CoreWeave shares surged 13% in extended trading Tuesday after the AI infrastructure provider reported quarterly revenue that beat Wall Street’s expectations and raised its full-year outlook.
The company posted revenue of $2.5 billion for the second quarter, up 112% from a year earlier, according to LSEG consensus estimates. CoreWeave said revenue climbed 112% year over year, though it did not disclose the exact dollar figure.
Net loss widened to $626 million, up from $290 million, or 60 cents per share, in the year-ago period.
Backlog and capacity
CoreWeave’s revenue backlog now stands at $104 billion, a figure that excludes over $25 billion in new commitments from the third quarter. The company also said it had 1.5 gigawatts of active power as of the end of the quarter.
Looking ahead, management guided for third-quarter revenue of $3.4 billion to $3.6 billion, implying 158% growth at the midpoint. Analysts surveyed by LSEG had expected $3.43 billion.
For full-year 2026, CoreWeave now expects adjusted operating income of $960 million to $1.15 billion on revenue of $12.4 billion to $13.2 billion. Analysts had projected $12.63 billion in revenue. In May, the company had guided for $900 million to $1.1 billion in adjusted operating income on $12 billion to $13 billion in revenue.
The company also raised its capital expenditure forecast, now calling for $35 billion to $39 billion in annual capex, up from the prior range of $31 billion to $35 billion. It expects to exceed 1.85 gigawatts of active power by year-end.
Regulatory headwinds
CEO Mike Intrator addressed concerns about regulatory pushback on data center construction, noting that current guidance is not impacted by any regulatory actions. In July, New York Governor Kathy Hochul signed an executive order imposing a moratorium on new large-scale data centers.
“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,” Intrator said on a conference call with analysts. “None of those numbers will be impacted by the regulatory pushback as of today.”
The company ended the quarter with $35 billion in debt, used to finance purchases of Nvidia GPUs and other equipment.
Demand and pricing
CoreWeave is seeing favorable trends in renting Nvidia chips, according to Intrator. “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,” he said.
Finance chief Nitin Agrawal said the company is passing component price hikes on to customers.
During the quarter, Meta committed an additional $21 billion to CoreWeave, which also announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street.
Competitive landscape
Competition is intensifying. SpaceX has begun selling excess computing capacity, and Meta has weighed launching a cloud business. Rival Nebius gained 5% in extended trading.
Despite the competitive threat, Agrawal said demand, pricing, and margins are all expanding. “Even with this increased competition, we’re seeing demand, pricing and margin all expanding, which is a signal for the growth in the CoreWeave product, as well as our growth overall in an already massive TAM that exists,” he said.
As of Tuesday’s close, CoreWeave shares had gained 26% year to date, versus a nearly 13% rise in the S&P 500. The stock debuted on Nasdaq in March 2025.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/11/coreweave-crwv-q2-earnings-report-2026.html
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