Aug 11 : CoreWeave topped Wall Street estimates for quarterly revenue on Tuesday and posted a smaller-than-expected loss, driven by strong demand for its AI cloud computing services, sending its shares nearly 10 per cent higher in extended trading. So-called neoclouds such as CoreWeave and peer Nebius, which offer hardware and cloud capacity to other technology companies, have seen demand skyrocket as a result of relentless enterprise spending on AI. CoreWeave, whose close ties with Nvidia have made it a key supplier of Nvidia's AI chips, has attracted several high-profile customers so far this year. It has signed cloud capacity agreements with Meta and Claude creator Anthropic. The company reported revenue backlog of $104.2 billion as of June 30, up from $99.4 billion at the end of the first quarter. On top of the backlog, CoreWeave said it secured more than $25 billion of net new customer commitments in the current quarter.
"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage," co-founder and CEO Michael Intrator said.The company reported total revenue of $2.58 billion for the second quarter ended June, compared with analysts' average estimate of $2.56 billion, according to data compiled by LSEG.On an adjusted basis, it posted a per-share loss of $1.03, compared with market expectations for a loss of $1.20. CoreWeave has been ramping up infrastructure investments to cater to the surge in demand, with capital expenditures reaching $9.4 billion in the June quarter. That is up from $6.8 billion in the prior three-month period and much higher than the $2.9 billion reported in the second quarter of last year. The company added eight data centers in the quarter, bringing its total active footprint to 51 data centers globally.
