CoreWeave lifts 2026 spending to $39 billion after revenue beat
What's new: Shares jumped more than 14% after hours as the AI cloud provider reported a $104.2 billion backlog and over $25 billion in new commitments this quarter.
CoreWeave raised its 2026 capital spending plan to $35 billion to $39 billion after topping second-quarter estimates and boosting its outlook for next year, underscoring still-surging demand for AI cloud infrastructure. The Nvidia-backed company said quarterly revenue more than doubled to $2.58 billion, slightly above analyst estimates of $2.56 billion, while its adjusted loss narrowed to $1.03 a share from the $1.20 loss analysts expected. CoreWeave also reported a revenue backlog of $104.2 billion, up from $99.4 billion in the first quarter, and said it has booked more than $25 billion in net new customer commitments so far this quarter. Capital spending in the June quarter rose to $9.4 billion from $6.8 billion.