CoreWeave beats quarterly revenue estimates as AI cloud demand surges
CoreWeave logo is seen in this illustration taken July 20, 2026. REUTERS/Dado Ruvic/Illustration
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Aug 11 : CoreWeave topped Wall Street estimates for quarterly revenue on Tuesday and posted a smaller-than-expected loss, driven by strong demand for its AI cloud computing services, sending its shares about 14 per cent higher in extended trading.
So-called neoclouds such as CoreWeave and peer Nebius, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI.
CoreWeave, whose close ties with Nvidia have made it a key supplier of compute capacity powered by Nvidia’s AI chips, has attracted several high-profile customers so far this year. It has signed cloud capacity agreements with Meta and Claude creator Anthropic.
The company reported revenue backlog of $104.2 billion as of June 30, up from $99.4 billion at the end of the first quarter. On top of the backlog, CoreWeave said it secured more than $25 billion of net new customer commitments in the current quarter.
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“We outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results,” co-founder and CEO Michael Intrator said on a post-earnings call.
The company’s near-term capacity was effectively sold out, translating into compute capacity agreements on “increasingly favorable terms” from a growing set of customers, Intrator added.
Total revenue more than doubled to $2.58 billion in the second quarter ended June, compared with analysts’ average estimate of $2.56 billion, according to data compiled by LSEG.
On an adjusted basis, it posted a per-share loss of $1.03, compared with market expectations for a loss of $1.20.
CoreWeave has been ramping up its infrastructure investments to meet the surge in demand. Its capital expenditures reached $9.4 billion in the June quarter, compared with $6.8 billion in the prior three-month period and the $2.9 billion reported a year earlier.
Source: Reuters
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