Overview
- CoreWeave reported Q2 results that beat estimates with $2.575 billion in revenue, adjusted EBITDA of $1.51 billion at a 59% margin, GAAP EPS of -$1.14 and operating cash flow of $679 million.
- Management disclosed a roughly $104 billion contracted backlog and said it added more than $25 billion in new commitments in early Q3, giving management multi‑year revenue visibility.
- The company is rapidly expanding infrastructure, with about 1.5 gigawatts of active power, 3.7 gigawatts contracted and a stated path toward more than 8 gigawatts by 2030 while deploying new NVIDIA GPUs and claiming MLPerf inference records.
- Analysts flag material risks from capital intensity and leverage, citing a $5.7 billion free cash flow burn last quarter, a debt‑to‑equity ratio near 9 and an active securities‑fraud lawsuit that could affect financing and execution.
- Investors gave mixed reactions after Thursday's results, sending the stock higher while leaving it below year‑ago levels; analysts like 24/7 Wall St. set a $159.96 target and the market will watch whether the company converts backlog into delivered, profitable revenue and completes planned power and data‑center builds.