CoreWeave, an AI infrastructure provider, reported second-quarter revenue that exceeded Wall Street expectations, leading to a 13% jump in its shares during extended trading on Tuesday [1]. The company posted revenue of $2.58 billion, surpassing the LSEG consensus estimate of $2.56 billion, and marking a 112% increase from the same period a year earlier [1]. Despite the strong revenue growth, CoreWeave reported an adjusted loss per share of $1.03, which was narrower than the expected loss of $1.20, but its net loss widened to $626 million from $290 million a year ago [1].
During the quarter, CoreWeave announced significant new business, including a multi-year agreement with Anthropic and a $6 billion commitment from Jane Street. Notably, Meta committed to spending an additional $21 billion with CoreWeave [1]. The company's revenue backlog reached $104 billion, not including over $25 billion in new commitments from the third quarter [1]. CoreWeave also reported 1.5 gigawatts of active power and ended the quarter with $35 billion in debt, primarily to finance Nvidia GPUs and other equipment [1].
The company, which debuted on Nasdaq in March 2025, has been aggressively expanding its data center capacity to compete with cloud leaders such as Amazon, Google, and Microsoft, although it remains unprofitable [1]. Competition in the AI infrastructure market is intensifying, with SpaceX selling excess computing capacity and Meta considering launching its own cloud business [1].
Year to date, CoreWeave shares have gained 26%, outperforming the S&P 500's 13% rise as of Tuesday's close [1]. Company executives are scheduled to discuss the results and provide guidance in a conference call at 5 p.m. ET [1].
CONCLUSION
CoreWeave's strong Q2 revenue growth and major new AI infrastructure deals have driven a significant rally in its shares, despite ongoing losses and rising competition. The company's expanding backlog and high-profile partnerships position it as a key player in the rapidly evolving AI cloud market.