CoreWeave ($CRWV) rose 20% in premarket trading on August 12 after second-quarter revenue reached $2.58 billion, up 112% from $1.2 billion a year earlier. The result exceeded the $2.56 billion LSEG consensus, while the adjusted loss of $1.03 per share was narrower than the $1.20 loss expected. The move followed a 14% gain in extended trading immediately after the report.

The company’s second-quarter earnings release put revenue backlog at $104 billion as of June 30. That measure excludes more than $25 billion of new customer commitments signed during the third quarter. CoreWeave said active power reached 1.5 gigawatts, a capacity figure that matters because contracted demand only becomes revenue when computing infrastructure is delivered and available.

Profitability remains the main counterweight to the growth rate. Net loss widened to $626 million from $290 million a year earlier. Operating expenses more than doubled to $2.6 billion from $1.2 billion, leaving a $49 million operating loss versus $19 million of operating income in the prior-year quarter. The balance sheet carried about $35 billion of debt at quarter-end, reflecting the capital intensity of data centers and Nvidia GPU purchases.

Management guided third-quarter revenue to $3.4 billion-$3.6 billion. The $3.5 billion midpoint is above the $3.43 billion LSEG estimate and implies about 158% year-over-year growth. For 2026, CoreWeave raised its revenue range to $12.4 billion-$13.2 billion from $12 billion-$13 billion. The new $12.8 billion midpoint is roughly 1.3% above the $12.63 billion consensus cited by CNBC.

The higher outlook also carries higher spending. CoreWeave now expects $35 billion-$39 billion of 2026 capital expenditure, compared with its prior $31 billion-$35 billion range, and targets more than 1.85 gigawatts of active power by year-end. Investors therefore received a combination of faster revenue conversion, a larger backlog and a bigger funding requirement rather than a simple margin story.

Customer concentration and execution remain the next checkpoints. Meta added a $21 billion commitment during the quarter, while CoreWeave also cited agreements with Anthropic and Jane Street. The next update will need to show how much of the $104 billion backlog converts into billed revenue, whether operating leverage offsets financing costs, and whether the year-end power target stays on schedule.

Not investment advice. Verify all figures with primary sources before acting.

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CoreWeave $CRWV jumps 20%; Q2 revenue doubles to $2.58B