CoreWeave surges 16% on $2.58 billion revenue quarter as AI infrastructure demand eclipses crypto

CoreWeave jumped nearly 17% after raising its revenue outlook and reporting a $104 billion backlog.

The AI infrastructure provider said second-quarter revenue more than doubled to $2.58 billion, narrowly beating expectations, while its net loss of $626 million was smaller than analysts projected. IREN and Cipher Digital gained 5% as investors favored AI data-center exposure over crypto.

CoreWeave (CRWV) shares surged 16% in pre-market trading on Wednesday after the company delivered stronger growth and raised its full-year outlook, lifting the broader neocloud market. The AI infrastructure provider said second-quarter revenue more than doubled to $2.58 billion, narrowly beating expectations, while its net loss of $626 million was smaller than analysts projected.

The company forecast third-quarter sales of $3.45 billion to $3.6 billion and increased its 2026 revenue guidance to between $12.4 billion and $13.2 billion. IREN (IREN) and Cipher Digital (CIFR), both gained 5% as investors piled into companies positioned to benefit from accelerating demand for AI computing.

CoreWeave ended the quarter with $104 billion in contracted business and added more than $25 billion of customer commitments after the period closed. Management also said recently signed deals carried margins five to 10 percentage points above recent levels, reflecting scarce capacity and favorable pricing. The results reinforce a widening market divide.

AI infrastructure continues to attract capital, customers and premium valuations, while bitcoin and the broader crypto trade struggle to match that momentum as bitcoin trades below $64,000. Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies.

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