CoreWeave shares jumped in after-hours trading Tuesday after the AI cloud infrastructure company posted second-quarter results that topped analyst expectations on both revenue and earnings.
Revenue surged 112% year-over-year to $2.58 billion, exceeding the $2.56 billion analysts had forecast, while the adjusted loss per share came in at $1.03 against an expected loss of $1.20.
The bottom line showed a net loss of $626 million for the quarter, widening significantly from a loss of $290 million, or 60 cents per share, in the same period a year earlier.
Despite the growing losses, investors focused heavily on the company’s staggering revenue backlog, which now stands at $104 billion, reflecting intense and sustained demand for its GPU-powered cloud services.
CoreWeave also reported 1.5 gigawatts of active power capacity in operation, a figure that underscores the sheer scale of infrastructure the company has built to serve its growing client base.
The backlog figure itself excludes more than $25 billion in new commitments secured during the third quarter alone, suggesting the pipeline of future business continues to expand at a rapid pace.
During the quarter, Meta committed an additional $21 billion in spending with CoreWeave, a massive vote of confidence from one of the world’s largest technology companies.
CoreWeave also announced a new multi-year agreement with AI safety company Anthropic, alongside a $6 billion commitment from quantitative trading firm Jane Street.
The positive stock reaction marked a notable departure from recent trading history, as the stock had fallen following each of the company’s last five earnings reports.
The combination of heavyweight client commitments and a nine-figure backlog helped reassure investors who had grown skeptical of the company’s trajectory after repeated post-earnings selloffs.
Still, analysts caution that heavy debt loads, widening net losses, and massive capital expenditures represent real and significant risks for shareholders betting on the company’s long-term growth story.
CoreWeave’s valuation ultimately depends on its ability to convert that enormous backlog into sustainable profitability before escalating costs put further pressure on its financial position.
