Shares of CoreWeave jumped 18% in premarket trading Wednesday after the AI cloud company reported second-quarter revenue that more than doubled, propelled by continued heavy demand for AI compute capacity from hyperscalers.
The company, which rents out high-powered computing capacity used to build and run AI models, said after the bell Tuesday that revenue for the quarter came in at $2.6 billion, up 112% from $1.2 billion in the same period a year earlier. CoreWeave is guiding for third-quarter revenue of $3.4 billion to $3.6 billion.
Still, the company remains unprofitable. Operating expenses for the quarter also more than doubled year over year, hitting $2.6 billion, which left CoreWeave with an operating loss of $49 million compared with operating income of $19 million in the year-ago quarter.
Backlog and guidance
CoreWeave’s revenue backlog stood at $104 billion as of June 30, a figure that does not include $25 billion in new customer commitments secured during the third quarter.
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.
“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage,” CEO Michael Intrator said in the release. “Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform.”
Customer wins and partnerships
Second-quarter highlights included new customers such as Bentley Systems, Grammarly, Isomorphic Labs and Sunday Robotics. CoreWeave also deepened existing partnerships, including a $1 billion strategic investment commitment from Jane Street, and Meta said it would spend an additional $21 billion with the company during the quarter.
Analyst reaction
Citi analysts said in a Wednesday note that CoreWeave “delivered a confident message” in the second quarter, pointing to robust AI demand, stronger pricing power, growing demand for its software and tokens business, and better-than-expected margins. They called it “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 wrote, citing upward revisions to profitability guidance and positive updates on execution and customer and revenue diversification.
Broader AI rally
Other AI-related names were also moving higher in premarket trading. Nebius, an Amsterdam-headquartered, Nasdaq-listed GPU infrastructure provider, was up 9.7%, with investors expecting explosive revenue growth when it reports second-quarter earnings later Wednesday. Supermicro, which makes data center hardware, rose about 9% after reporting more than $60 billion in new orders over the past year in its fourth-quarter results.
AI stocks got an additional boost from Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, which reported better-than-expected profit growth on Wednesday.
Shares of CoreWeave had already gained 26% year to date as of Tuesday’s close. The company has taken on significant debt as it races to build out AI infrastructure.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/12/coreweave-q2-earnings-ai-demand.html
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