Markets CRWV AUG 11, 2026

CoreWeave Q2 revenue doubles to $2.58B, backlog hits $104B; shares jump 14% after-hours

CRWV beat consensus on both lines, guided Q3 to as much as $3.6B, and raised full-year capex to $35B–$39B — one day after Nvidia unveiled a $500B compute-financing platform with six Wall Street asset managers.

BY HENLEY MARRAST · MARKETS DESK

CoreWeave posted Q2 revenue of $2.58 billion, up 112% year over year, and shares jumped 14% in extended trading. The beat itself was narrow against the LSEG consensus of $2.56 billion; the real signal was everything sitting behind it.

The revenue backlog stood at roughly $104 billion as of June 30, and management noted that figure excludes more than $25 billion in fresh Q3 commitments. Meta added $21 billion during the quarter. Jane Street signed on for $6 billion of capacity plus a $1 billion strategic investment. Anthropic remains in the mix. This is a customer roster that reads less like a cloud provider’s book and more like a syndication.

Guidance moved in the same direction. Q3 is now pointed at $3.4 billion to $3.6 billion, implying 158% growth at the midpoint against an LSEG consensus of $3.43 billion. Full-year 2026 revenue guidance tightened upward to $12.4 billion to $13.2 billion, from May’s $12 billion to $13 billion range, with adjusted operating income guided to $960 million to $1.15 billion.

The capital intensity is the other half of the story. Capex guidance jumped to $35 billion to $39 billion for the year, up from $31 billion to $35 billion previously. Total debt at quarter end also sat at $35 billion. Active power is expected to exceed 1.85 gigawatts by year end. During the quarter CoreWeave raised more than $10 billion in unsecured debt and convertible bonds. The GAAP net loss widened to $626 million from $290 million a year earlier, translating to $1.14 per share; adjusted loss came in at $1.03, better than the $1.20 modeled.

The timing is what makes this report legible. One day earlier, Nvidia announced a compute-infrastructure financing platform with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, targeting more than $500 billion of third-party capital. CoreWeave’s numbers arrived as the first stress test of that thesis on public markets. Nebius rose 5% in sympathy after-hours.

CRWV is up 26% year to date against roughly 13% for the S&P 500. The question isn’t demand. It’s who ends up owning the balance sheet when the buildout is done.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.