CoreWeave saw its stock price jump 19 percent this Wednesday following a strong second-quarter earnings report. The company generated 2.6 billion dollars in revenue, marking a 112 percent increase from the same period last year. CEO Michael Intrator reported that demand for AI compute capacity remains high, with current customer commitments for the third quarter reaching 25 billion dollars.
Despite this revenue growth, the company remains unprofitable for now. Operating expenses matched revenue figures during the quarter as the business continues to invest heavily in physical infrastructure. CoreWeave currently maintains a total revenue backlog of 104 billion dollars, which highlights the massive scale of its operations supporting hyperscalers.
The broader market for neocloud infrastructure is also seeing significant movement. Nebius posted a 34 percent stock price increase after reporting a 514 percent rise in quarterly revenue. Additional data center hardware providers such as Supermicro also reported strong order numbers, with the company securing over 60 billion dollars in new orders over the last year.
Financial analysts at Citi noted that CoreWeave delivered a confident performance this quarter. They highlighted the company's pricing power and increased demand for its software services as key indicators of health. Investors reacted positively to the guidance for full-year revenue, which the company expects to fall between 12.4 and 13.2 billion dollars.