CoreWeave (NASDAQ:CRWV) reported second-quarter 2026 revenue of $2.6 billion, up 112% from a year earlier and 24% sequentially, as demand for its AI cloud infrastructure continued to exceed available capacity. The company also raised its full-year revenue and operating-income outlook, citing faster capacity deployment, higher pricing and expanding margins on newer customer contracts.
Chief Executive Officer Mike Intrator said the company’s revenue backlog reached $104 billion at the end of the quarter, up 246% year over year. The figure excludes more than $25 billion in net new customer commitments signed during the early weeks of the third quarter, according to the company.
Margins Expand as Capacity Ramps
CoreWeave reported adjusted EBITDA of $1.5 billion, compared with $753 million in the prior-year quarter, producing an adjusted EBITDA margin of 59%. Adjusted operating income was $128 million, up from $21 million in the first quarter but down from $200 million a year earlier. Adjusted operating margin was 5%.
The company recorded a net loss of $626 million, compared with a $290 million net loss in the second quarter of 2025. Interest expense rose to $640 million from $267 million a year earlier as CoreWeave added debt to finance its infrastructure expansion. Adjusted net loss was $567 million, compared with $130 million in the year-ago period.
Chief Financial Officer Nitin Agrawal said the company saw margin expansion even before July pricing changes, which included an approximately 25% increase across SKUs. CoreWeave also said it was passing through higher component costs.
Intrator said contracts signed during the second quarter carried expected contribution margins 5 to 10 percentage points above those added in recent quarters. He attributed the increase to customer demand, the value customers place on CoreWeave’s infrastructure and the growing monetization of AI products by customers.
Power Footprint and Capital Spending Increase
CoreWeave ended the quarter with 1.5 gigawatts of active power after adding nearly 500 megawatts during the period. More than 300 megawatts of that total came online in June, Agrawal said. The company’s contracted power reached 3.7 gigawatts at quarter-end and has since risen to 4.2 gigawatts, according to Intrator.
The company said those figures exclude more than 1.5 gigawatts of potential additional power from powered land, options at existing sites and letters of intent. CoreWeave also said it has contracted more than one gigawatt of power outside the United States, including 360 megawatts in Indonesia expected to begin coming online in about 18 months.
Capital expenditures totaled $9.4 billion in the second quarter, slightly above the company’s prior guidance range, reflecting accelerated customer deliveries. Construction in progress increased to $11.9 billion from $9.6 billion in the previous quarter.
CoreWeave had more than $6.9 billion in cash equivalents, restricted cash and marketable securities as of June 30. During the quarter, it raised about $18 billion through debt, convertible securities and equity. Agrawal said the company has secured more than $32 billion in debt and equity capital to date and reduced its weighted average cost of debt by nearly 300 basis points over the past year.
Inference, Software and Customer Expansion
Management highlighted growth in managed inference and software-related products as customers move AI applications from experimentation into production. CoreWeave said booked annual recurring revenue for its managed inference platform increased from $1 million to more than $100 million in the months since the offering launched. The company expects to exit 2026 with at least $250 million in managed inference ARR.
Agrawal said AI products and services beyond GPUs, including storage, CPU, networking and software, exceeded $400 million in ARR during the second quarter. The company said these offerings carry higher margins and are helping customers consolidate spending on its platform.
CoreWeave named Caterpillar, Isomorphic Labs, Flow Traders, IMC and Leidos among customers or partners using its infrastructure across industrial AI, life sciences, financial services and public-sector applications. The company also said it signed its first CoreWeave Omni agreement, which is expected to begin scaling in 2027.
During the quarter, CoreWeave introduced seven AI platform capabilities and said it became the first cloud provider to bring up and validate NVIDIA’s Vera Rubin NVL72 platform. Intrator said the company’s AI infrastructure is designed to support both training and inference workloads, rather than treating them as separate infrastructure categories.
Guidance Raised for 2026
CoreWeave raised its expectations for active power at year-end to more than 1.85 gigawatts, from prior guidance of more than 1.7 gigawatts. For the third quarter, the company projected:
- Revenue of $3.45 billion to $3.6 billion.
- Adjusted operating income of $200 million to $260 million.
- Interest expense of $860 million to $940 million.
- Capital expenditures of $11.5 billion to $13.5 billion.
For the full year, CoreWeave raised revenue guidance to $12.4 billion to $13.2 billion and adjusted operating-income guidance to $960 million to $1.15 billion. It now expects 2026 capital expenditures of $35 billion to $39 billion and year-end annualized run-rate revenue of $18.5 billion to $19.5 billion.
Agrawal said the company expects adjusted operating margins to continue expanding sequentially, reaching the low-teens range in the fourth quarter. Management maintained that it remains on track to reach at least 8 gigawatts of active power by 2030.
About CoreWeave (NASDAQ:CRWV)
CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.
CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.
