CoreWeave Posts 112% Revenue Growth, Raises Full-Year Guidance After Strong Q2

Quick Facts

• CoreWeave reported Q2 2026 revenue of $2.58 billion, up 112% year over year, beating analyst expectations of $2.56 billion.
• The company raised full-year revenue guidance to $12.4 billion to $13.2 billion and increased its capital expenditure forecast to $35 billion to $39 billion.
• Revenue backlog reached $104 billion as of June 30, up 246% year over year, with more than $25 billion in additional customer commitments secured in early Q3.

CoreWeave Inc. reported second-quarter 2026 revenue of $2.58 billion on Wednesday, beating Wall Street’s estimate of $2.56 billion and sending its stock up more than 14% in after-hours trading. The AI data center company posted an adjusted loss of $1.03 per share, better than the $1.20 loss analysts had forecast.

Revenue grew 112% from the same quarter a year earlier. Adjusted EBITDA reached $1.5 billion, up from $753 million in Q2 2025, at a 59% margin. Adjusted operating income improved to $128 million from $21 million in Q1 2026.

“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage,” CEO Michael Intrator said. “Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform.”

The company reported a net loss of $626 million, up from $290 million a year ago. Net interest expense hit $640 million, more than double the $267 million from Q2 2025. CoreWeave closed Tuesday at $90.32 and surged to $104.52 in after-hours trading, bringing year-to-date gains to roughly 26% before the post-earnings move.

Three major customer deals closed during the quarter. Meta agreed to spend an additional $21 billion with CoreWeave through 2032, on top of a prior $14 billion commitment. Anthropic signed a multi-year deal to support its Claude model family, which Intrator described to Bloomberg as multibillion-dollar. Quantitative trading firm Jane Street committed $6 billion to CoreWeave’s AI cloud platform and made a $1 billion equity investment in CoreWeave Class A stock at $109 per share.

CFO Nitin Agrawal said competition has not slowed demand. “Even with this increased competition, we’re seeing demand, pricing and margin all expanding, which is a signal for the growth in the CoreWeave product, as well as our growth overall in an already massive TAM that exists,” he said.

Intrator noted that pricing for the company’s Blackwell and Vera Rubin GPU systems is reaching new highs. CoreWeave also announced it became the first AI cloud provider to bring up Nvidia’s Vera Rubin NVL72 chip system, a liquid-cooled rack containing 72 Nvidia Rubin GPUs and 36 Nvidia Vera CPUs. Nvidia says the NVL72 delivers up to 4x better training performance and 10x improved inference performance per watt versus prior generations.

For Q3 2026, CoreWeave guided revenue of $3.4 billion to $3.6 billion, implying 158% growth at the midpoint. That tops Wall Street’s estimate of $3.43 billion. The company raised its full-year revenue outlook to $12.4 billion to $13.2 billion, from a prior range of $12 billion to $13 billion, and increased its adjusted operating income forecast to $960 million to $1.18 billion.

Capital expenditure guidance rose sharply. CoreWeave now expects $35 billion to $39 billion in annual capex, up from its May forecast of $31 billion to $35 billion. The company targets more than 1.85 gigawatts of active power by year end. Agrawal raised the company’s exit annual recurring revenue guidance to a range of $18.5 billion to $19.5 billion.

CoreWeave was added to the Nasdaq-100 Index during the quarter. The company’s revenue backlog stood at $104 billion at the end of June, up 246% year over year, and that figure excludes more than $25 billion in new customer commitments signed in early July and August.

Read more: CoreWeave coasts to a solid earnings beat, sending its stock higher after-hours