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CoreWeave shares jump after Q2 revenue growth and $104B backlog
CoreWeave reported backlog above $104 billion at quarter end and added $25 billion in contracted capacity in early Q3, alongside a raised year-end active power target to 1.85 GW.
CoreWeave’s Q2 results drove a sharp stock move and renewed bullish momentum for the company as it pointed to continued growth in AI infrastructure demand, with revenue rising 113% year over year and backlog topping $104 billion at quarter end, according to MarketBeat Ratings.
The backlog figure was further reinforced by additional capacity contracted in early Q3, totaling $25 billion, and MarketBeat Ratings said the backlog is roughly equivalent to about 13 years of revenue at the Q2 run rate. The company also accelerated capital expenditure as it moved toward launching new capacity.
On its earnings call, CoreWeave executives increased the year-end target for active power to 1.85 GW, a nearly 9% step up from the prior quarter, signaling capacity ramp plans that could support future delivery.
Still, MarketBeat Ratings flagged risks to the rally, citing cash burn and debt concerns noted by analysts, and said short interest remains high, with more than 18% of shares sold short as of early August, which can amplify price swings. MarketBeat Ratings also referenced JPMorgan lifting its price target to $110 while maintaining a cautious tone.