CoreWeave stock pops 12% as revenue doubles on accelerating AI infrastructure demand
The AI cloud provider posted $2.58 billion in quarterly revenue and a $104.2 billion backlog as demand from major customers accelerated.
- On Tuesday, CoreWeave beat Wall Street revenue estimates with $2.58 billion in total revenue and posted a smaller-than-expected adjusted loss of $1.03 per share, sending shares nearly 10% higher in extended trading.
- Strong demand for AI cloud services pushed CoreWeave's revenue backlog to $104.2 billion as of June 30, up from $99.4 billion at quarter's end, while the company secured more than $25 billion in net new customer commitments.
- Capital expenditures reached $9.4 billion in the June quarter, tripling from $2.9 billion last year, as CoreWeave added eight data centers to bring its global footprint to 51 facilities.
- Cloud capacity agreements with Meta and Claude creator Anthropic solidified CoreWeave's role as a key Nvidia supplier; CEO Michael Intrator said the firm reached an "important inflection point this quarter."
- Neocloud providers like CoreWeave and Nebius have seen demand surge amid relentless enterprise AI spending, positioning specialized cloud infrastructure firms to capture sustained growth in the emerging market.
63 Articles
63 Articles
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AI cloud provider CoreWeave reports $104bn backlog and raises capex target
CoreWeave (CRWV.O) lifted its annual capital spending forecast this week after beating second-quarter estimates, betting on a surge in demand for its AI cloud computing services, sending the company’s shares more than 14 per cent higher in extended trading. The AI cloud company also lifted its targets for 2026 revenue and adjusted operating profit, encouraged […]
A fresh batch of earnings show the market's AI trade is going strong
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CoreWeave revenue doubles as debt pile reaches $35.6B
Neocloud operator CoreWeave remains bullish about its prospects, claiming that changing patterns of AI use will create sustained demand for its cloud services. The New Jersey firm is among the most prominent rent-a-GPU businesses spawned by demand for AI training infrastructure, but is now attempting to move up the technology stack – a shift consultants at McKinsey said neoclouds would need to make to survive. "AI is no longer confined to fronti…
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