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CoreWeave narrows Q2 losses as revenue meets expectations
CoreWeave posted a $128 million adjusted operating income in Q2, exceeding consensus, and said its revenue backlog of $104 billion excludes planned Q3 commitments totaling $25 billion.
CoreWeave shares surged after the AI cloud provider reported second quarter results that narrowed its losses per share and met revenue expectations. Yahoo Finance said the company reported Q2 losses per share of $1.14 on revenue of $2.5 billion, compared with Wall Street expectations of -$1.41 per share on revenue of $2.5 billion, according to Bloomberg analyst consensus estimates.
In the same quarter, CoreWeave delivered adjusted operating income of $128 million, above the consensus estimate of $66 million. The company attributed the improvement to operating leverage starting to translate as it scales, with CEO Michael Intrator saying customer demand is accelerating alongside broader enterprise adoption.
CoreWeave also reiterated the scale of its AI infrastructure spending, building data centers to host AI chips rented by companies including Meta and Anthropic. Yahoo Finance reported the company’s revenue backlog reached $104 billion, and said it does not include Q3 commitments of $25 billion.
Competition remains a key factor, with SpaceX beginning to rent computing capacity from its own data centers and Meta considering a similar move. Yahoo Finance noted demand for compute remains strong as chip and memory supply constraints encourage customers to pay premiums for access to available capacity.