AI-focused cloud infrastructure provider CoreWeave reported $2.575 billion in revenue for the second quarter of 2026, which ended June 30. Revenue more than doubled from $1.212 billion in the same period of 2025. The company also raised its planned 2026 capital expenditure range to $35 billion–$39 billion.
Revenue rose while the net loss widened
CoreWeave’s official results show a quarterly net loss of $626 million, compared with a $290 million loss one year earlier. Basic and diluted net loss was $1.14 per share. Net interest expense reached $640 million. The figures show that rapid revenue growth was accompanied by substantial infrastructure and financing costs.
The company separately reported adjusted EBITDA of $1.51 billion and adjusted operating income of $128 million. These are non-GAAP measures defined by CoreWeave and differ from standard accounting results. They should not be treated as directly equivalent to the company’s reported $626 million GAAP net loss.
Revenue backlog reached about $104 billion
CoreWeave said its revenue backlog was approximately $104 billion as of June 30. The company defines the figure as remaining performance obligations plus other committed contract amounts it estimates will be recognized as revenue in future periods, subject to delivery and service-availability requirements. It also said the figure does not include more than $25 billion in net new customer commitments added in early in the third quarter.
The backlog does not mean that all $104 billion is current revenue or guaranteed cash. CoreWeave must deliver the contracted capacity and satisfy service conditions before relevant amounts can be recognized. Reuters reported that customer delivery had already started for contracts representing more than half of the current backlog.
Why the investment forecast increased
CoreWeave increased its 2026 capital spending outlook from a previous range of $31 billion–$35 billion to $35 billion–$39 billion. Capital expenditures reached $9.4 billion during the second quarter, up from $6.8 billion in the preceding three-month period. The company is expanding data center and computing capacity as it seeks to meet demand for AI cloud services.
Reuters reported that CoreWeave also lifted its 2026 revenue and adjusted operating profit targets. Second-quarter revenue was slightly above the market estimate cited by Reuters, while the shares gained more than 14% in after-hours trading. That move represents an immediate market reaction outside the regular session and does not guarantee a lasting change in valuation.
The official release also listed new or expanded relationships across AI laboratories, large cloud users and enterprises. CoreWeave named Bentley Systems, Caterpillar, Grammarly and Isomorphic Labs among customer wins, while reporting expanded relationships with firms including Databricks and Runway. Customer names alone do not disclose the size or profitability of individual contracts.
The results illustrate how strong demand and heavy financing needs are growing together in AI infrastructure. Future performance will depend on whether new capacity becomes available as planned, contracted work converts into recognized revenue and financing costs remain manageable. CoreWeave’s spending and revenue outlooks are forward-looking estimates rather than completed results, and the company’s SEC filing warns that actual outcomes may differ.
