuesday's close, CoreWeave was up 26% year to date, versus nearly 13% for the S&P 500, ahead of the latest after-hours jump.

CoreWeave Earnings Prediction Market Preview: What Will the AI Cloud Company Say About Nvidia and Anthrop

CoreWeave, Inc. (NASDAQ:CRWV) reports second-quarter earnings after the close today, with the call at 5 p.m. ET. Analysts expect revenue of roughly $2.56 billion, more than double the year-ago figure, alongside a loss of about $1.40 per share. The stock sits roughly 35% below its pre-earnings May peak. Beyond the headline numbers, Kalshi traders are betting on what management will talk about, from Nvidia and Anthropic to storage and government contracts. What Kalshi Predicts CoreWeave Will Say "Storage" leads the board at 97%, with supplier "Solidigm" at 79%. CoreWeave signed a multi-year deal last week for priority access to the SSD maker's drives, calling storage a critical constraint as industry supply tightens. "Anthropic" sits at 73%. CoreWeave signed a multi-year deal in April to support the Claude family of models, a contract CEO Michael Intrator described to Bloomberg as multibillion-dollar. "Meta" trades at 69%. A day before the Anthropic announcement, CoreWeave expanded its Meta agreement to roughly $21 billion of AI cloud capacity through December 2032. What Kalshi Predicts CoreWeave Will Skip "Autonomous" is at 43%, even though CoreWeave launched what it calls unified agentic AI capabilities in May, pitching a closed loop where agents improve autonomously in production. "China / Chinese" trades at 38%. CoreWeave has spent recent months touting its No. 1 ranking for inference speed and price-performance on Chinese lab Moonshot AI's Kimi K2.6 in independent benchmarking, but traders lean toward China itself going unmentioned. "Tariff" sits at just 17%, even though rising component prices led the company to lift the low end of its capex guidance last quarter. Management cited higher component pricing rather than tariffs. "CrowdStrike" sits at 25%, even though CrowdStrike Holdings Inc. (NASDAQ:CRWD) and CoreWeave announced a global partnership in November to secure AI workloads with the Falcon platform. "Marimo" is at 14%. It refers to the open-source Python notebook company CoreWeave acquired in October, suggesting traders see little chance management mentions one of its own recent acquisitions. Reading the Board Options traders are pricing a move of about 13% in either direction. Bank of America says the debate has shifted from demand to execution, meaning how quickly capacity comes online and margins improve, while Oppenheimer calls capacity-delay fears overblown. CoreWeave itself expects margin progress, calling last quarter's 1% adjusted operating margin the low point. It guided to second-quarter adjusted operating income of $30 million to $90 million, against $650 million to $730 million of interest expense. Image: Shutterstock Kalshi and Benzinga have an existing data collaboration agreement. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

CoreWeave revenue more than doubles as AI infrastructure demand surges By Investing.com

Investing.com -- CoreWeave's second-quarter revenue more than doubled, helped by rising demand for artificial intelligence infrastructure, while the company's backlog swelled to $104 billion as it expanded capacity to meet customer commitments. Revenue rose to $2.58 billion in the three months ended June 30 from $1.21 billion a year earlier. The company posted an operating loss of $49 million, compared with operating income of $19 million a year earlier, as operating expenses more than doubled to $2.62 billion. The results underscore how rapidly spending on AI computing infrastructure is translating into demand for specialized cloud capacity, with revenue more than doubling and its contracted backlog reaching $104 billion. The strong bookings come as the company continues to invest heavily in power, computing capacity and financing to keep pace with AI customers. The AI cloud provider said its revenue backlog stood at about $104 billion at the end of June, excluding more than $25 billion in net new customer commitments added in early July. The backlog reflects remaining performance obligations and other amounts expected to be recognized under committed contracts, subject to delivery and service availability. CoreWeave's adjusted EBITDA rose to $1.51 billion from $753 million a year earlier, although its adjusted operating income fell to $128 million from $200 million. Adjusted net loss widened to $567 million from $130 million. The company added nearly 500 megawatts of active power during the quarter, bringing its total to 1.5 gigawatts, while contracted power reached about 3.7 gigawatts. It also expanded relationships with AI and enterprise customers including Databricks, Cognition, Runway ML and Caterpillar. CoreWeave said it completed the industry's first bring-up and validation of Nvidia's Vera Rubin NVL72 and introduced new tools for customers running AI workloads across multiple cloud platforms. It also reported new performance records for AI training and inference using Nvidia's Grace Blackwell platform. The company also raised more than $10 billion through unsecured debt and convertible bonds during the quarter and secured a $3.1 billion term loan as it continued investing heavily in AI infrastructure.

CoreWeave beats quarterly revenue estimates as AI cloud demand surges

Aug 11 (Reuters) - CoreWeave topped Wall Street estimates for quarterly revenue on Tuesday and posted a smaller-than-expected loss, driven by strong demand for its AI cloud computing services, sending its shares nearly 10% higher in extended trading. So-called neoclouds such as CoreWeave and peer Nebius, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. CoreWeave, whose close ties with Nvidia have made it a key supplier of Nvidia's AI chips, has attracted several high-profile customers so far this year. It has signed cloud capacity agreements with Meta and Claude creator Anthropic. The company reported revenue backlog of $104.2 billion as of June 30, up from $99.4 billion at the end of the first quarter. On top of the backlog, CoreWeave said it secured more than $25 billion of net new customer commitments in the current quarter. "CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage," co-founder and CEO Michael Intrator said. The company reported total revenue of $2.58 billion for the second quarter ended June, compared with analysts' average estimate of $2.56 billion, according to data compiled by LSEG. On an adjusted basis, it posted a per-share loss of $1.03, compared with market expectations for a loss of $1.20. CoreWeave has been ramping up infrastructure investments to cater to the surge in demand, with capital expenditures reaching $9.4 billion in the June quarter. That is up from $6.8 billion in the prior three-month period and much higher than the $2.9 billion reported in the second quarter of last year. The company added eight data centers in the quarter, bringing its total active footprint to 51 data centers globally. (Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli)

Earnings Flash (CRWV) CoreWeave, Inc. Reports Q2 Revenue $2.58B, vs. FactSet Est of $2.56B

CoreWeave, Inc. is an American technology company founded in 2017, specializing in cloud infrastructure designed for compute-intensive workloads. It has positioned itself as a niche player in a market dominated by generalist giants. Its offering is built on a vertical specialization in artificial intelligence (AI) and related applications, notably high-performance computing (HPC) and graphical rendering. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models. It also targets scientific and financial computing, as well as real-time 3D rendering needs. With its own data centers located in the United States and Europe, the company maintains full control over its infrastructure. This control enables it to deliver high performance, low latency, and flexible deployment capabilities. Some facilities are shared among clients, while others are fully dedicated to a single customer. CoreWeave serves a diverse clientele, ranging from AI startups to research labs, as well as production studios and financial institutions. In addition to its hardware infrastructure, the company develops its own GPU management software. These tools enable intelligent resource allocation, continuous performance optimization, and better cost control. This vertical integration, from hardware to software, enhances the company's competitiveness. CoreWeave stands out through its tailored approach and its ability to meet clients' specific needs. It aims to become the leading provider for AI workloads on a global scale. In a context of surging demand for computing power, its model is appealing due to its specialization and agility.