CoreWeave Q2 earnings lift shares as revenue tops expectations

CoreWeave Q2 earnings 2026 sent the AI cloud company’s shares up 12% in extended trading Tuesday after it reported revenue above Wall Street expectations and a narrower adjusted per-share loss than analysts anticipated, CNBC reported.

For the quarter ended June 30, CoreWeave posted $2.58 billion in revenue, against the $2.56 billion LSEG consensus estimate, according to CNBC. Its adjusted loss was $1.03 a share, better than the expected $1.20 loss. Revenue rose 112% from a year earlier.

The report offered fresh evidence of the spending rush around computing infrastructure used to train and run AI systems. CoreWeave said its revenue backlog stood at about $104 billion at June 30, and said it had added more than $25 billion in net new customer commitments early in the third quarter. The company presented those figures as signs of demand for its cloud services.

What did CoreWeave report in its second-quarter earnings?

CoreWeave reported a GAAP net loss of $626 million, wider than the $290 million loss it recorded in the same quarter a year earlier, according to the company’s earnings release. The company’s adjusted net loss was $567 million, compared with $130 million a year earlier.

Its adjusted EBITDA climbed to $1.51 billion from $753 million, but the adjusted EBITDA margin fell to 59% from 62%. Adjusted operating income dropped to $128 million from $200 million, while its margin declined to 5% from 16%, the release showed.

Chief Executive Michael Intrator called the quarter an “important inflection point” in the company’s release, saying its growing scale was beginning to produce operating leverage. That is management’s assessment, while the reported numbers also show a company still absorbing steep costs as it expands.

What is CoreWeave spending to expand?

CoreWeave said it added nearly 500 megawatts of active power during the quarter, reaching 1.5 gigawatts, and had about 3.7 gigawatts of contracted power. It also said it had raised more than $10 billion through unsecured debt and convertible bonds.

CNBC reported that CoreWeave had $35 billion of debt on its balance sheet at quarter-end and was not profitable. The company is building AI data-center capacity while competing with larger cloud operators including Amazon, Google and Microsoft, CNBC said.

Commercial activity during the quarter included Meta’s additional $21 billion commitment, a multiyear agreement with Anthropic and a $6 billion commitment from Jane Street, CNBC reported. CoreWeave also said it completed the industry’s first bring-up and validation of Nvidia’s Vera Rubin NVL72 platform.

Investors responded to the earnings beat and the scale of the company’s reported backlog. The next test is whether CoreWeave can keep growing revenue while containing the losses, financing costs and debt tied to its infrastructure push.

This story draws on original reporting from MarketWatch.