CoreWeave Q2 Revenue Tops $2.58B, Backlog Hits $104B as AI Demand Surges

summarizeSummary

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.

check_boxKey Events · Earnings and Guidance · CRWV

• 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.

• 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.

• 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.

• Infrastructure Expansion Continues

  Active power grew by nearly 500 MW to 1.5 GW, with total contracted power reaching approximately 3.7 GW, supporting future revenue growth.

auto_awesomeAnalysis · 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 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.