CoreWeave (CRWV) shares rallied sharply in after-hours trading Tuesday after the AI infrastructure provider reported strong second-quarter revenue growth and a contracted backlog of approximately $104 billion.

The stock had closed the regular session at $90.32, up 2.42%, before climbing an additional 14.79% to $103.68 following the earnings release. The after-hours surge came as CoreWeave more than doubled its year-over-year revenue while expanding its computing capacity and securing additional customer commitments.

CoreWeave operates GPU-accelerated data centers purpose-built for AI training and inference workloads, positioning itself as a specialized alternative to the general-purpose clouds offered by hyperscalers. The company, which traces its origins to cryptocurrency mining before pivoting to AI infrastructure, has become one of the largest dedicated GPU cloud providers as enterprises and AI labs compete for computing capacity.

Q2 Revenue Rises 112% Year Over Year

CoreWeave reported second-quarter revenue of $2.58 billion, up from $1.21 billion in the same period a year earlier — an increase of approximately 112%. The growth came as the company broadened its services across large corporate customers.

Operating expenses rose to $2.62 billion from $1.19 billion in the prior-year quarter. The company posted an operating loss of $49 million, compared with operating income of $19 million a year ago, pushing its operating margin to negative 2% from positive 2%.

Net interest expense increased sharply to $640 million from $267 million. Net losses widened to $626 million from $290 million in the second quarter of 2025, with basic and diluted losses reaching $1.14 per share, up from $0.60 per share a year earlier. Despite the deeper losses, adjusted EBITDA doubled to $1.51 billion from $753 million as revenue growth supported operating scale.

The widening gap between revenue growth and bottom-line losses underscores a structural characteristic of the AI infrastructure business: companies must deploy massive upfront capital in GPUs and data center capacity before those assets begin generating contracted revenue, while financing costs on that capital weigh heavily on near-term profitability.

$104 Billion Contracted Backlog

CoreWeave ended June with approximately $104 billion in revenue backlog under committed customer contracts. That figure excludes more than $25 billion in new customer commitments secured during early third-quarter activity, providing the company with substantial contracted revenue opportunities as new infrastructure comes online.

The backlog represents a meaningful portion of the multi-year revenue visibility for a company that only began trading publicly in 2025, reflecting the extent to which large customers are willing to lock in computing capacity years in advance amid constrained GPU supply.

During the quarter, CoreWeave expanded relationships with large technology groups, corporations, and research-focused organizations. New customers included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics. The company also deepened existing partnerships with Databricks, Cognition, Rescale, Runway ML, and several others.

Infrastructure expansion supported those commercial agreements. CoreWeave added nearly 500 megawatts of active power during the quarter, bringing total active power capacity to 1.5 gigawatts by the end of June. Total contracted power increased to approximately 3.7 gigawatts across a broader group of infrastructure providers.

Capital Raises and Nasdaq-100 Inclusion

CoreWeave continued raising capital to fund infrastructure construction and meet growing computing demands. During the quarter, the company secured a $3.1 billion syndicated term loan backed by its high-performance computing infrastructure. Jane Street provided a $1 billion strategic investment following an expanded commercial relationship earlier in the year.

In total, CoreWeave raised more than $10 billion through unsecured debt and convertible bonds in its latest financing push, which included the company's first Eurobond issuance. The higher debt levels, however, contributed to the sharp increase in quarterly interest expenses.

The scale of the capital raises illustrates the financing intensity required to compete in AI infrastructure, where providers must fund GPU procurement, power contracts, and data center construction at a pace that keeps up with surging demand from model developers and enterprises adopting AI.

CoreWeave also joined the Nasdaq-100 Index as its market value and business footprint expanded, placing CRWV among the Nasdaq's 100 largest listed non-financial companies.