Markets CRWV AUG 12, 2026

CoreWeave revenue doubles to $2.58B, stock jumps 19% as backlog hits $104B

CRWV beat Q2 consensus, raised 2026 revenue guidance to as much as $13.2B, and landed a $21B Meta contract and multi-year Anthropic deal — triggering a neocloud rally.

BY HENLEY MARRAST · MARKETS DESK

CoreWeave shares surged 19% Wednesday after the GPU-cloud operator reported Q2 revenue of $2.58 billion, a 112% jump year over year that edged past the LSEG consensus of $2.56 billion and pushed the company’s backlog to a striking $104 billion. The stock had already run 14% in extended trading Tuesday night, and closed the prior session up 26% year to date. CEO Michael Intrator called the quarter “an important inflection point,” which, given the numbers behind him, wasn’t the usual earnings-call throat-clearing.

The backlog is the story. It grew 246% year over year, and CoreWeave says more than $25 billion in fresh commitments landed in early Q3 alone, on top of that figure. Those commitments include a $21 billion agreement with Meta running through 2032, a multi-year Anthropic deal, and $6 billion from Jane Street, which also made a $1 billion strategic investment. Management raised full-year 2026 revenue guidance to $12.4–$13.2 billion (from $12–$13 billion in May) and Q3 guidance to $3.4–$3.6 billion, implying 158% growth at the midpoint.

The losses grew too. CoreWeave posted a $626 million GAAP net loss versus $290 million a year earlier, an adjusted loss of $1.03 per share (better than the $1.20 expected), and net interest expense of $640 million against $267 million last year. Total debt sits at roughly $35 billion. Capex guidance was raised to $35–$39 billion.

This is the neocloud trade in one line item: revenue compounds, contribution margins expand (Wells Fargo flagged 30–35%, up from mid-20s), and the interest bill keeps pace with the buildout. Adjusted EBITDA reached $1.51 billion. Intrator said pricing and margins on Blackwell and Vera Rubin SKUs are “setting new highs,” and Citi noted price increases of roughly 25% across SKUs.

Wall Street stayed split. Wells Fargo’s Michael Turrin raised his target to $160 from $155; Citi reiterated Buy at $142; Morgan Stanley held Equal weight at $99; Bernstein stayed Underperform at $74. The tape didn’t care about the bear case: Nebius rode CoreWeave’s coattails to a 34% pop after posting 514% revenue growth on $575 million. CFO Nitin Agrawal now oversees a balance sheet where the backlog is roughly triple the debt load, which is either the bull thesis or the bear thesis depending on which decade you think AI capex peaks in.

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.