CoreWeave, Inc. (CRWV) shares surged 16.59% in pre-market trading on Wednesday, extending a powerful rally that began in after-hours trading following the release of its second-quarter earnings report. The AI cloud computing provider’s results handily beat Wall Street expectations, igniting a fresh wave of investor enthusiasm.

The company reported Q2 revenue of $2.58 billion, more than doubling from a year earlier 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 above forecasts, while the revenue backlog climbed to a record $104 billion, up from $99.4 billion at the end of the first quarter. The backlog figure does not include over $25 billion in net new customer commitments added early in the current quarter.

CEO Michael Intrator characterized the quarter as an “important inflection point,” noting that near-term capacity is effectively sold out and that new contracts are being signed on increasingly favorable terms. The company raised its full-year revenue guidance to between $12.4 billion and $13.2 billion and lifted its capital expenditure forecast to $35 billion to $39 billion, signaling confidence in sustained AI infrastructure demand. Several Wall Street analysts responded by raising their price targets on the stock, further fueling the pre-market surge.