CoreWeave Q2 Revenue Tops $2.58B, Backlog Hits $104B as AI Demand Surges
CRWV sits 65% above its 52-week low of $60.55.
Summary
CoreWeave reported Q2 revenue of $2.58 billion, slightly above consensus, and disclosed a $104 billion revenue backlog that expanded by more than $25 billion in early Q3, underscoring unprecedented AI cloud demand. The company raised full-year revenue guidance to $12.4B-$13.2B, and shares rose 18.2% Wednesday.
Updated with a Benzinga report · What changed
Updates
· Benzinga — CoreWeave raised full-year revenue guidance to $12.4B-$13.2B. Shares rose 18.2% Wednesday.
· Dow Jones Newswires — Premarket shares surged 17%, adding to after-hours gains.
· SEC 10-Q — 10-Q shows $103.7B unsatisfied RPO, 41% recognized in 24 months; $35.5B future lease payments for uncommenced leases; 393 MW undelivered at one site.
· Dow Jones Newswires — Shares jumped 12% after hours. Backlog growth slowed from prior quarter's 50% sequential jump. Follows $2.6B loan closing and $3.1B facility in May.
Key Events · Earnings and Guidance · CRWV
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Updated · · Benzinga
Full-Year Guidance Raised
CoreWeave raised full-year revenue guidance to $12.4B-$13.2B. Shares rose 18.2% Wednesday.
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Q2 Revenue Beats Consensus
Revenue of $2.575 billion edged past the $2.55 billion consensus, more than doubling from $1.212 billion a year ago.
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Revenue Backlog Surges to $104B
Backlog reached approximately $104 billion as of June 30, 2026, with more than $25 billion in net new customer commitments added in early Q3, signaling accelerating demand.
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Adjusted EBITDA Shows Strong Cash Generation
Adjusted EBITDA of $1.51 billion (59% margin) highlights the underlying profitability of the AI cloud platform, despite a GAAP net loss of $626 million driven by $640 million in interest expense and heavy depreciation.
Analysis · CRWV · Technology
Accelerating AI infrastructure demand drove CoreWeave's Q2 revenue to more than double year-over-year, reaching $2.58 billion, while its revenue backlog swelled to a staggering $104 billion—bolstered by over $25 billion in net new customer commitments early in Q3. Although massive interest costs and depreciation keep the company deeply unprofitable on a GAAP basis, adjusted EBITDA of $1.51 billion reveals the underlying cash generation of its GPU cloud platform. The company raised full-year revenue guidance to $12.4B-$13.2B, and shares rose 18.2% Wednesday. The sheer scale of the backlog and ongoing infrastructure expansion underscore CoreWeave's cementing role as a critical AI cloud provider, even as heavy debt and capital intensity remain key risks.
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In the 30 days to Oct 17, 2026, 37.1% of the 964 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CRWV was trading at $99.91 on NASDAQ in the Technology sector, with a market capitalization of approximately $49.3B. The 52-week trading range was $60.55 to $153.20. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.