CoreWeave’s second-quarter report landed on the same day investors were parsing the latest inflation data, and the contrast between the two stories is sharp. The AI cloud provider posted revenue of $2.575 billion, up from $1.212 billion a year earlier, while its revenue backlog reached approximately $104 billion as of June 30, 2026.
The headline numbers are striking, but the underlying tension is more interesting. CoreWeave is growing fast and losing money at the same time. Its GAAP net loss widened to $626 million from $290 million a year earlier, even as adjusted EBITDA climbed to $1.51 billion from $753 million.
That divergence matters because it shows how much of the company’s expansion is being financed by debt and infrastructure spending rather than current profitability. Operating expenses rose to $2.624 billion, and interest expense reached $640 million, up from $267 million.
CoreWeave’s CEO Michael Intrator described the quarter as an inflection point, saying customer demand is accelerating and enterprise adoption is broadening. The company also highlighted that its capacity is effectively sold out, a signal that demand for AI compute remains intense.
The backlog figure is the number that matters most. At $104 billion, it represents contracted future revenue that dwarfs the company’s current quarterly sales. CoreWeave also noted more than $25 billion of additional customer commitments signed early in the third quarter, though those are not included in the June 30 backlog.