CoreWeave's Revenue Doubles to $2.58 Billion as AI Cloud Backlog Hits $104 Billion

CoreWeave, the AI cloud provider whose customers include OpenAI and Meta, reported second-quarter revenue of $2.575 billion Tuesday — up 112 percent from $1.212 billion a year earlier — and said its revenue backlog reached approximately $104 billion as of June 30, up from $99.4 billion at the end of the first quarter. Shares jumped as much as 16 percent in after-hours trading on the results, which Bloomberg called "a bellwether for the AI data center frenzy."

Demand 'Effectively Sold Out'

The company said the backlog figure does not include more than $25 billion in net new customer commitments secured in early July. Adjusted operating income came in at $128 million against a consensus estimate of $66 million, while the net loss widened to $626 million from $290 million on higher interest expense. CoreWeave raised its full-year 2026 revenue outlook to $12.4–13.2 billion with capital expenditures of $35–39 billion, and CEO Michael Intrator said "our near-term capacity is effectively sold out."

The quarter also included what the company says is the industry's first validation deployment of Nvidia's Vera Rubin NVL72 rack system, a milestone for next-generation AI infrastructure. Demand for older-generation hardware remains strong too, executives said, even as the company funnels new capacity into Rubin-era systems.

A Broader AI Capex Supercycle

The results arrived on a busy day for AI infrastructure: Nvidia, working with Apollo, BlackRock, Blackstone, Goldman Sachs, KKR and Brookfield, unveiled financing structures intended to mobilize more than $500 billion for AI data centers, and Super Micro Computer's revenue forecast topped estimates, sending its shares up 7.6 percent. Analysts at Blockspace noted CoreWeave's 112 percent growth came with backlog growth of roughly $5 billion in the quarter alone, before the July commitments — evidence, they said, that enterprise adoption is broadening beyond the hyperscaler anchor tenants.