Neocloud provider CoreWeave’s revenue more than doubled in the second quarter, totaling $2.58 billion and topping analysts targets thanks to surging demand for its AI infrastructure services.
“Our near-term capacity remains effectively sold out,” CEO Michael Intrator said on a call with analysts on Tuesday.
Coreweave said its revenue backlog—deals that it has not billed yet— rose 246% year-over-year to $104.2 billion in the second quarter. And the company noted that the figure doesn’t include roughly $25 billion of net new customer commitments added in early Q3.
In response, the stock surged more than 14% in after hours trading on Tuesday, following a volatile year that has seen share prices whipsaw as investors have worked through fears of an AI bubble and the massive amounts of capital expenditures being plowed into AI infrastructure.
Coreweave is among several so-called neocloud providers that build and operate data centers to run AI models, and which compete with established cloud computing giants like Amazon Web Service, Microsoft Azure, and Google Cloud.
