CoreWeave, Inc. (CRWV) shares surged 11.48% in after-hours trading on Tuesday, following the release of the AI cloud company's second-quarter results that handily beat analyst estimates.

The company reported revenue of $2.58 billion, up 112% from a year earlier and edging past the consensus Wall Street forecast 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.

Investor enthusiasm was further fueled by CoreWeave's record revenue backlog of $104 billion as of June 30, 2026, which does not include more than $25 billion in net new customer commitments added early in the current quarter. CEO Michael Intrator stated that the company reached an "important inflection point" as scale began to translate into expanding operating leverage, with customer demand accelerating amid broader enterprise adoption of its AI infrastructure platform.