CoreWeave stock surged 20 percent in premarket trading Wednesday after the AI infrastructure company reported Q2 2026 results that cleared every bar that matters, revenue doubled, the backlog nearly tripled and operating leverage showed up for the first time. The stock had already jumped 14 percent in after-hours trading Tuesday night.
Revenue hit $2.58 billion, up 112 percent year over year and 24 percent sequentially, beating the $2.56 billion consensus.
The company beat on EPS too, posting a loss of $1.03 adjusted against the $1.20 expected.
The net loss widened to $626 million from $290 million a year ago, driven almost entirely by $640 million in interest expense on the massive debt load CoreWeave has taken on to build data centers.
The number that really moved investors is the backlog, $104 billion as of June 30, up 246 percent year over year, with another $25-plus billion in new commitments secured in the first weeks of Q3.
During the quarter CoreWeave signed a $21 billion deal to provide AI cloud capacity to Meta through 2032, on top of an existing $14 billion commitment, and struck a new multi-year agreement with Anthropic for compute to run its Claude models.
Full-year revenue guidance was raised to $12.4 to $13.2 billion. Q3 guidance of $3.45 to $3.60 billion also topped consensus.
The company is not profitable and is spending $35 to $39 billion in capital expenditures this year. It is growing faster than almost anything in the history of cloud computing.