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CoreWeave, Nebius, and Supermicro surge after strong AI build-out results
Nebius reported $582.3 million in revenue, up from $105.1 million a year earlier, as it signed four large AI cloud deals with average contract values above $1 billion.
Three AI infrastructure companies, CoreWeave, Nebius, and Supermicro, rallied after reporting results that suggested AI compute demand is continuing, at least for now. According to Yahoo Finance, shares jumped on Wednesday, with CoreWeave rising as much as 20%, Supermicro up roughly 15%, and Nebius gaining about 27% on the day.
Nebius posted revenue of $582.3 million in its latest quarter, compared with $105.1 million in the same period a year earlier, a 454% year-over-year increase. The company said it signed four major AI cloud deals during the quarter, with average total contract value above $1 billion, and noted it could potentially sell out all of its 2027 capacity while reserving some for immediate customer needs.
Nebi us is building data centers filled with high-powered GPUs that it rents out to clients, and spending remained heavy. For the quarter, it reported $5.7 billion in capital expenditures, driven primarily by GPU purchases and related hardware, while its adjusted net losses widened to -$567 million from -$130 million in the prior year period.
CoreWeave also delivered a surge in revenue and a larger backlog. Yahoo Finance reported CoreWeave revenue rose to $2.5 billion from $1.2 billion, up 112% year over year, with its revenue backlog growing 246% to $104.2 billion, and the company said it had already signed an additional $25 billion in deals expected to enter its backlog in Q3, alongside $9.4 billion in quarterly capital expenditures.