CoreWeave saw its shares jump 8% in extended trading on Tuesday. The AI infrastructure provider reported Q2 revenue that beat Wall Street expectations, reaching $2.58 billion. This figure represents a 112% increase compared to the same quarter last year.
Despite the significant revenue growth, the company continues to operate at a loss. CoreWeave recorded a net loss of $626 million for the quarter, up from $290 million in the previous year. The firm maintains $35 billion in debt on its balance sheet, primarily to fund the purchase of Nvidia graphics processing units and other essential hardware for its data centers.
Business activity remains high as the company scales its operations. CoreWeave secured major agreements this quarter with Anthropic and Jane Street. Additionally, Meta committed an extra $21 billion to the provider earlier this year. The company now reports a total revenue backlog of $104 billion, backed by 1.5 gigawatts of contracted power.
CoreWeave now faces a competitive market. Major cloud players including Amazon, Google, and Microsoft continue to build out their own AI infrastructure. New entrants, such as SpaceX selling off its excess computing capacity, add to the market pressure. Since its Nasdaq debut in March 2025, CoreWeave stock has gained 26% year to date, outperforming the broader S&P 500.