Key Highlights

  • Shares surging 18.48% pre-market, adding $16.69 to reach $107.01
  • Q2 2026 Revenue reached $2.58 billion, up 112% year-over-year and 24% sequentially
  • Adjusted EPS loss of $1.14 was narrower than the $1.17 loss analysts expected
  • Revenue Backlog ended the quarter at $104 billion, up 46% year-over-year
  • Full-year 2026 revenue guidance raised to $12.4 billion to $13.2 billion
  • Active power capacity grew to 1.5 gigawatts, with contracted power reaching 4.2 gigawatts

Record Quarter Drives Pre-Market Surge

CoreWeave (NASDAQ:CRWV) shares are surging 18.48% in pre-market trading Wednesday to $107.01, after the AI cloud infrastructure provider posted record second-quarter results late Tuesday. Revenue reached $2.58 billion, up 112% year-over-year and 24% sequentially, driven by strong customer demand. The company's revenue backlog ended the quarter at $104 billion, up 46% year-over-year, excluding more than $25 billion in new commitments signed early in the third quarter.

CoreWeave is a Livingston, New Jersey-based cloud infrastructure company specializing in GPU-accelerated computing purpose-built for artificial intelligence workloads such as model training, inference, and generative AI applications. Its CoreWeave Cloud Platform combines proprietary software with high-performance GPU and CPU compute, storage, networking, and managed services, offered through flexible virtual servers or bare-metal solutions, serving AI native and enterprise clients including Microsoft.

Margins Expand as Demand Outpaces Supply

Adjusted EBITDA came in at $1.5 billion, a 59% margin, with adjusted Operating Income of $128 million, a 5% margin, both ahead of guidance. Management said margins are expected to expand sequentially into the third and fourth quarters, reaching the low teens by the fourth quarter. New customer contracts signed in the second quarter carried contribution margins 5 to 10 percentage points above recent quarters, driven by pricing strength on Nvidia Blackwell and Vera Rubin deployments, component cost pass-throughs, and roughly a 25% price increase implemented across SKUs in July.

The company's managed inference Business is scaling quickly as well, with annualized booked ARR growing from $1 million to over $100 million within months, and management expecting to exit 2026 with at least $250 million in managed inference ARR.

Full-Year Guidance Raised

CoreWeave raised its full-year 2026 guidance, with revenue now expected at $12.4 billion to $13.2 billion, adjusted operating income at $960 million to $1.15 billion, and capital expenditures at $35 billion to $39 billion. Exit annualized run-rate revenue is now projected at $18.5 billion to $19.5 billion. For the third quarter, the company guided to revenue of $3.45 billion to $3.6 billion, adjusted operating income of $200 million to $260 million, interest expense of $860 million to $940 million, and capital expenditures of $11.5 billion to $13.5 billion.

Capacity Expansion and Balance Sheet

Active power capacity grew to 1.5 gigawatts, adding nearly 500 megawatts in the quarter and roughly tripling year-over-year, with contracted power reaching 4.2 gigawatts as of the earnings call. The company reaffirmed its target of at least 8 gigawatts of active power by 2030 and raised its year-end active power guidance to more than 1.85 gigawatts, up from a prior 1.7 gigawatts.

CoreWeave raised approximately $18 billion in capital during the quarter across debt, convertible notes, and equity, bringing total capital secured to more than $32 billion to date. That included an inaugural Eurobond and the company's first publicly syndicated HPC-backed delayed draw term loan. The weighted average cost of Debt was reduced by roughly 300 basis points over the past year, saving approximately $1.1 billion in annualized interest, and the company ended the quarter with more than $6.9 billion in cash, equivalents, restricted cash, and marketable securities.

Conclusion

CoreWeave's 18.48% pre-market surge reflects a Blowout second quarter, with revenue more than doubling year-over-year, a record backlog, and raised full-year guidance across every major metric. With power capacity expanding rapidly and new contracts commanding higher margins, the stock's next moves will likely hinge on whether the company can convert its expanding backlog into profitability as capital expenditures continue to climb.