CoreWeave shakes off losses as backlog soars and stock jumps

CoreWeave narrowed Q2 losses to $1.14 per share on $2.5 billion in revenue and posted adjusted operating income of $128 million, beating expectations, while backlogs rose to $104 billion (not including about $25 billion in Q3 commitments). The results helped the stock rally about 18% in premarket trading as the company continues heavy investment in AI data-center capacity, even as SpaceX rents compute from its facilities and Meta weighs entering the space, signaling strong demand but rising competition.