CoreWeave's Revenue Doubled and Its Backlog Hit $104 Billion. The Losses Doubled Too
CoreWeave's second quarter, reported August 11: revenue of $2.58 billion more than doubled from a year ago and edged past the $2.56 billion estimate, the revenue backlog reached $104 billion — before counting more than $25 billion of new commitments signed in early July — and the net loss widened 116% to $626 million. Both sides of the AI infrastructure trade, in one report.
- CoreWeave reported Q2 2026 revenue of $2.58 billion — up 112% from $1.212 billion a year earlier and just above the $2.56 billion estimate.
- The loss per share of $1.03 was narrower than the $1.22 the tape expected, but the net loss still widened 116% year over year to $626 million.
- Revenue backlog reached about $104 billion as of June 30, up from $99.4 billion at the end of the first quarter.
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % | Vol vs normal |
|---|---|---|---|---|---|---|---|
| CRWV | 88.21 | 88.21 | 93.98 | 96.96 | +6.54% | +9.92% | — |
CoreWeave, the AI cloud-computing provider, reported second-quarter 2026 results after the close on August 11. Revenue of $2.58 billion more than doubled from $1.212 billion a year earlier — growth of 112% — and edged past the $2.56 billion estimate on our tape. The loss per share of $1.03 came in narrower than the $1.22 expected. Behind those headline lines sit the two numbers that define this company's story, pulling in opposite directions.
| Metric | Q2 2026 | Comparison |
|---|---|---|
| Revenue | $2.58B | +112% vs $1.212B a year ago; est. $2.56B |
| Loss per share | $1.03 | est. $1.22 loss |
| Net loss | $626M | +116% vs $290M a year ago |
| Revenue backlog | ~$104B | vs $99.4B at end of Q1 |
| New commitments, early July | over $25B | not yet in the backlog figure |
| Active power | 1.5 GW | the delivery constraint |
The first number is the backlog: roughly $104 billion of contracted future revenue as of June 30, up from $99.4 billion three months earlier — and that total does not yet include more than $25 billion of net new customer commitments the company signed in early July. Contracted demand equal to roughly forty times the quarter's billed revenue is the reason this stock trades as an AI infrastructure bellwether. The company's 1.5 gigawatts of active power is the other half of that equation: backlog converts to revenue only as fast as data-center capacity comes online to serve it.
The second number is the loss. The net loss widened 116% year over year to $626 million — the loss is growing at roughly the same pace as revenue. Building AI capacity ahead of the revenue it will one day carry means enormous spending on chips, power, and debt service lands in the income statement now, while the contracted revenue arrives over years. A widening loss alongside doubling revenue is the model working as designed, but it also means the company's financing costs and delivery schedule — how fast those gigawatts grow — matter as much as customer demand, which the backlog shows is not the constraint.
Revenue landed inside the company's own prior guidance of $2.45 billion to $2.60 billion, so the sales line itself carried little surprise. The information in this quarter was the demand pipeline getting larger while the cost of serving it got heavier — both at once, which is exactly the tension a reader should hold when this stock moves on headlines.
Sources
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CoreWeave Q2 revenue reaches $2.58 billion as backlog grows to $104 billion
— Blockspace
Revenue, growth rate, backlog progression, July commitments, active power, and the widened net loss
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CoreWeave (CRWV) Q2 earnings report 2026
— CNBC
Independent confirmation of the August 11 report and its context
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