Overview

• CoreWeave reported $1.21 billion in second-quarter revenue, surpassing the $1.08 billion consensus and lifting its backlog to $30.1 billion.
• The net loss widened to $290.5 million as operating expenses jumped to $1.19 billion and operating margins compressed to about 2 percent.
• Capital expenditures reached a quarterly record of $2.9 billion as CoreWeave invests to secure power capacity for its rapid AI infrastructure expansion.
• Management raised full-year revenue guidance to $5.15 billion–$5.35 billion on sustained demand from Nvidia-backed hyperscale customers.
• Near-term risks include share volatility from the upcoming lock-up expiry, heavy debt obligations, customer concentration and opposition to the $9 billion Core Scientific deal.