CoreWeave shares surged more than 15% on Tradegate on Tuesday after the cloud-computing company reported its fifth consecutive quarter of record revenue and exceeded Wall Street expectations.
The results highlighted continued strong demand for AI computing infrastructure, helping boost investor confidence in the company’s growth outlook.
CoreWeave Revenue Beats Wall Street Estimates
CoreWeave reported second-quarter revenue of $2.58 billion, slightly above the $2.55 billion expected by analysts surveyed by FactSet.
The company also posted an adjusted loss of $1.03 per share, narrower than the $1.20 loss analysts had forecast.
The quarter marked CoreWeave’s fifth straight period of record revenue.
AI Computing Demand Remains Strong
CoreWeave operates as a specialized cloud-computing provider focused heavily on artificial intelligence.
The company purchases large quantities of Nvidia’s advanced GPUs, installs them in data centers and leases the computing capacity to customers developing and operating AI models.
Microsoft and OpenAI are among CoreWeave’s largest customers.
CoreWeave Backlog Reaches $104 Billion
The company’s sales backlog climbed to approximately $104 billion, nearly twice the level reported in November.
That growth reflects strong demand for additional AI infrastructure capacity.
CoreWeave also said it secured about $25 billion in new customer commitments early in the current quarter. Those commitments were not included in the latest quarterly results.
Capital Spending Accelerates
Rapid expansion has required significant investment.
CoreWeave’s capital expenditures increased to $9.4 billion in the second quarter, compared with $6.8 billion during the previous three-month period.
The company continues to spend heavily on GPUs, data centers and supporting AI infrastructure as it works to meet rising customer demand.
CoreWeave Raises Revenue Guidance
For the third quarter, CoreWeave expects revenue between $3.45 billion and $3.60 billion.
Adjusted operating income is projected at between $200 million and $260 million.
Bernstein analysts said the forecast points to continued sequential margin improvement, with adjusted operating margins potentially reaching the low-teens range by the fourth quarter.
CoreWeave also increased its full-year revenue guidance to $12.4 billion-$13.2 billion, up from its previous forecast of $12 billion-$13 billion.
Adjusted operating income guidance was raised to between $960 million and $1.15 billion.
2026 Revenue Target Moves Higher
Management also lifted its target for annualized run-rate revenue exiting 2026.
CoreWeave now expects that figure to reach between $18.5 billion and $19.5 billion.
The stronger forecast reflects continued growth in AI infrastructure demand and faster deployment of new computing capacity.
Managed Inference Emerges as New Growth Driver
CoreWeave identified managed inference as another important source of future growth.
Annual recurring revenue from the business increased from roughly $1 million when the service launched to more than $100 million within several months.
Management expects managed-inference ARR to reach at least $250 million by the end of 2026.
Data Center Spending Forecast Rises
CoreWeave raised its full-year capital expenditure forecast to $35 billion-$39 billion, compared with its previous estimate of $31 billion-$35 billion.
The higher spending reflects the company’s aggressive data center expansion.
Executives said CoreWeave brought new capacity online faster than previously expected and added around 500 megawatts of computing power during the quarter.
Bernstein Remains Cautious Despite Strong Results
Bernstein analysts described the quarter as CoreWeave’s strongest financial report to date.
However, they also highlighted the sharp increase in capital spending.
While revenue, operating income and other guidance metrics improved, analysts noted that capital expenditure expectations increased even faster.
Bernstein therefore maintained its Underperform rating, warning that CoreWeave’s rapid growth trajectory could eventually slow significantly.
CoreWeave Secures $2.6 Billion Loan
CoreWeave also announced a new $2.6 billion loan facility.
The financing will help fund additional semiconductor purchases and further investment in AI infrastructure.
Overall, record revenue, a growing backlog and higher guidance reinforced expectations for continued rapid expansion. However, the company’s rising capital requirements remain a key issue for investors to monitor.
