CoreWeave Revenue More Than Doubles as Backlog Swells to $104 Billion
CoreWeave delivered the report the AI trade was waiting for Tuesday evening, and the headline numbers ran hot. The AI cloud provider posted second-quarter revenue of $2.575 billion, up from $1.212 billion a year earlier, a gain of 112% year over year and 24% from the first quarter, according to results detailed by Investing.com and the company's release carried by Yahoo Finance. Shares climbed in extended trading, at one point rising more than 13% to $102.21, per Investing.com.
The backlog remains the stock's central exhibit. CoreWeave reported a revenue backlog of approximately $104 billion as of June 30, up 246% from a year earlier, with remaining performance obligations of $103.7 billion, per Investing.com's summary of the earnings presentation. More striking was the disclosure that the company has added more than $25 billion in new commitments in the early weeks of the third quarter, after the period closed.
Profitability told a more complicated story. Adjusted EBITDA reached $1.51 billion at a 59% margin, and adjusted operating income of $128 million produced a 5% margin, per Investing.com, an improvement from the roughly 1% adjusted operating margin the company reported in the first quarter. But the GAAP net loss widened to $626 million from $290 million a year ago, and the adjusted per-share loss of $1.14 landed close to the $1.18 loss analysts had expected, according to figures compiled by Yahoo Finance and Investing.com. Interest expense alone ran $640 million in the quarter, up from $267 million a year earlier.
Chief executive and co-founder Michael Intrator framed the quarter as a turn. 'CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage,' he said in the release carried by Yahoo Finance. The company said it expanded active power by nearly 500 megawatts to 1.5 gigawatts across 51 data centers, with contracted power of about 3.7 gigawatts.
The spending behind that footprint is enormous. Capital expenditures totaled $9.4 billion in the quarter and $16.1 billion for the first half, versus $4.8 billion in the first half of 2025, per Investing.com, financed by a mix that included a $3.1 billion term loan, a $1 billion investment from Jane Street and more than $10 billion of unsecured and convertible debt. The company ended June with $6.9 billion in cash. For the full year, management guided revenue to $12.4 billion to $13.2 billion and adjusted operating income to $960 million to $1.15 billion.
The customer list broadened, addressing one of the bears' standing complaints. New wins in the quarter included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs and Sunday Robotics, alongside expanded relationships with Databricks, Cognition and Runway ML, per the release. Diversification beyond anchor AI customers has been a focal point for analysts, with BofA's Tal Liani telling Yahoo Finance before the report that the debate now centers on execution, data center activation and margin trajectory.
The reaction carries extra weight given where the stock came from. CoreWeave shares had fallen more than 30% since the company's first-quarter report in May, per Yahoo Finance, on concerns about spending and margins. Tuesday's after-hours pop suggests the backlog growth and full-year guidance bought management more runway, though with capex still dwarfing revenue and interest costs compounding, the report reset the debate rather than ending it.
