CoreWeave posted another record quarter as AI demand keeps roaring, although its losses are still doing a cracking impression of growth.
According to the Wall Street Journal the cloud-computing outfit reported its fifth consecutive quarter of record revenue and a sales backlog of $104 billion.
CoreWeave buys advanced AI graphics chips from Nvidia, stuffs them into data centres and rents the result to customers including Microsoft and OpenAI. For the quarter ended June 2026, CoreWeave reported revenue of $2.58 billion. Analysts polled by FactSet had expected $2.55 billion.
Shares rose about 13 per cent in after-hours trading after closing at $90.32 on the Nasdaq.
The company’s sales backlog, made up of future sales from recurring customers, nearly doubled from the order book it reported in November. CoreWeave said it had added $25 billion of net new customer commitments early in the current quarter, which were not included in Tuesday’s results.
CoreWeave chief executive Michael Intrator called the period ended March 2026 “the strongest bookings quarter in CoreWeave’s history”.
That came after CoreWeave reported a sales backlog of $99.4 billion, 50 per cent higher than the previous quarter’s $66.8 billion.
The cocaine nose jobs of Wall Street are no longer wondering whether demand exists. They are worrying about whether CoreWeave can build fast enough. Those concerns include construction delays, component shortages, power needs and the usual infrastructure misery that arrives when everyone wants AI yesterday.
Late last year, CoreWeave’s share price fell 46 per cent in about six weeks as AI bubble nerves and data-centre logjams spooked investors. Investors are still twitchy about CoreWeave’s capital spending and its widening losses.
Since going public at the end of March 2025, the company has recorded $1.64 billion in net losses. On Tuesday, CoreWeave reported a net loss of $626 million, better than analysts’ expected $677 million loss, taking the total close to $2.3 billion.
Futurum Group chief executive Daniel Newman said the company had given investors plenty to fret about.
“This company has probably given investors more concerns than any other tech company, considering how they do their finances, how they manage their balance sheet, how they do depreciation,” Newman said.
Newman said the big questions were whether CoreWeave could secure enough compute, deploy it, power it, keep to schedule and sell it at top prices.
He added that there were major questions about CoreWeave going forward, including: “Can they get access to the compute? Can they stand up the compute? Can they get the energy required for their various different buildouts, and as they stand up, can they do it on schedule and sell it for the highest prices?”
FactSet says Nvidia owns 12.8 per cent of CoreWeave, which gives the whole thing a cosy circular smell. CoreWeave has not said when it expects to become profitable.
At the start of 2026, after Nvidia invested another $2 billion in CoreWeave, the company said it expected to build enough new AI factories to reach 5GW by 2030.
On a conference call with analysts, CoreWeave executives said data-centre capacity was coming online faster than first projected. The company added 500MW of computing power in the June-ended quarter.
CoreWeave co-founder and chief development officer Brannin McBee said the outfit was beating its own buildout expectations.
“We’re executing better than expected. We’re effectively sold out this year, and you can effectively extrapolate that to a lot of demand next year, too.”
