CoreWeave shares climbed approximately 14% in after-hours trading on Tuesday after the AI cloud infrastructure provider reported record second-quarter revenue and a sharply expanding contracted backlog, underscoring the intensity of demand for GPU compute capacity from enterprises racing to train and deploy large-scale AI models.

The company posted quarterly revenue of $2.575 billion, a 112% increase from $1.212 billion in the year-ago period. The figure narrowly surpassed the approximately $2.55 billion consensus estimate from analysts surveyed by FactSet.

CoreWeave recorded a net loss of $626 million, widening from a $290 million loss during the same quarter last year. Loss per share stood at $1.14. The widening loss reflects the capital-intensive nature of building AI infrastructure at scale, as the company front-loads spending on GPUs, data center facilities, and power procurement ahead of revenue recognition from long-term contracts.

On an adjusted basis, EBITDA rose to $1.51 billion, up from $753 million a year earlier, yielding an adjusted EBITDA margin of 59%. Adjusted operating income reached $128 million, an increase from $21 million in the first quarter, though still below the $200 million reported in the prior-year period.

The company's revenue backlog climbed to $104.2 billion at the end of June, representing a 246% year-over-year increase. This figure excludes more than $25 billion in additional customer commitments secured since the start of the third quarter. The backlog provides visibility into future revenue and signals that large enterprises and AI labs are locking in multi-year compute capacity amid concerns about GPU availability.

CoreWeave continued to scale its infrastructure footprint during the quarter. Active power capacity surpassed 1.5 gigawatts, while contracted power stood at approximately 3.7 gigawatts at the end of June and rose to roughly 4.2 gigawatts by August 11. Power availability has emerged as a critical constraint across the data center industry, with grid connections and energy supply becoming a competitive differentiator for AI infrastructure providers.

Capital expenditures totaled $9.4 billion for the second quarter as the company expanded its AI infrastructure buildout. For the first six months of 2026, CoreWeave has spent approximately $16.1 billion on capital expenditures.

The company also announced new and expanded customer relationships with Caterpillar, Grammarly, Cognition, Databricks, Runway, and Hudson River Trading. During the quarter, CoreWeave completed the initial bring-up and validation of Nvidia's Vera Rubin NVL72 platform, positioning the company to offer next-generation GPU compute as customer demand for more advanced AI training and inference workloads grows.

On the financing side, CoreWeave strengthened its position with a $3.1 billion term loan, a $1 billion strategic investment from Jane Street, and more than $10 billion raised through a combination of unsecured debt and convertible bonds. The scale of the fundraising reflects the magnitude of capital required to compete with hyperscaler-backed AI cloud offerings from Amazon Web Services, Microsoft Azure, and Google Cloud.

CoreWeave was also added to the Nasdaq 100 during the quarter. Additional details are available in the company's official second-quarter results announcement.