CoreWeave Surges 17% Premarket on Record Revenue and $104B Backlog
CRWV sits 77% above its 52-week low of $60.55.
Summary
CoreWeave's Q2 revenue hit $2.58B, beating the $2.55B consensus, and it disclosed a $104B sales backlog — its fifth straight record quarter. Shares jumped 17% premarket, adding to yesterday's after-hours gains. Super Micro Computer also posted strong results, with sales nearly doubling and profit surging, lifting its stock 9% premarket. The twin beats are reigniting the AI trade, pulling Lumentum, Coherent, and Marvell up 3% or more. This follows CoreWeave's $3.1B loan facility in May and a $2.6B leveraged loan that required higher yields in July — the backlog number now puts those capital raises in context of massive demand. The premarket move suggests traders are repricing the stock sharply higher after digesting the full report.
At the time of this announcement, CRWV was trading at $106.92 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 8 out of 10. Source: Dow Jones Newswires.