CoreWeave Posts $2.58B Revenue, $104B Backlog Amid AI Race
The AI infrastructure provider beat expectations but deepened losses as it competes with cloud giants and carries $35 billion in debt.
CoreWeave Beats Revenue Targets Despite Mounting Losses
CoreWeave reported second-quarter revenue of $2.58 billion, narrowly exceeding analyst expectations of $2.56 billion, while posting a net loss of $626 million that more than doubled from $290 million a year earlier. The AI infrastructure provider's shares rose 15% in after-hours trading following the results, according to CNBC.
Revenue climbed 112% year-over-year as the company expanded its data center footprint to support generative AI workloads. The adjusted loss per share of $1.03 came in better than the $1.20 analysts had forecast.
Why It Matters
CoreWeave's financial trajectory illustrates the enormous capital requirements and competitive pressures in AI infrastructure. While the company has secured massive customer commitments—including a $21 billion expansion from Meta during the quarter—it's racing against deep-pocketed cloud incumbents while carrying $35 billion in debt to finance Nvidia GPUs and data center equipment. The widening losses raise questions about the path to profitability in a market where even SpaceX and Meta are now exploring cloud offerings.
Backlog Signals Strong Demand
The company disclosed a revenue backlog of $104 billion, a figure that excludes more than $25 billion in new commitments signed in the third quarter. CoreWeave also reported operating 1.5 gigawatts of active power capacity across its data centers.
During the quarter, CoreWeave announced a multi-year agreement with AI research company Anthropic and secured a $6 billion commitment from quantitative trading firm Jane Street, adding to the expanded Meta partnership.
Competition Intensifies
The eight-year-old company faces mounting competition beyond traditional cloud leaders Amazon, Google, and Microsoft. SpaceX has begun selling excess computing capacity, and Meta has considered launching its own cloud business. Rival Nebius saw its shares gain 5% in extended trading alongside CoreWeave's results.
CoreWeave went public on Nasdaq in March 2025. As of Tuesday's close, the stock had gained 26% year-to-date, outpacing the S&P 500's nearly 13% advance.
Company executives planned to discuss the results and provide forward guidance on a conference call scheduled for 5 p.m. ET Tuesday.
These details were first reported by CNBC.
This is an original analysis by the Omega editorial team. Source reporting: AI Watch.
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