CoreWeave (NASDAQ:CRWV) shares surged more than 19% to their highest levels since June after the company delivered another quarter of exceptional growth. According to reports from Reuters, second-quarter revenue more than doubled to $2.58 billion, narrowly beating estimates of $2.56 billion. The company's net loss of $626 million was also smaller than analysts projected. CEO Michael Intrator noted on the post-earnings call that the company "outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results." As reported by Business Wire, CoreWeave reached an important inflection point this quarter as its scale began to translate into expanding operating leverage, with customer demand accelerating as enterprise adoption broadens.
CoreWeave has significantly increased its investment commitment for 2026, with the company now expecting full-year capital expenditure to be between $35 billion and $39 billion, up from its previous expectations of $31 billion to $35 billion. As reported by Reuters, this increased spending reflects the company's confidence in sustained AI demand and its need to expand capacity to meet growing customer requirements. The company's capital expenditures reached $9.4 billion in the June quarter, up from $6.8 billion in the prior three-month period. CoreWeave has also lifted its targets for 2026 revenue and adjusted operating profit, encouraged by a ballooning order book and benefits from price increases. The company is finding that its newest capacity may be spoken for before construction even fully catches up, demonstrating the rapid pace of AI infrastructure demand.
Reflecting accelerating commercial demand, CoreWeave raised its full-year 2026 guidance significantly. The company expects revenue between $12.4 billion and $13.2 billion, up from its May projection of $12 billion to $13 billion. For the third quarter, management projects sales ranging from $3.45 billion to $3.6 billion, representing a 158% year-over-year surge at the midpoint. The increased capital deployment aims to scale active power capacity beyond 1.85 gigawatts by year-end, up from 1.5 gigawatts at the end of the second quarter. Analysts polled by Fiscal.ai were looking for $12.63 billion on average, indicating the company's guidance exceeded market expectations. CEO Michael Intrator noted that "near-term capacity is effectively sold out, enabling CoreWeave to strike compute agreements on increasingly favorable terms."
CoreWeave's operational data continues to demonstrate exceptional market demand for AI infrastructure services. According to Reuters, the company reported revenue backlog of $104.2 billion in the second quarter, up from $99.4 billion in the first quarter. On top of that backlog, CoreWeave has secured more than $25 billion of net new customer commitments so far in the current quarter. Management noted that recently signed deals carried margins five to 10 percentage points above recent levels, reflecting scarce capacity and favorable pricing. More than half of its current backlog is attached to contracts where customer delivery has already begun, providing rare multi-year revenue visibility. The company secured major multi-billion-dollar deals with Meta, Anthropic, and Jane Street during the quarter, strengthening its position as a neocloud offering hardware and cloud capacity to other technology companies.
CoreWeave's strong performance has lifted the broader neocloud market, with IREN (IREN) and Cipher Digital (CIFR) gaining 5% as investors piled into companies positioned to benefit from accelerating AI computing demand. According to The Economic Times, shares of AI cloud provider CoreWeave rose more than 19%, while peer Nebius Group rose 23% as it beat quarterly revenue estimates. Server maker Super Micro's shares climbed more than 13%, with data center companies Applied Digital and IREN Ltd up 4% and 8% respectively. Dell shares were 5% higher. The Economic Times reports that CoreWeave is on track to add around $8 billion to its market value, while Super Micro could add more than $2 billion if gains persist, with more than seven brokerages raising their price targets on both companies. The results reinforce a widening market divide, with AI infrastructure continuing to attract capital, customers and premium valuations while bitcoin and the broader crypto trade struggle to match that momentum.
