CoreWeave Revenue Doubles to $2.58 Billion in Q2

CoreWeave Holdings Inc. reported second-quarter revenue of $2.58 billion, more than doubling its sales from the previous year and exceeding Wall Street estimates of $2.56 billion. While the company reported a net loss of $626 million, or $1.14 per share, the figure was narrower than the $1.41 per share projected by analysts.

The company's revenue backlog reached $104 billion by the end of the quarter. To fund the purchase of Nvidia graphics processing units and data center expansion, CoreWeave carries $35 billion in debt. Growth is supported by a $21 billion spending increase from Meta Platforms Inc., a $6 billion commitment from Jane Street Capital, and a multi-year agreement with Anthropic.

CoreWeave also announced plans to enter the Asian market by establishing three data centers in Indonesia. These results follow a period of volatility since the company's March 2025 IPO, during which shares had fallen after each of the previous five earnings reports. Following the Q2 announcement, shares rose between 7% and 12% in extended trading.