(Updates with the stock move in the headline and the first paragraph and backlog in the last.)

CoreWeave (CRWV) shares were up 17% in premarket activity Wednesday after the company's Q2 results surpassed market expectations.

The company reported a Q2 loss late Tuesday of $1.14 per diluted share, widening from a loss of $0.60 a year earlier.

Analysts polled by FactSet expected a loss of $1.46.

Revenue for the three months ended June 30 was $2.58 billion, up from $1.21 billion a year earlier.

Analysts expected $2.55 billion.

CoreWeave's revenue backlog rose to about $104 billion at the end of June, compared with $99.4 billion as of March 31.