On August 12, CoreWeave, Inc. rose 15.45% overnight, trading at $104.06/share, after the company delivered a strong second-quarter earnings report that exceeded market expectations across all key metrics.

CoreWeave posted Q2 revenue of $2.575 billion, up 112% year-over-year and ahead of the $2.56 billion consensus estimate. Adjusted loss per share came in at $1.03, significantly better than the expected loss of $1.22. Revenue backlog climbed to approximately $104 billion, up from $99.4 billion at the end of Q1, with over 50% already attached to contracts where customer delivery has commenced.

Forward guidance further fueled optimism. The CFO projected Q3 revenue of $3.45 billion to $3.6 billion and raised year-end active power capacity expectations to over 1.85 gigawatts, up from the prior target of 1.7 gigawatts. The company also implemented a roughly 25% price increase across all SKUs in July. The CEO noted that Q2 contract margins are expected to be 5-10 percentage points above those signed in recent quarters, with near-term capacity nearly sold out. Additionally, the company completed a $2.6 billion AI infrastructure loan to fund continued data center expansion.

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