StoryCommercial
CoreWeave reports Q2 2026 revenue up 112% and backlog of about $104B
CoreWeave, which rents out large GPU clusters for AI, reported Q2 2026 revenue of $2.58 billion, up 112% from $1.21 billion a year earlier, and a contracted revenue backlog of about $104 billion at 30 June. It added about $25 billion of new customer commitments early in Q3. Growth is fast but expensive: the company lost more money than a year earlier.
- Net loss was $626 million (vs. $290 million a year earlier); operating loss $49 million vs. a $19 million operating profit.
- Adjusted EBITDA was $1.51 billion at a 59% margin, down from 62%; adjusted operating margin fell to 5% from 16%.
- Active power rose by nearly 500 MW to 1.5 GW; contracted power reached about 3.7 GW, a measure of how much data-centre capacity is lined up.
- First-half revenue was $4.65 billion, more than double the $2.19 billion of a year earlier.