CoreWeave jumps 19%, Nebius 34% on blockbuster AI earnings
SkimNews Take
CoreWeave's widening losses alongside revenue surges suggest neoclouds are functioning as leveraged proxies on hyperscaler infrastructure spending — their stock moves amplifying rather than diverging from hyperscaler capex cycles.
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- CoreWeave shares jumped 19% after Q2 revenue more than doubled to $2.6 billion (up 112% YoY), with Q3 guidance of $3.4 billion–$3.6 billion — but operating expenses also doubled to $2.6 billion, leaving a $49 million operating loss versus $19 million in operating income a year earlier.
- CoreWeave disclosed a $104 billion revenue backlog as of June 30, plus $25 billion in fresh Q3 customer commitments, with CEO Michael Intrator noting on CNBC that "$25 billion is virtually the size of our backlog a year ago."
- Meta committed an additional $21 billion to CoreWeave during the quarter, and Jane Street pledged $1 billion in strategic investment; new customers include Bentley Systems, Grammarly, Isomorphic Labs, and Sunday Robotics.
- Nebius ripped 34% higher after reporting 514% revenue growth to $575 million and a quadrupling of total contract value, putting its stock up more than 150% over the past 12 months.
- Citi analysts called CoreWeave's Q2 "one of the cleaner quarters" since its IPO, citing "confident messaging," stronger pricing power, and better-than-expected margins, while Supermicro also rallied 19% after reporting $60 billion-plus in new data-center orders over the past year.
Why it matters: CoreWeave's $104 billion backlog plus $25 billion in new commitments shows hyperscaler AI appetite is converting into binding contracts, yet its Q2 operating loss of $49 million (against $19 million in income a year ago) underscores that the infrastructure buildout still outpaces revenue — making the path to its full-year guidance of $960 million–$1.15 billion in adjusted operating income the next test for neocloud investors.
Ask SkimNews
