CoreWeave Q2 Revenue Doubles to 2.6 Billion With 104 Billion Backlog as Stock Surges

CoreWeave reported second-quarter 2026 revenue of $2.6 billion, up 112% year over year and 24% sequentially, beating Wall Street estimates as AI cloud infrastructure demand continued to outstrip available capacity. The company's revenue backlog surged 246% to $104.2 billion, a figure that excludes more than $25 billion in new commitments already signed in the third quarter. Capital expenditures for the quarter reached $9.4 billion, and the company expanded its active power capacity by nearly 500 megawatts to 1.5 gigawatts, with total contracted power now at approximately 3.7 gigawatts.

CoreWeave posted a net loss of $626 million, wider than $290 million a year earlier, but adjusted operating income came in at $128 million, a 5% margin. Shares jumped roughly 13% after hours. For the third quarter, management guided for revenue of $3.4 billion to $3.6 billion, implying about 158% growth at the midpoint, in line with analyst consensus of $3.43 billion.

The company raised its full-year 2026 revenue outlook to $12.4 billion to $13.2 billion from a prior range of $12 billion to $13 billion, and lifted its adjusted operating income guidance to $960 million to $1.15 billion from $900 million to $1.1 billion, citing faster capacity deployment, higher pricing, and expanding margins on newer contracts. The company carries $35 billion in total debt, including more than $10 billion in unsecured debt and convertible bonds. Jane Street made a $1 billion strategic investment in the quarter, and CoreWeave was added to the Nasdaq-100 Index.