{"slug": "nvidia-backed-coreweave-boosts-2026-spending-plan-beats-quarterly-estimates-on", "title": "Nvidia-backed CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge", "summary": "CoreWeave, an AI cloud company backed by Nvidia, raised its 2026 capital expenditure forecast to between $35 billion and $39 billion after beating second-quarter estimates, with revenue more than doubling to $2.58 billion. The company's shares rose over 14% in extended trading as it reported a revenue backlog of $104.2 billion and secured more than $25 billion in new customer commitments. CEO Michael Intrator said the company is securing compute agreements on increasingly favorable terms due to limited supply.", "body_md": "# Nvidia-backed CoreWeave boosts 2026 spending plan, beats quarterly estimates on AI demand surge\n\nCompany is securing cloud deals on favourable terms amid limited supply, CEO says\n\nCOREWEAVE lifted its annual capital spending forecast on Tuesday (Aug 11) after beating second-quarter estimates, betting on a surge in demand for its AI cloud computing services, sending the company’s shares more than 14 per cent higher in extended trading.\n\nThe AI cloud company also lifted its targets for 2026 revenue and adjusted operating profit, encouraged by a ballooning order book, benefits from price increases and more compute capacity coming online in 2026.\n\nCoreWeave, a so-called neocloud that offers hardware and cloud capacity to other technology companies, has seen demand skyrocket on relentless enterprise spending on AI.\n\nAdditionally, its [close ties with Nvidia](https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/nvidia-invests-us2-billion-more-coreweave-offers-new-chip) have cemented its position as a key provider of capacity powered by the sought-after Nvidia chips, and helped it draw high-profile customers such as Meta, Claude creator Anthropic and Caterpillar, among others, in 2026.\n\nCoreWeave reported revenue backlog of US$104.2 billion in the second quarter, up from US$99.4 billion in the first quarter. On top of that backlog, it has secured more than US$25 billion of net new customer commitments so far in the current quarter.\n\n“We outperformed our plan across the board, with the operating leverage we have been building beginning to show up clearly in our results,” CEO Michael Intrator said on a post-earnings call.\n\nWith its near-term capacity effectively sold out, CoreWeave is securing compute agreements on “increasingly favourable terms,” Intrator added.\n\nCoreWeave, which counts cloud giant Microsoft among its biggest customers, has invested rapidly in data centres. It now expects full-year capital expenditure to be between US$35 billion and US$39 billion, up from its previous expectations of US$31 billion to US$35 billion.\n\n“The massive contracted backlog guarantees rare multi-year revenue visibility... This quarter feels like a pivotal one for CoreWeave,” said Andrew Rocco, stock strategist at Zacks Investment Research.\n\nCoreWeave said more than half of its current backlog is attached to a contract where customer delivery has already begun.\n\nIts second-quarter revenue more than doubled to US$2.58 billion, compared with estimates of US$2.56 billion, according to data compiled by LSEG. Its adjusted per-share loss of US$1.03 was smaller than expectations for a loss of US$1.20.\n\nIts capital expenditures reached US$9.4 billion in the June quarter, up from US$6.8 billion in the prior three-month period. REUTERS\n\nDecoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. 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