Strong demand for AI cloud computing has prompted CoreWeave to raise its 2026 capital spending forecast after the company exceeded market expectations for the 2nd quarter. Its shares rose more than 14% in extended trading following the results.
The AI cloud provider also increased its 2026 revenue and adjusted operating profit targets, supported by a growing order backlog, higher prices and additional computing capacity expected to come online this year.
CoreWeave, a so-called neocloud that provides hardware and cloud capacity to technology companies, has benefited from continued enterprise spending on AI. Its close relationship with Nvidia has also strengthened its position as a major provider of computing capacity powered by Nvidia chips.
The company has attracted customers including Meta, Anthropic and Caterpillar this year. Microsoft remains one of its largest customers.
CoreWeave reported a revenue backlog of $104.2 billion for the 2nd quarter, compared with $99.4 billion in the previous quarter. It has also secured more than $25 billion in net new customer commitments so far in the current quarter.
“We outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results,” CEO Michael Intrator said during a post-earnings call.
With its near-term capacity largely sold out, Intrator said CoreWeave is securing computing agreements on “increasingly favorable terms.”
The company has rapidly expanded its data-center footprint and now expects full-year capital expenditure to reach between $35 billion and $39 billion, up from its earlier forecast of $31 billion to $35 billion. It expects capital spending of $11.5 billion to $13.5 billion in the 3rd quarter.
More than half of CoreWeave’s current backlog is tied to a contract where customer delivery has already started.
The company’s 2nd-quarter revenue more than doubled to $2.58 billion, compared with the $2.56 billion market estimate, according to LSEG data. Its adjusted loss per share was $1.03, narrower than the expected loss of $1.20.
Capital expenditure reached $9.4 billion in the June quarter, rising from $6.8 billion in the previous 3-month period.
“The massive contracted backlog guarantees rare multi-year revenue visibility … This quarter feels like a pivotal one for CoreWeave,” said Andrew Rocco, stock strategist at Zacks Investment Research.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream LinkedIn | The Mainstream Facebook | The Mainstream Youtube | The Mainstream Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.