CoreWeave surges 16% on $2.58 billion revenue quarter as AI infrastructure demand eclipses crypto
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- CoreWeave (CRWV) jumped nearly 17% in pre-market trading Wednesday after Q2 revenue more than doubled to $2.58 billion, narrowly beating analyst expectations.
- The AI infrastructure provider posted a Q2 net loss of $626 million—smaller than projected—while forecasting Q3 sales of $3.45 billion to $3.6 billion.
- CoreWeave raised its 2026 revenue guidance to $12.4–$13.2 billion and ended the quarter with $104 billion in contracted backlog, adding $25 billion in customer commitments after the period closed.
- Management said recently signed deals carry margins 5 to 10 percentage points above recent levels, citing scarce capacity and favorable pricing.
- IREN and Cipher Digital (CIFR) each gained 5% as investors rotated into AI data-center exposure over crypto.
- The results highlight a widening market divide, with AI infrastructure attracting capital while bitcoin trades below $64,000.
Why it matters: CoreWeave's $104 billion backlog and raised 2026 guidance to $12.4–$13.2 billion show scarce AI compute capacity translating into pricing power, with new deals running 5–10 percentage points above recent margins. IREN and CIFR's parallel 5% gains confirm capital rotating out of bitcoin (below $64,000) into AI-exposed data-center plays.
Ask SkimNews
