Overview
- CoreWeave reported second-quarter revenue of $2.58 billion, up about 112% year over year, and said its contracted backlog reached roughly $104.2 billion with more than $25 billion of new commitments added in early Q3, a report that sent the stock up double digits in after-hours trading on Tuesday.
- The company pushed full-year 2026 capital spending guidance higher to $35 billion–$39 billion after investing about $9.4 billion in Q2 to add eight data centers and expand active power to roughly 1.5 gigawatts.
- Adjusted metrics improved as adjusted EBITDA rose to about $1.51 billion and adjusted operating income reached $128 million, but CoreWeave still posted a wider net loss of roughly $626 million driven largely by heavy interest and depreciation costs.
- CoreWeave reinforced strategic ties with Nvidia and secured financing including a Jane Street investment, while new supply from SpaceX and the possibility of Meta leasing capacity are increasing competitive pressure in the AI compute market.
- Investors and analysts are now focused on near-term checkpoints that will determine valuation: the pace at which contracted capacity is activated, capex efficiency and unit economics, the company’s financing costs, and whether those factors support the company's target path to profitability around 2028.