Key Takeaways:
- CoreWeave shares rose 10% after hours following Q2 earnings
- Revenue expected near $2.55 billion, up about 111% year over year
- Backlog of $99.4 billion supports the $12.5 billion 2026 revenue target
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CoreWeave shares jump 10% after hours as Q2 earnings land
CoreWeave shares jumped 10% in after-hours trading Tuesday after the AI cloud provider reported second-quarter results that met Wall Street's high-end expectations.
Zacks Investment Research had projected a loss of $1.17 a share on revenue of $2.5 billion, a 109.2 percent year-over-year increase, ahead of the report. The company guided to revenue of $2.45 billion to $2.60 billion and adjusted operating income of $30 million to $90 million, with margins improving from the first quarter's 1 percent level.
CoreWeave entered the quarter with a contracted revenue backlog of $99.4 billion as of March 31, including $98.8 billion in remaining performance obligations. The company signed more than $40 billion in new customer commitments during the first quarter, when revenue more than doubled to $2.08 billion. Management reiterated full-year 2026 revenue guidance of $12 billion to $13 billion.
The report tests whether CoreWeave can convert its backlog into powered, revenue-generating infrastructure fast enough to outrun interest costs and heavy capital spending. The company expects interest expense of $650 million to $730 million and capital expenditure of $7 billion to $9 billion in the quarter, with active power capacity targeted to exceed 1.7 gigawatts by year-end from more than 1 gigawatt today.
CoreWeave has expanded beyond commercial AI labs into federal and international markets. The company announced a partnership with defense contractor Leidos on July 30 to deliver secure AI cloud services to U.S. federal agencies, and on Aug. 4 unveiled plans for three Indonesian data centers totaling 360 megawatts, its first Asia-Pacific expansion. Multibillion-dollar contracts with Anthropic and Meta Platforms anchor the backlog, alongside an existing relationship with Microsoft.
The stock had fallen more than 40 percent from its 52-week high of $153.20, trading near $90.67 as of Aug. 10, before the after-hours rally. The company remains unprofitable, posting a $740 million GAAP loss in the first quarter, and carries $25.15 billion in debt principal. Top two customers generated 65 percent of first-quarter revenue, and all deployed GPUs come from Nvidia.
The after-hours surge suggests investors read the quarter as evidence that CoreWeave's capacity ramp is on track. The next test is whether the company maintains its 2026 revenue guidance and margin trajectory on the earnings call, with active power and backlog conversion the metrics to watch.
This article is for informational purposes only and does not constitute investment advice.
