CoreWeave Q2 Revenue Hits $2.58B, Backlog Doubles to $104B; Shares Surge 12%
CRWV sits 64% above its 52-week low of $60.55.
Summary
CoreWeave reported Q2 revenue of $2.58 billion, edging past the $2.55 billion consensus, and disclosed a sales backlog that nearly doubled to $104 billion. Shares jumped 12% after hours, reversing a recent slide, and rose 18.2% Wednesday. The backlog growth, while slower than the prior quarter's 50% sequential jump, still signals massive AI infrastructure demand. This follows a $2.6 billion loan closing yesterday and a $3.1 billion facility in May, underscoring the capital intensity of scaling GPU capacity. Nvidia's new $500 billion AI financing initiative, announced Monday, could further accelerate CoreWeave's pipeline. The company remains unprofitable, but the revenue beat and backlog expansion suggest operating leverage is building, even as the Q2 loss widened due to higher costs offsetting the revenue surge. CoreWeave raised full-year revenue guidance to $12.4B-$13.2B.
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.
At the time of this announcement, CRWV was trading at $99.24 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 news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.