CoreWeave Reports $2.57B Q2 Revenue, Doubling Year-Over-Year Amid AI Expansion

CoreWeave has projected a second-quarter revenue of approximately $2.575 billion for 2026, representing a 112% increase from $1.212 billion in the same quarter of the previous year. This growth aligns with the company's previous guidance and reflects its strong positioning in the AI cloud infrastructure market.

The company, which began as a cryptocurrency mining operation in 2017, has transitioned into a specialized AI-native cloud platform, focusing on large-scale generative AI workloads. CoreWeave's revenue backlog has now reached an impressive $104 billion, bolstered by over $25 billion in new commitments secured in the early weeks of the third quarter.

Despite reporting a net loss of $626 million for the quarter, the company achieved an adjusted EBITDA of $1.51 billion, indicating a robust margin of 59%. CoreWeave's active power capacity increased to 1.5 gigawatts, with total contracted power now at approximately 3.7 gigawatts, showcasing its expanding infrastructure.

CoreWeave's recent partnerships, including a multi-year storage deal with Solidigm and collaboration with Leidos for defense applications, further emphasize its growing influence in the AI sector. The company also validated NVIDIA’s Vera Rubin platform, enhancing its capabilities for future AI workloads.

As CoreWeave continues to expand its data center presence across the U.S., Europe, and Asia-Pacific, the upcoming earnings conference call on August 11 is anticipated to provide further insights into its financial performance and strategic direction.