CoreWeave shares increased by 18% Wednesday following the company’s report of better-than-expected results for its AI infrastructure division.
CoreWeave reported that Q2 revenue increased 112% year over year. Its net loss grew to $626 million from $290 million, or 60 cents per share.
“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform,” said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. “CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction.”
The company’s revenue backlog currently totals $104 billion, not including over $25 billion in new commitments from Q3.
Regarding guidance, management forecasted third-quarter revenue between $3.4 billion and $3.6 billion, which represents approximately 158% growth at the midpoint.
Moving forward, CoreWeave projects an adjusted operating income of $960 million to $1.15 billion, based on revenue estimates of $12.4 billion to $13.2 billion.
The company targeted over 1.85 gigawatts of active power by the end of the year, with annual capital expenditures estimated between $35 billion and $39 billion. The forecast as of May projected capital spending to be between $31 billion and $35 billion.
“When we talk through the numbers with you guys, we’re basing our progress on where we are today and what we have guided here,” CEO Mike Intrator said in an earnings call. “None of those numbers will be impacted by the regulatory pushback as of today.”
As of Tuesday’s close, CoreWeave shares had gained 26% year to date.
By CEO NA Editorial Staff
