CoreWeave reported Q2 revenue of $2.58 billion, beating LSEG consensus of $2.56 billion, with revenue climbing 112% year-over-year. The AI infrastructure provider's stock jumped 12% in extended trading. The company now carries a $104 billion revenue backlog and operates 1.5 gigawatts of active power, funded by $35 billion in debt to cover GPU purchases and data center equipment.
During the quarter, CoreWeave announced a multi-year agreement with Anthropic and a $6 billion commitment from quantitative trading firm Jane Street. Meta separately pledged an additional $21 billion in spending with the company. Despite the strong top-line growth, CoreWeave's net loss widened to $626 million from $290 million a year ago, reflecting the capital intensity of build-out.
CoreWeave, which went public on Nasdaq in March 2025, is now valued at over $40 billion in market cap year-to-date, up 26% on the year vs the S&P 500's 13% gain. The company faces growing competition from SpaceX's compute-capacity sales and Meta's internal cloud ambitions, but the massive backlog signals sustained customer commitment to outsourced AI infrastructure.