Markets CRWV AUG 13, 2026

CoreWeave Q2 revenue doubles to $2.58B, CRWV jumps 14% on $21B Meta deal and $104B backlog

The AI cloud provider raised full-year guidance to $12.4B–$13.2B and disclosed $25B in new Q3 commitments, even as net losses widened to $626M against $35B in debt.

BY HENLEY MARRAST · MARKETS DESK

CoreWeave reported $2.58 billion in Q2 revenue Tuesday, a 112% year-over-year jump that beat the $2.56 billion LSEG consensus and sent CRWV up 14% in extended trading. The stock was already 26% higher year-to-date at the close. What moved shares wasn’t the beat, though. It was the disclosure that Meta had committed an additional $21 billion through 2032, layered onto an earlier $14 billion deal, and that another $25 billion in net new customer commitments had already landed in the opening weeks of Q3.

Backlog now stands at $104 billion. Full-year revenue guidance climbed to $12.4–$13.2 billion from the $12–$13 billion range issued in May. Capex guidance moved in lockstep, to $35–$39 billion from $31–$35 billion, with the company targeting over 1.85 gigawatts of active power by year-end.

The operational read-through was strong enough to make CFO Nitin Agrawal’s disclosure that CoreWeave is passing component price increases through to customers sound like a margin story rather than a warning. Adjusted operating income of $128 million came in nearly double the $66 million Bloomberg consensus. Adjusted loss per share of $1.03 beat the expected $1.20.

“Pricing and margins for our Blackwell and Vera Rubin SKUs are setting new highs, while pricing for prior generation SKUs is at or above where it was years ago,” CEO Michael Intrator said on the call. That’s the sentence bulls will quote for the rest of the year.

The bear case sits directly underneath it. Net losses widened to $626 million from $290 million a year earlier, driven by net interest expense that more than doubled to $640 million from $267 million. CoreWeave finished the quarter with $35 billion in debt, having raised more than $10 billion in unsecured debt and convertible bonds during Q2 alone, plus a $3.1 billion term loan the company describes as the first publicly syndicated delayed-draw facility backed by HPC infrastructure. Jane Street contributed a $6 billion commitment and a $1 billion strategic investment. There was also an inaugural Eurobond.

The structural question is whether hyperscaler demand outruns hyperscaler competition. Yahoo Finance notes SpaceX has begun leasing spare compute to Anthropic and Google, and Meta itself, CoreWeave’s largest customer, has signaled it could enter the cloud rental business. The backlog is real. So is the possibility that the customers building it are also the competitors who’ll eventually shrink it.

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.