Shares of CoreWeave, Inc. (CRWV) surged 14.84% in after-hours trading on Tuesday, following the AI cloud infrastructure company's release of second-quarter earnings that handily beat Wall Street expectations across all key metrics.

The company reported Q2 revenue of $2.58 billion, up 112% year-over-year and edging past the consensus estimate of $2.56 billion. Adjusted loss per share came in at $1.03, significantly narrower than the expected loss of $1.22 per share. Adjusted EBITDA reached $1.51 billion, comfortably exceeding the $1.43 billion estimate, while adjusted operating income of $128 million also topped projections of $90 million. CEO Michael Intrator declared that CoreWeave had reached an "important inflection point" as its scale began to translate into expanding operating leverage, with customer demand accelerating amid broader enterprise adoption of its AI infrastructure platform.

Investor enthusiasm was further fueled by the company's record revenue backlog of $104 billion as of June 30, 2026, up from $99.4 billion at the end of the first quarter. The backlog figure does not include more than $25 billion in net new customer commitments added early in the current quarter. Management also raised its full-year revenue guidance to between $12.4 billion and $13.2 billion, and projected third-quarter revenue of $3.45 billion to $3.6 billion. The CFO noted that CoreWeave implemented a roughly 25% price increase across all SKUs in July, reflecting robust demand for AI computing capacity. Additionally, the company raised its full-year capital expenditure forecast to $35 billion to $39 billion, signaling confidence in continued AI infrastructure buildout.