CoreWeave, one of the largest providers of cloud computing for AI, reported a record second quarter on Tuesday, with revenue more than doubling and its contracted backlog crossing $100 billion for the first time.

Revenue reached $2.575 billion in the quarter, up 112% from $1.212 billion a year earlier, the company said. Its revenue backlog — the total value of contracted future services — grew to $104 billion from $99.4 billion at the end of the first quarter, and the company added more than $25 billion in new commitments for the third quarter alone.

CoreWeave also reported $128 million in operating profit, a step toward sustainable profitability, and said margins are expected to keep expanding through the second half of the year. Shares rose after the results, which came after the stock had fallen roughly 30% from its highs amid investor concerns about spending and margins across the AI infrastructure boom.

The numbers land in a week when the economics of AI infrastructure are front and center. Nvidia and a group of Wall Street asset managers announced plans to mobilize more than $500 billion to finance AI data centers, underlining how much capital is pouring into the sector. CoreWeave, which builds and operates GPU-heavy data centers for AI developers, is among the most direct beneficiaries — and among the most closely watched, given its rapid expansion and significant debt.

Analysts had expected a wider adjusted loss, making the stronger-than-expected results a validation of the build-first strategy that has defined the AI cloud market. A backlog of roughly $100 billion implies years of committed revenue, but CoreWeave must still deliver the computing capacity it has sold — a challenge that ties its fortunes to chip supply and construction timelines.

For the AI industry, the numbers are a measure of how far compute demand remains ahead of supply, and a sign that customers are signing long-term contracts to secure capacity years in advance.

Sources