Prime Highlights
- CoreWeave raised its full-year capital expenditure forecast to between $35 billion and $39 billion.
- CEO Michael Intrator said the company outperformed its plan across the board this quarter.
Key Facts
- CoreWeave is an AI cloud computing company providing hardware and compute capacity, closely tied to Nvidia.
- CoreWeave’s revenue backlog stood at $104.2 billion, with over $25 billion in new commitments added this quarter.
Background
AI cloud computing company CoreWeave has raised its annual capital spending forecast after beating second-quarter estimates, driven by surging demand for AI infrastructure. The company’s shares jumped more than 14% in extended trading following the announcement, made in the second week of August.
CoreWeave also raised its 2026 revenue and adjusted operating profit targets, citing a growing order book, gains from price increases and additional compute capacity coming online this year. The company, known as a “neocloud” that provides hardware and cloud capacity to other technology firms, has seen demand rise sharply amid heavy enterprise spending on AI. Its close partnership with Nvidia has strengthened its position as a major provider of Nvidia-powered compute capacity, helping it attract customers including Meta, Anthropic and Caterpillar this year.
The company reported a revenue backlog of $104.2 billion for the quarter, up from $99.4 billion in the previous quarter, and has secured more than $25 billion in new customer commitments so far this quarter. CEO Michael Intrator said the company outperformed its plan across the board, with improving operating leverage now visible in its results. He added that with near-term capacity largely sold out, CoreWeave is securing compute agreements on increasingly favourable terms.
CoreWeave now expects full-year capital expenditure between $35 billion and $39 billion, up from its earlier estimate of $31 billion to $35 billion. More than half of its backlog is tied to contracts where customer delivery has already started.
Second-quarter revenue more than doubled to $2.58 billion, ahead of estimates of $2.56 billion, while its adjusted per-share loss narrowed to $1.03, better than expectations of $1.20. Capital expenditure for the quarter rose to $9.4 billion from $6.8 billion in the prior quarter.
