CoreWeave shares jumped 14% in extended trading Tuesday after the AI infrastructure company reported second-quarter results that topped Wall Street expectations. Revenue came in at $2.58 billion against an expected $2.56 billion, according to CNBC. Earnings per share showed a loss of $1.03 adjusted, better than the $1.20 loss analysts had forecast.
Revenue climbed 112% during the quarter from a year earlier. The net loss, however, widened to $626 million from $290 million, or 60 cents per share, in the same quarter last year. The company now carries $35 billion in debt on its balance sheet to cover the cost of Nvidia graphics processing units and other equipment.
The company's revenue backlog stands at $104 billion. That figure excludes over $25 billion in new commitments from the third quarter. CoreWeave also reported 1.5 gigawatts of active power and said it expects to exceed 1.85 gigawatts by year end.
For the third quarter, management projected $3.4 billion to $3.6 billion in revenue, which would represent 158% growth at the midpoint of the range. Analysts polled by LSEG had expected $3.43 billion. For the full year 2026, CoreWeave now sees $12.4 billion to $13.2 billion in revenue, up from a May projection of $12 billion to $13 billion. Adjusted operating income guidance was also raised, from a range of $900 million to $1.1 billion up to $960 million to $1.15 billion.
Capital expenditure forecasts also moved higher. The company called for $35 billion to $39 billion in annual capital spending, compared with a previous forecast of $31 billion to $35 billion. The 8-year-old company has been racing cloud market leaders Amazon, Google and Microsoft to open data centers filled with chips that can run generative artificial intelligence models. Unlike those competitors, CoreWeave is not yet profitable.
During the quarter, Meta said it would spend an additional $21 billion with CoreWeave. The company said pricing trends on Nvidia chip rentals are moving in a favorable direction. "Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago," CEO Mike Intrator said on a conference call with analysts. The company's finance chief, Nitin Agrawal, said CoreWeave is passing component price hikes down to customers.
Regulatory pressure is adding uncertainty. In July, New York Governor Kathy Hochul signed an executive order establishing a moratorium on new large-scale data centers. Intrator addressed the issue directly on the call. "When we talk through the numbers with you guys, we're basing our progress on where we are today and what we have guided here," he said. "None of those numbers will be impacted by the regulatory pushback as of today."
He acknowledged the broader challenge in an interview with CNBC. "There is no question that when when parts of the U.S. become unwilling to even engage in those conversations, that it becomes more challenging," Intrator said.
