CoreWeave rides AI momentum to beat earnings as backlog surges and guidance rises

CoreWeave reported Q2 revenue of $2.58 billion and an adjusted net loss of $567 million, beating expectations and leaving a backlog of $104 billion, as AI infrastructure demand remains strong. The stock jumped about 14% after hours, with management calling the quarter an important inflection point driven by capacity expansion and operating leverage. The company highlighted notable customer wins (including Isomorphic Labs) and Nvidia collaboration, flagged a sharply higher capex run rate (about $9.4 billion this quarter), and raised full-year guidance to $12.4–$13.2 billion and Q3 guidance to $3.45–$3.6 billion, with margins expected to climb into the low teens by Q4.