CoreWeave reported second quarter revenue of $2.58 billion, slightly exceeding analyst expectations of $2.56 billion, while reporting a narrower-than-expected net loss of $1.14 per share. The company reached a critical inflection point in operating leverage as it scaled its AI infrastructure, though its closely watched revenue backlog of $104 billion came in below the $107 billion consensus estimate.
Key Highlights
- Revenue surged 112% year-over-year to $2.58 billion, driven by accelerating enterprise adoption of purpose-built AI cloud platforms.
- Revenue backlog reached $104 billion as of June 30, with management noting an additional $25 billion in new commitments secured in early Q3.
- Active power capacity expanded by approximately 500 MW during the quarter to reach a total of 1.5 GW, with total contracted power growing to 3.7 GW.
- The company significantly strengthened its financial position, raising over $10 billion in debt and securing a $1 billion strategic investment from Jane Street.