Key Takeaways:
- CoreWeave revenue jumps 112% as AI infrastructure demand accelerates.
- The company raises its 2026 revenue forecast above analyst expectations.
- Meta, Anthropic and Jane Street expand major business commitments with CoreWeave.
CoreWeave shares rise 14% in extended trading Tuesday after the AI infrastructure provider reports second-quarter revenue of $2.58 billion, beating Wall Street estimates as demand for computing power accelerates.
CoreWeave beats estimates as revenue more than doubles
CoreWeave reports an adjusted loss of $1.03 per share, narrower than the $1.20 loss analysts surveyed by LSEG expected. Revenue reaches $2.58 billion, slightly above the $2.56 billion estimate.
Revenue increases 112% from a year earlier. The company reports a net loss of $626 million, compared with a $290 million loss, or 60 cents per share, in the same quarter last year.
CoreWeave says its revenue backlog reaches $104 billion, excluding more than $25 billion in new commitments made during the third quarter. The company has 1.5 gigawatts of active power.
For the third quarter, CoreWeave forecasts revenue of $3.4 billion to $3.6 billion. The midpoint would represent 158% growth from a year earlier and is above the $3.43 billion analysts expected.
AI contracts expand as competition grows
CoreWeave raises its 2026 revenue outlook to $12.4 billion to $13.2 billion, compared with its previous forecast of $12 billion to $13 billion. Analysts had expected $12.63 billion.
The company now expects adjusted operating income of $960 million to $1.15 billion, up from its previous range of $900 million to $1.1 billion.
CoreWeave also expects more than 1.85 gigawatts of active power by the end of 2026. It forecasts annual capital spending of $35 billion to $39 billion, above its previous range of $31 billion to $35 billion.
The company announces major business during the quarter. Meta commits an additional $21 billion, while CoreWeave signs a multiyear agreement with Anthropic and receives a $6 billion commitment from quantitative trading firm Jane Street.
Chief Financial Officer Nitin Agrawal says demand, pricing and margins are expanding despite increased competition.
“Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs,” Chief Executive Mike Intrator says, adding that pricing for older-generation products remains strong.
Data center push faces regulatory pressure
CoreWeave is competing with Amazon, Google and Microsoft to build data centers equipped with chips designed to support generative AI. The company is not profitable and has $35 billion in debt to finance Nvidia graphics processing units and other equipment.
The rapid expansion of data centers is facing growing opposition in parts of the United States. New York Gov. Kathy Hochul signed an executive order in July establishing a moratorium on new large-scale data centers.
Intrator says the regulatory environment has not changed the company’s current financial forecasts.
“When we talk through the numbers with you guys, we’re basing our progress on where we are today,” Intrator says during a conference call with analysts.
He later acknowledges the challenge created by local opposition. “There is no question that when parts of the U.S. become unwilling to even engage in those conversations, that it becomes more challenging,” Intrator says.
CoreWeave shares have gained 26% this year through Tuesday’s close, compared with a gain of nearly 13% for the S&P 500. The company went public on Nasdaq in March 2025.
