Shares of CoreWeave, Inc. surged 22.76% in pre-market trading on Wednesday, extending a powerful rally that began after the AI cloud company reported blockbuster second-quarter results. The stock jumped as investors cheered a combination of record revenue, a swelling order backlog, and an improved full-year outlook.

The surge was fueled by CoreWeave’s Q2 earnings, which handily beat Wall Street expectations. Revenue more than doubled year-over-year to $2.58 billion, edging past the consensus estimate of $2.56 billion. The company’s adjusted loss per share of $1.03 was significantly narrower than the expected loss of $1.22 per share. More importantly, CoreWeave’s revenue backlog climbed to a record $104.2 billion, up from $99.4 billion at the end of the first quarter, and the company said it had already secured over $25 billion in new customer commitments early in the current quarter. The company also raised its full-year revenue guidance to a range of $12.4 billion to $13.2 billion and lifted its capital expenditure forecast, signaling strong confidence in sustained AI infrastructure demand.

Several Wall Street analysts responded by raising their price targets on the stock, praising the company’s pricing power, expanding customer base, and improving operating leverage. The results reinforced the narrative that AI-related spending continues to accelerate, with CoreWeave’s near-term capacity effectively sold out and new contracts being signed on increasingly favorable terms. The strong earnings also lifted shares of other AI infrastructure providers, including Nebius Group, Super Micro Computer, and data-center operators IREN and Applied Digital.