CoreWeave Surges 19% After Q2 Revenue Doubles and Backlog Hits $104 Billion

CoreWeave shares jumped roughly 19% on Wednesday, reaching approximately $108, after the AI cloud provider reported second-quarter revenue of $2.575 billion, more than double the $1.212 billion posted a year earlier and slightly above the Wall Street consensus of around $2.56 billion. The company also issued higher-than-expected revenue guidance and reported an expanded sales backlog that sources cited at $104 billion, with one report placing it as high as $129 billion, reflecting sustained demand for large-scale AI infrastructure. CEO Michael Intrator said CoreWeave reached an inflection point as its scale began to translate into expanding operating leverage.

Analysts at Wedbush and Jefferies highlighted strengthening AI demand and the growing backlog as key positives, while Seeking Alpha noted the results were in part positive because expectations had been subdued following a sharp pullback from prior highs. On the earnings call, Intrator flagged that older generations of Nvidia GPUs are proving to have a longer useful life than anticipated, a detail analysts noted supports the durability of CoreWeave's existing infrastructure. Wall Street updated price targets across the board following the report, though not all analysts turned fully bullish.

The stock's move contributed to a broader AI-infrastructure rally, with Super Micro Computer rising roughly 12.5% and Nasdaq 100 futures advancing on the day.