Overview
- CoreWeave reported second-quarter revenue of $2.575 billion, up about 112% year over year, and adjusted EBITDA doubled to $1.51 billion at a 59% margin.
- The company said its remaining-performance-obligation backlog reached roughly $104 billion at quarter end and that more than $25 billion of new customer commitments signed in early July were not yet included.
- Management added nearly 500 megawatts of active power in Q2 to reach about 1.5 gigawatts of active capacity and raised guidance for third-quarter and full-year revenue.
- CoreWeave is spending heavily to build capacity, recording multibillion-dollar quarterly capital spending and issuing large amounts of debt that widened its GAAP net loss to $626 million and keep cash-burn and financing risk prominent.
- Investors reacted with a sharp share-price rally and several analyst upgrades and higher targets, but firms warned the next tests are timely delivery of power and data centers, sustained pricing on new contracts, and customer concentration risks.