CoreWeave reported Q2 revenue of $2.58 billion, up 112% year over year, beating analyst estimates and raising its full-year 2026 revenue outlook to $12.4 billion–$13.2 billion as AI infrastructure demand drove new deals with Meta, Anthropic, and Jane Street.
CoreWeave posted second-quarter revenue of $2.58 billion on Tuesday, a 112% increase from the same period a year earlier, as demand for AI computing infrastructure continued to drive growth at the Nvidia-backed cloud provider.
The results beat Wall Street expectations on both the top and bottom lines. Analysts polled by LSEG had forecast $2.56 billion in revenue and a loss of $1.20 per share; CoreWeave reported an adjusted loss of $1.03 per share.
Net loss for the quarter widened to $626 million, up from $290 million, or 60 cents per share, a year ago, reflecting the company's continued heavy investment in data center capacity.
CoreWeave's revenue backlog now stands at $104 billion, a figure that excludes more than $25 billion in new commitments secured during the third quarter. The company reported 1.5 gigawatts of active power as of quarter end.
For the third quarter, management guided for revenue between $3.4 billion and $3.6 billion, implying 158% growth at the midpoint of the range. Analysts had anticipated $3.43 billion. For the full year 2026, CoreWeave now projects revenue of $12.4 billion to $13.2 billion, alongside adjusted operating income of $960 million to $1.15 billion — both ranges above its May guidance of $12 billion to $13 billion in revenue and $900 million to $1.1 billion in adjusted operating income.
Capital expenditure guidance also moved higher. The company now expects to spend $35 billion to $39 billion on an annualized basis, up from a prior range of $31 billion to $35 billion, and projects active power capacity exceeding 1.85 gigawatts by year end.
The quarter included several notable customer announcements. Meta said it would spend an additional $21 billion with CoreWeave, the company also signed a multi-year agreement with Anthropic, and quantitative trading firm Jane Street committed $6 billion.
As of quarter end, CoreWeave carried $35 billion in debt on its balance sheet, the product of financing purchases of Nvidia graphics processing units and other infrastructure equipment. The 8-year-old company competes against cloud giants Amazon, Google, and Microsoft but, unlike those rivals, has not yet reached profitability.
CEO Mike Intrator flagged improving economics on newer hardware. "Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago," Intrator said. Finance chief Nitin Agrawal noted the company is passing component price increases through to customers.
Competition is nonetheless intensifying. SpaceX has begun selling excess computing capacity, and Meta has considered launching a cloud business of its own. Rival Nebius gained 5% in extended trading following CoreWeave's results.
Agrawal said the competitive backdrop has not yet dampened the company's metrics. "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.
One emerging headwind is regulatory opposition to data center construction. New York Governor Kathy Hochul signed an executive order in July establishing a moratorium on new large-scale data centers in the state. Intrator said the company's current guidance is unaffected. "None of those numbers will be impacted by the regulatory pushback as of today," he told analysts on a conference call. He acknowledged, however, that the opposition complicates site selection more broadly. "There is no question that when parts of the U.S. become unwilling to even engage in those conversations, that it becomes more challenging," Intrator told CNBC in an interview.
CoreWeave shares jumped 14% in extended trading following the results. As of Tuesday's regular-session close, the stock had gained 26% year to date, compared with a roughly 13% gain for the S&P 500. The company debuted on the Nasdaq in March 2025.
With its backlog swelling, capital spending rising, and new enterprise partnerships in place, CoreWeave enters the second half of 2026 as a closely watched indicator of whether AI infrastructure spending can sustain the pace it has set over the past year.
Marc Sabatini is a staff writer at TechEchelon covering enterprise software, cybersecurity, and the regulatory beats that shape both. He focuses on the deal flow and policy decisions that move markets.
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