CoreWeave shares jumped over 14% after the AI infrastructure provider reported second-quarter 2026 revenue of $2.58 billion, more than doubling from a year earlier. Driven by relentless demand for Nvidia AI chips, the company raised its full-year revenue guidance to $12.4 billion–$13.2 billion and boosted its capital expenditure forecast to $35 billion–$39 billion. Despite carrying $35 billion in debt and facing local regulatory pushback on data centers, CoreWeave's revenue backlog reached $104 billion.
CoreWeave Q2 2026 earnings results
- ▪CoreWeave raised its full-year 2026 adjusted operating income guidance to a range of $960 million to $1.15 billion, up from its May projection of $900 million to $1.1 billion
- ▪CoreWeave reported an adjusted loss of $1.03 per share for the second quarter of 2026, which was narrower than the loss of $1.20 per share expected by analysts
- ▪CoreWeave reported second-quarter 2026 revenue of $2.58 billion, representing a 112% increase from the same period a year earlier and beating analyst expectations of $2.55 billion to $2.56 billion
- ▪CoreWeave reported a net loss of $626 million for the second quarter of 2026, up from a net loss of $290 million, or 60 cents per share, in the same period a year earlier
- ▪CoreWeave raised its full-year 2026 revenue guidance to a range of $12.4 billion to $13.2 billion, up from its May projection of $12 billion to $13 billion
- ▪CoreWeave projected third-quarter 2026 revenue to be between $3.4 billion and $3.6 billion, representing 158% growth at the midpoint of the range
AI infrastructure capacity expansion
- ▪CoreWeave CEO Michael Intrator stated that pricing and margins for Nvidia Blackwell and Vera Rubin graphics processing units are setting new highs, while pricing for prior generation units remains at or above historical levels
- ▪CoreWeave reported having 1.5 gigawatts of active power during the second quarter of 2026 and projected reaching over 1.85 gigawatts of active power by the end of 2026
Revenue backlog growth
- ▪CoreWeave secured more than $25 billion in new customer commitments during the third quarter of 2026, which are excluded from its reported $104 billion second-quarter backlog
- ▪CoreWeave announced customer commitments including a $21 billion expansion with Meta, a multi-year agreement with Anthropic, and a $6 billion commitment from quantitative trading firm Jane Street
- ▪CoreWeave reported a revenue backlog of $104 billion for the second quarter of 2026, up from $99.4 billion in the first quarter of 2026
Capital expenditure increases
- ▪CoreWeave raised its full-year 2026 capital expenditure forecast to a range of $35 billion to $39 billion, up from its May projection of $31 billion to $35 billion
- ▪CoreWeave spent $9.4 billion on capital expenditures in the second quarter of 2026, up from $6.8 billion in the first quarter of 2026
Debt financing
- ▪CoreWeave remains unprofitable as it races cloud market leaders Amazon, Google, and Microsoft to open data centers filled with artificial intelligence chips
- ▪CoreWeave carried $35 billion in debt on its balance sheet at the end of the second quarter of 2026 to finance the purchase of Nvidia graphics processing units and other equipment
Data center regulatory challenges
- ▪CoreWeave CEO Michael Intrator stated that regulatory pushback and data center moratoriums would not impact the company's current financial guidance, though he acknowledged that local opposition makes expansion more challenging
- ▪New York Governor Kathy Hochul signed an executive order in July 2026 establishing a moratorium on new large-scale data centers amid growing public criticism of data center construction
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