Aug 11 (Reuters) – 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% 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.
(Reporting by Deborah Sophia in Bengaluru; Editing by Shinjini Ganguli)
