Shares of CoreWeave (CRWV) climbed more than 15% in after-market trading Tuesday evening as the artificial intelligence cloud infrastructure company delivered second-quarter financial results that exceeded analyst projections across key metrics.
CoreWeave, Inc. Class A Common Stock, CRWV
During the regular trading session, shares had advanced 2.4% to close at $90.32 before the earnings announcement propelled the stock to approximately $103.98 in overnight activity.
The company reported quarterly revenue of $2.58 billion, narrowly surpassing the Street’s $2.56 billion forecast while delivering year-over-year expansion of 112%.
COREWEAVE $CRWV Q2’26 EARNINGS HIGHLIGHTS
Revenue: $2.6B (Est. $2.56B)
Other Q2 Metrics:
— Wall St Engine (@wallstengine) August 11, 2026
The net loss per share of -$1.14 came in significantly better than the -$1.41 figure analysts had anticipated.
On an adjusted basis, operating income totaled $128 million—approximately twice the $66 million Wall Street consensus and a substantial improvement from the $21 million reported in the previous quarter.
Chief Executive Officer Michael Intrator characterized the quarter as marking “an important inflection point” where the company’s expanding scale is beginning to generate meaningful operating leverage. He highlighted growing enterprise customer adoption as a key demand catalyst.
CoreWeave’s committed revenue backlog increased to $130 billion, representing a significant jump from the $99 billion reported at the conclusion of the first quarter. Management noted this figure excludes an additional $25 billion in third-quarter commitments, which would bring the combined total near $155 billion.
The backlog consists primarily of AI cloud infrastructure agreements with major technology companies including Microsoft, Meta, OpenAI, and others.
The company’s capital expenditure cash outlays totaled $6.4 billion during the second quarter, complemented by approximately $5 billion in finance lease assets added to the balance sheet. Overall property, plant and equipment grew by $11.7 billion in the three-month period.
Across the trailing twelve months, CoreWeave has deployed $20.6 billion in capital expenditures. Management now projects full-year spending could approach $39 billion, revised upward from the previous $35 billion estimate.
As of the end of June, the company carried $35 billion in total debt. Combined depreciation and interest expenses represented 79% of quarterly revenue, marking a 146% increase compared to the year-ago period.
CEO Intrator referenced Nvidia’s $500 billion investment initiative as a mechanism that could potentially reduce CoreWeave’s capital costs in the future.
Nvidia maintains its position as a strategic partner, owning a 9% equity stake in CoreWeave and providing $6.3 billion in commitments to support unutilized server capacity across CoreWeave’s data center infrastructure.
However, competitive dynamics are intensifying. SpaceX has begun offering compute capacity rental to Anthropic and Google. Meanwhile, Meta is evaluating options to lease portions of its own infrastructure capacity.
Alongside the quarterly results, CoreWeave increased its full-year guidance for both revenue and adjusted operating income.
Wall Street analysts currently project that adjusted pretax profitability will not materialize until 2028.
Since insiders gained the ability to divest shares approximately one year ago, CRWV stock has declined 9%. Most recently, CEO Intrator sold 307,692 shares last week at an average price of $91.80 per share.
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