CoreWeave CEO Michael Intrator cites ‘sold out’ capacity as revenue more than doubles and backlog swells to $104 billion

CoreWeave's second-quarter revenue more than doubled to $2.58 billion, beating analyst estimates, as CEO Michael Intrator said near-term capacity is 'effectively sold out' and the company's revenue backlog surged 246% year-over-year to $104.2 billion. The stock rose over 14% in after-hours trading despite a net loss of $626 million, fueled by $640 million in net interest expense. CoreWeave, a neocloud provider competing with Amazon Web Services, Microsoft Azure, and Google Cloud, also faces concerns about GPU depreciation and data center restrictions in 18 states.

Neocloud provider CoreWeave’s revenue more than doubled in the second quarter, totaling $2.58 billion and topping analysts targets thanks to surging demand for its AI infrastructure services. “Our near-term capacity remains effectively sold out,” CEO Michael Intrator said on a call with analysts on Tuesday. Coreweave said its revenue backlog—deals that it has not billed yet— rose https://s205.q4cdn.com/133937190/files/doc financials/2026/q2/CoreWeave-Q2-26-Earnings-Presentation.pdf 246% year-over-year to $104.2 billion in the second quarter. And the company noted that the figure doesn’t include roughly $25 billion of net new customer commitments added in early Q3. In response, the stock surged more than 14% in after hours trading on Tuesday, following a volatile year that has seen share prices whipsaw as investors have worked through fears of an AI bubble and the massive amounts of capital expenditures being plowed into AI infrastructure. Coreweave is among several so-called neocloud providers that build and operate data centers to run AI models, and which compete with established cloud computing giants like Amazon https://fortune.com/company/amazon-com/ Web Service, Microsoft https://fortune.com/company/microsoft/ Azure, and Google Cloud. The debate about over investment in AI intensified the day before Coreweave reported earnings, as chipmaker Nvidia https://fortune.com/company/nvidia/ which owns close to 13% of CoreWeave announced a plan Monday to mobilize $500 billion in financing for AI infrastructure in partnership with Apollo https://fortune.com/company/apollo-global-management/ Global Management Inc., Blackstone https://fortune.com/company/blackstone-group/ Inc., BlackRock https://fortune.com/company/blackrock/ Inc. and Brookfield https://fortune.com/company/brookfield-asset-management/ Asset Management. Nvidia’s shares were up about 1% after its funding announcement, and up slightly after CoreWeave published its results. Intrator said on the earnings call that the prices CoreWeave charges for access to Nvidia’s leading edge Blackwell and Vera Rubin chips are “setting new highs” while even older chip inventory is renting at prices last seen years ago. Revenue rose 112% to $2.58 billion this quarter, slightly above the $2.56 billion analysts had estimated, and Coreweave Despite the strong demand, Coreweave lost $626 million in the second quarter, fueled by a $640 million net interest expense, compared to a net loss of $260 million a year ago. Excluding stock compensation costs and other items, Coreweave said it had $128 million in adjusted operated income in the second quarter. Concerns about the life span of older inventory, particularly the pricey Nvidia GPUs in Coreweave’s data centers, have been partly why some investors have been less bullish on CoreWeave. The company carries $46.7 billion of property and equipment on its balance sheet, which is mostly made up of GPUs, which some fear could quickly lose their value in favor of newer versions. Company executives pointed to AI “inference”—in which Coreweave compute runs AI models rather than training them—as a way to extra maximum value from its investments in AI chips and other infrastructure. “The market is very deep,” Intrator said. “We think that we have an embedded advantage because of our control over the silicon, and we think that we’re going to be very successful in that market over time.” Intrator also tried put the kibosh on concerns that local opposition and moratoriums https://www.ncsl.org/fiscal/which-states-are-banning-data-centers on data center buildings would slow CoreWeave’s progress. Currently, 18 states https://www.datacenterbans.com/ have either restricted or are considering significant restrictions on data center building. Intrator said it will impact where data centers are built, but it won’t make a dent in demand. He said companies should work with local communities and offer sweeteners like paying for grid upgrades so costs don’t hit local residents and to ensure long-term job growth. CoreWeave has targeted eight gigawatts of power by 2030. “None of those numbers will be impacted by the regulatory pushback; as of today we are comfortable with it,” Intrator said. breaks the traditional barrier between audience and newsroom. The show transforms Fortune Daily Fortune ’s trusted reporting into actionable, conversational, and entertaining insights for an emerging class of business leaders. Watch here.