Core Weave posts a “high-quality” quarter as shares jump 18% premarket
CoreWeave, an AI cloud-computing company, rose in premarket trading Wednesday after reporting that second-quarter revenue more than doubled year over year. The stock was up as much as 18% premarket. Companies continue to increase spending on infrastructure, while demand for AI computing capacity keeps rising. CoreWeave reported second-quarter revenue of $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. The company forecast third-quarter revenue of $3.4 billion to $3.6 billion. CoreWeave primarily leases high-performance computing capacity to customers developing and running artificial-intelligence models. The company released its results after Tuesday’s close. The company has not yet reached profitability. Operating expenses more than doubled year over year and were slightly higher than revenue for the quarter. The stock was recently up 18.71% premarket and had gained 26% year to date through Tuesday’s close. As of June 30, CoreWeave’s backlog of contracted revenue stood at $104 billion. That figure does not include an additional $25 billion in customer partnership commitments reached during the third quarter. Chief Executive Officer Michael Intrator said in a statement, “This quarter marked a critical inflection point for the company, as the scale of our business began to emerge. As more companies put AI businesses into production, customer demand continues to accelerate, and we are continuing to enhance our technology platform.” Intrator is scheduled to appear on CNBC’s “Squawk on the Street” at 9 a.m. Eastern time Wednesday. To build AI computing infrastructure quickly, CoreWeave has taken on substantial debt. Operating expenses rose to $2.6 billion from $1.2 billion a year earlier, resulting in an operating loss of $49 million, compared with operating income of $19 million in the year-ago period. For the full year, CoreWeave expects revenue of $12.4 billion to $13.2 billion and adjusted operating profit of $960 million to $1.15 billion. Second-quarter operating highlights included adding customers such as Bentley Systems, Grammarly, Isomorphic Labs and Sunday Robotics. CoreWeave also deepened relationships with key commercial partners. Jane Street Capital committed to a $1 billion strategic investment, while Meta announced during the quarter that it would place an additional $21 billion in orders with CoreWeave. Citi analysts described the quarter as a high-quality report. In a Wednesday research note, they said CoreWeave sent positive signals to the market in the second quarter: AI demand remained strong, pricing power improved, and demand for its software and compute-token businesses grew. Profit margins also outperformed expectations. The analysts called it one of the highest-quality quarters since CoreWeave went public last year. They said the stock could have significant upside as investor confidence grows in the company’s ability to bring projects online and improve profitability. Citi highlighted several positive changes, including higher earnings guidance, smooth project execution, and a more diversified customer base and revenue mix. The analysts said those signals point to healthy overall demand for computing capacity in both the traditional hyperscale cloud market and the emerging AI-native cloud-services market. A source caption identified a February 27, 2026, scene in the New York Stock Exchange trading floor, where CoreWeave co-founder and Chief Executive Officer Michael Intrator was interviewed.
Companies continue to increase spending on infrastructure, while demand for AI computing capacity keeps rising.
CoreWeave reported second-quarter revenue of $2.6 billion, up 112% from $1.2 billion in the second quarter of 2025. The company forecast third-quarter revenue of $3.4 billion to $3.6 billion.
CoreWeave primarily leases high-performance computing capacity to customers developing and running artificial-intelligence models. The company released its results after Tuesday’s close.
The company has not yet reached profitability. Operating expenses more than doubled year over year and were slightly higher than revenue for the quarter. The stock was recently up 18.71% premarket and had gained 26% year to date through Tuesday’s close.
As of June 30, CoreWeave’s backlog of contracted revenue stood at $104 billion. That figure does not include an additional $25 billion in customer partnership commitments reached during the third quarter.
Chief Executive Officer Michael Intrator said in a statement, “This quarter marked a critical inflection point for the company, as the scale of our business began to emerge. As more companies put AI businesses into production, customer demand continues to accelerate, and we are continuing to enhance our technology platform.” Intrator is scheduled to appear on CNBC’s “Squawk on the Street” at 9 a.m. Eastern time Wednesday.
To build AI computing infrastructure quickly, CoreWeave has taken on substantial debt. Operating expenses rose to $2.6 billion from $1.2 billion a year earlier, resulting in an operating loss of $49 million, compared with operating income of $19 million in the year-ago period.
For the full year, CoreWeave expects revenue of $12.4 billion to $13.2 billion and adjusted operating profit of $960 million to $1.15 billion.
Second-quarter operating highlights included adding customers such as Bentley Systems, Grammarly, Isomorphic Labs and Sunday Robotics. CoreWeave also deepened relationships with key commercial partners. Jane Street Capital committed to a $1 billion strategic investment, while Meta announced during the quarter that it would place an additional $21 billion in orders with CoreWeave.
Citi analysts described the quarter as a high-quality report. In a Wednesday research note, they said CoreWeave sent positive signals to the market in the second quarter: AI demand remained strong, pricing power improved, and demand for its software and compute-token businesses grew. Profit margins also outperformed expectations.
The analysts called it one of the highest-quality quarters since CoreWeave went public last year. They said the stock could have significant upside as investor confidence grows in the company’s ability to bring projects online and improve profitability.
Citi highlighted several positive changes, including higher earnings guidance, smooth project execution, and a more diversified customer base and revenue mix. The analysts said those signals point to healthy overall demand for computing capacity in both the traditional hyperscale cloud market and the emerging AI-native cloud-services market.
A source caption identified a February 27, 2026, scene in the New York Stock Exchange trading floor, where CoreWeave co-founder and Chief Executive Officer Michael Intrator was interviewed.