CoreWeave Q2 revenue doubled YoY to $2.58B, with backlog exceeding $104B; Nebius posted over 400% revenue growth in the same quarter

CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today announced its financial results for the second quarter ended June 30, 2026. “CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform,” said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. “CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction.”

For the three months ended June 30, 2026, CoreWeave reported revenue of $2,575 million, compared with $1,212 million in the same period of 2025. Operating expenses rose to $2,624 million from $1,193 million, resulting in an operating loss of $49 million against a $19 million profit previously, with an operating margin of (2)% versus 2%. Interest expense, net, increased to $640 million from $267 million. The company recorded a net loss of $626 million, matching a (24)% net loss margin from the prior year’s $290 million loss. Basic and diluted net loss per share stood at $1.14, up from $0.60. On a non-GAAP basis, adjusted EBITDA reached $1,510 million with a 59% margin, down slightly from $753 million and a 62% margin in 2025. Adjusted operating income was $128 million (5% margin) compared with $200 million (16% margin) last year, while adjusted net loss widened to $567 million (22% margin) from $130 million (11% margin). Reconciliations of GAAP to non-GAAP measures are detailed in the accompanying press release.

As of June 30, 2026, CoreWeave’s revenue backlog totaled approximately $104 billion. This figure does not include more than $25 billion in net new customer commitments added in early Q3. The backlog encompasses remaining performance obligations plus other amounts estimated to be recognized as revenue in future periods under committed contracts, subject to delivery and service availability requirements.

During the quarter, CoreWeave secured partnerships with leading enterprises and AI pioneers, including Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics. The company also expanded existing relationships with Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML. To support this growth, active power capacity expanded by nearly 500 MW to reach 1.5 GW, while total contracted power grew to approximately 3.7 GW through provider diversification and an expanded powered land footprint.

Technologically, CoreWeave completed the industry’s first bring-up and validation of the NVIDIA Vera Rubin NVL72. The company launched cross-cloud capabilities to help enterprises balance performance, reliability, and cost across their AI cloud footprint. These include CoreWeave Interconnect, which provides private, high-performance fiber linking directly to hyperscale platforms starting with Google Cloud; SUNK Anywhere, enabling teams to leverage CoreWeave’s SUNK platform across multi-cloud environments; and LOTA Cross-Cloud, delivering near-local data access backed by the Zero Egress Migration program. Additionally, unified agentic AI capabilities were introduced to connect training, inference, observability, and reinforcement learning. This includes CoreWeave ARIA, which analyzes experiment data to drive continuous model improvement, and CoreWeave Sandboxes, which provide secure, isolated execution environments for reinforcement learning and agent tool use. The company also set new MLPerf records for training and inference using open-source models on the NVIDIA Grace Blackwell platform, achieving the lowest cost per token for inference in test runs.

Financially, CoreWeave secured a milestone $3.1 billion term loan—the first publicly syndicated delayed draw facility backed by HPC infrastructure—and received a $1 billion strategic investment from Jane Street following an expanded commercial relationship in Q1 2026. The company also raised over $10 billion in unsecured debt and convertible bonds, including its inaugural Eurobond issuance. In other developments, CoreWeave was selected for inclusion in the Nasdaq-100 Index as one of the 100 largest non-financial companies listed on the exchange.

CoreWeave will provide forward-looking guidance during its earnings conference call and webcast later today. The audio webcast will begin at 2:00 pm PT / 5:00 pm ET and will cover Q2 2026 results, business updates, and guidance. It can be accessed via the investor relations website at investors.coreweave.com, alongside the earnings press release and presentation. A replay and transcript will be available on the same site following the call.

CoreWeave discloses material non-public information through its investor relations page (investors.coreweave.com), X account (@CoreWeave), and LinkedIn page (linkedin.com/company/coreweave/) to comply with Regulation FD. Investors are encouraged to monitor these channels in addition to SEC filings, press releases, and public calls. Founded in 2017 and listed on Nasdaq (CRWV) in March 2025, CoreWeave operates as The Essential Cloud for AI™, combining superior infrastructure performance with deep technical expertise to accelerate AI innovation for labs, startups, and global enterprises. More information is available at www.coreweave.com.

This press release contains forward-looking statements within the meaning of applicable securities laws. Such statements reflect current expectations, forecasts, and assumptions regarding business strategy, capital structure, future growth, technology, operating leverage, customer demand, enterprise adoption, and revenue backlog estimates. Forward-looking statements may be identified by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or their negatives. Actual results may differ materially due to risks including execution challenges, customer retention, sustained AI infrastructure demand, third-party provider disruptions, internal control development, financial performance, capital raising needs, and macroeconomic conditions such as geopolitical conflicts, inflation, tariffs, interest rates, banking sector instability, and foreign currency fluctuations. Additional risk factors are detailed in the company’s SEC filings under “Risk Factors” and “Management’s Discussion and Analysis of Fin