CoreWeave stock pops 14% as revenue doubles on accelerating AI infrastructure demand
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- CoreWeave shares jumped 14% in extended trading after Q2 revenue of $2.58 billion beat the $2.56 billion consensus, with revenue climbing 112% year-over-year and an adjusted EPS loss of $1.03 narrower than the $1.20 expected.
- The revenue backlog now stands at $104 billion (excluding over $25 billion in new Q3 commitments), supported by 1.5 gigawatts of active power, while management guided Q3 revenue of $3.4-$3.6 billion implying 158% growth at the midpoint.
- CoreWeave raised its 2026 revenue outlook to $12.4-$13.2 billion from a prior $12-$13 billion range and lifted annual capex guidance to $35-$39 billion from $31-$35 billion, targeting 1.85 gigawatts of active power by year end.
- The company posted a net loss of $626 million, more than doubling from $290 million a year earlier, and carries $35 billion in debt on its balance sheet to finance Nvidia GPU and equipment purchases.
- Meta committed an additional $21 billion to CoreWeave during the quarter, alongside a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street.
- CEO Mike Intrator acknowledged New York Governor Kathy Hochul's July executive order imposing a moratorium on new large-scale data centers but said CoreWeave's guidance "as of today" is unaffected by regulatory pushback.
- SpaceX has begun selling excess computing capacity while Meta considers launching its own cloud business, sending rival Nebius up 5% in extended trading on the same session.
Why it matters: CoreWeave's $35 billion debt load and $35-39 billion annual capex plan underscore how leveraged the AI infrastructure bet has become — even after revenue doubled and the backlog hit $104 billion, the company widened its quarterly loss to $626 million while racing SpaceX into the market and absorbing New York's data center moratorium.
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