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CoreWeave shares jump 8% as Q2 revenue climbs 112% amid accelerating AI infrastructure demand, though net loss widened and debt reached $35 billion
The AI infrastructure provider reported revenue that topped Wall Street expectations, with its revenue backlog now standing at $104 billion. However, the company's net loss increased to $626 million from $290 million a year ago, and it holds $35 billion in debt on its balance sheet, primarily to cover the cost of Nvidia GPUs and other equipment. CoreWeave has recently secured an additional $21 billion commitment from Meta, a multi-year agreement with Anthropic, and a $6 billion commitment from Jane Street.
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