Coreweave revenue doubles to $2.6 billion, stock jumps 18%

CoreWeave shares jumped 18% in premarket trading on August 12, 2026, after the AI cloud provider reported second-quarter revenue of $2.6 billion, up 112% from $1.2 billion a year earlier.

The company, which rents out high-powered computing capacity for artificial intelligence workloads, said hyperscalers’ accelerating demand for AI compute drove the increase.

But CoreWeave remained unprofitable. Operating expenses more than doubled to $2.6 billion, slightly exceeding revenue and producing an operating loss of $49 million. A year earlier, the company posted operating income of $19 million. CoreWeave has taken on significant debt to fund its rapid AI infrastructure buildout.

Meta committed an additional $21 billion in spending during the quarter, while Jane Street made a $1 billion strategic investment. CoreWeave also added new customers including Bentley Systems, Grammarly, Isomorphic Labs, and Sunday Robotics. As of June 30, the company’s revenue backlog stood at $104 billion, and it has secured $25 billion in additional commitments for the third quarter.

For the third quarter, CoreWeave guided for revenue between $3.4 billion and $3.6 billion. Full-year 2026 revenue is forecast at $12.4 billion to $13.2 billion, with adjusted operating income of $960 million to $1.15 billion.

Michael Intrator, the chief executive, said in a statement that CoreWeave reached “an important inflection point” as scale begins to translate into expanding operating leverage. “Customer demand is accelerating, as enterprise adoption broadens,” he added.

Citi analysts described the quarter as “one of the cleaner quarters” since CoreWeave’s 2025 public listing, citing robust AI demand, stronger pricing power, a growing software and tokens business, and better-than-expected margins. They said upward revisions to profitability guidance and positive execution updates should help the shares move meaningfully higher.

Intrator is scheduled to appear on CNBC’s “Squawk on the Street” at 9 a.m. ET on August 12. At the close of trading on August 11, the stock was up 26% for the year.