CoreWeave Surges on Q2 Revenue Beat Amid Big AI Deals

CoreWeave posted Q2 revenue of $2.58 billion (vs. $2.56 billion expected) and a per-share loss of $1.14, up 112% year over year, with a net loss of $626 million. The company’s revenue backlog reached $104 billion and 1.5 gigawatts of active power, while carrying about $35 billion in debt to fund Nvidia GPUs and related equipment. It announced multi-year deals with Anthropic and Meta (Meta to spend $21 billion) and a $6 billion commitment from Jane Street. The stock rose about 11% in extended trading as it remains competitive in the AI cloud race against AWS, Google, and Microsoft. A conference call is set for 5 p.m. ET to discuss results.